The Indian insurance industry is growing at a very fast rate. General insurance is an integral part of this industry. And since car insurance contributes greatly to general insurance, it is also a vital part of Indian insurance.
The growth of the car insurance segment, in particular, has been splendid and the industry only has its customers to thank. Take a look at this article to know more about then growth and how it will further benefit you.
Facts about the growth of Indian Car Insurance Sector
#1 Growing at a rapid pace
Like mentioned above, the insurance industry has grown at a very rapid pace. There has been a growth from $2.6 billion to $13.4 billion in a period of under 15 years. This is phenomenal, to say the least.
The industry has seen many new companies, different and unique types of covers and a lot of new technologies being used. All these factors, in turn, have helped the industry to keep growing and deliver better results at a steady pace.
#2 Online is taking over offline
Car insurance online in India is very quickly taking over the offline sector. This means that a majority of the customers now prefer to buy their vehicle insurance policies over the internet.
There are many reasons for this. First and foremost, the prices of online plans are much lower compared to their offline counterparts. Then, online plans are available easily and quickly. These factors make the purchase as well as car insurance renewals very attractive over the internet.
#3 Reduced cost
Due to the advent and popularity of the online car insurance segment in India, the industry has been able to cut costs quite significantly. When a policy is sold online, human interaction is reduced and this helps save on the employee recruitments.
Since everything involved in car insurance online in India is digitalized, there is less paperwork and administrative costs involved. This further helps the general insurance companies to manage their expenses. These factors have allowed the insurer to work at a lower cost and thereby offer more cost-effective products to their customers.
#4 More opportunities
The rapid growth in the car insurance industry has also resulted in more opportunities for everyone involved. More people have forayed into the insurance business. The insurers have found greater opportunity to conduct market research, employ newer technologies and serve people better.
The customers have had the opportunity to choose from more options, compare and then find their ideal covers. The growth, therefore, has benefitted a large section of people and practically been of help to everyone associated with the industry.
#5 Greater competition is beneficial for the customer
Ever since the vehicle insurance industry began growing, numerous insurance providers have set up shop. There are many good general insurance companies that offer car insurance. As a result, there is a lot of competition. Every insurance provider tries to stay one step ahead in the game.
They offer deals and discounts that eventually help the policyholders. From attractive offers on car insurance renewals to outstanding deals on new plans, you can find it all in the Indian car insurance segment. Make hay while the sun shines and get some of the best car insurance covers that ever have been!
In a nutshell
To put it in a nutshell, the Indian car insurance is growing every single day. And as we clearly saw from the points mentioned above, the growth has helped and facilitated a huge number of people, and it continues to do so even now.
The industry is a modern, digitally advanced industry now that is delivering the best products and deals to the customers. The customers are equally helping the industry to surge by buying plans aplenty. It is a beautiful partnership that is helping an entire industry to grow and flourish!