India continues to be most attractive market for insurance players and premium for general insurance segment is expected to grow at 20 per cent in the next few years, said Anup Rau,Future Generali India Insurance(FGII) managing director
Mumbai:
Future Generali India Insurance(FGII) has been profitable since 2014 but the decision to list the company on exchanges would be taken by shareholders, managing director Anup Rau said on Thursday.
Future Generali India Insurance Company Limited is a joint venture between the Generali Group with a majority 74 per cent stake, and remaining with the Future Group.
India continues to be most attractive market for insurance players and premium for general insurance segment is expected to grow at 20 per cent in the next few years, he said.
Meanwhile, private general insurer announced the launch of its new health insurance product – DIY Health – which offers flexibility and freedom to choose the coverage as per the customers’ needs.
This comprehensive product celebrates the power of choice, offering a base plan with 17 base features, complemented with a wide array of 20 modular features.
This modular health insurance product would enable customers to not only choose the most relevant features as per their life needs but also enables them to further tweak or modify the policies annually, ensuring their health insurance remains as unique and special as they are, he said.
Being one of the most significant offerings of 2023, he said, the company seeks to capitalise upon its online distribution channels and distributors to create awareness and adoption of the product.
Rau also spoke about the findings of #MyChoice – an exclusive survey by the company, that has highlighted that most health insurance customers and intenders in India consider customisation as a critical feature and don’t mind paying an additional premium for the same.
“The fact that over 90 per cent of respondents demand customisation as a critical policy feature and are willing to pay for it offers a unique insight into this rapidly growing market space. As consumers’ demands evolve and mature, the need for convenient, and easy-to-manage policies takes centre stage,” said Rau.
The survey conducted by FGII in association with Unomer, a reputed new-age market research agency, covered 1500+ respondents – health insurance policy owners and intenders aged 25-45 years, consisting of self-employed and salaried professionals across 14 Indian cities.