Underinsurance refers to the no or inadequate insurance cover held by the insured at any given point of time.
Most of people in India are underinsured as they are:
- Unable to calculate the right amount or select the right product required for protecting their lives and assets
- Treating Insurance as Endowment Products instead of Protection Products
In event of a claim, Underinsurance leads to economic instability and losses as out of pocket expenses often exceeds the amount insurer is liable to pay.
Underinsurance is always looked at from the perspective of the insured, but on the other side , Underinsurance also affects the insurer.
Many opportunities remain untapped across the purchase life-cycle of a customer as underwritten risk and requirements are often miscalculated.
As a result, Underinsurance Paradigm cause financial loss not only for the insured but for the insurer as well.
Our tool: Insurance Analytics Suite aims to address Underinsurance via analytics-led interventions across the insurance value chain.
It is designed to deliver effective solutions to the problem via:
- Accurate Measurement of Risks: Our 2-sided risk score helps in driving discovery of risks faced by an individual or organization or support estimation of risks being underwritten by an insurer.
- Sustaining Customers: Tapping opportunities from Customer Life-cycle through Customer Retention, Upsell, Cross Sell and superior claims experience
To know more please refer to our website.