While India’s insurance sector is witnessing a rise in women policyholders, experts feel there’s still room for improvement. The country is seeing positive changes in women’s insurance participation. Women are increasingly buying insurance, with their share reaching 34.2% of total policies sold in 2022-23 (as per IRDAI). This translates to millions of women taking charge of their financial security.
Insurance companies are recognising the growing female customer base. They’re developing products that cater to specific needs, like maternity coverage, critical illness plans for women-specific diseases, and investment plans for women’s long-term goals.
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Despite the rise, the gender gap persists. Socio-economic factors, lack of awareness, and gender-based pricing can hinder women’s access to adequate insurance coverage, particularly in health insurance and the informal sector.
Shilpa Arora, co-founder and COO at Insurance Samadhan shared key insights on women-specific challenges while navigating insurance in India. Edited Excerpts;
What specific challenges do women face when trying to resolve insurance grievances?
Mostly we have experienced that many women are unaware of the insurance products held by their family. In case of emergencies, they are not aware of where the health cards are kept, what kind of coverage the family has, the name of the insurance company, or how to approach the hospital.
During the pandemic, when we experienced a flow of death claims, we found that most women were not aware of the proper processes, leading to delays in filing the claims. Some were not even aware of the coverage of their home loans, nor did they have an idea about the insurance company’s name. This gap in awareness made it very challenging for us to help them with the claims.
What can be done to increase awareness among women about their rights and protections as insurance policyholders?
It is crucial to be aware of the insurance products, especially about the coverages, the name of the insurance company, and where the documents are kept in case of emergency. If something unfortunate happens to the husband and he is unable to convey these basic details, she should be equipped to take charge.
In addition, advocating for policy reforms that will help protect women policyholders’ interests better and facilitate more transparency in pricing and coverage can help them identify their rights as a consumer. To further support the vision of reforms, wide-scale community events, social media campaigns, and workshops can emerge as tools for creating awareness about their rights and policies.
Besides these, I believe that increasing women’s representation across the insurance industry, including customer helpline representatives, can help facilitate better communication among female policyholders. It will enable them to seek redressal for their grievances more openly and help them avail required solutions.
How can companies like yours use technology to make the insurance claim process more transparent, accessible, and user-friendly for women, especially those facing language barriers or limited technical literacy?
We have developed an app called Polifyx where the policyholders can store all their policies and share the link with their family members. We decided to develop the app, especially after the experience we had during COVID-19 when we found that many women often landed themselves in helpless situations because they were not aware of the basic requirements. Through the app, we aim to help women and those with limited technological know-how to understand their products and file claims or grievances instantly.
Women breaking down stereotypes
Arora said that the women trying to make a difference in the world and break stereotypes would celebrate their financial freedom and help uplift other females by guiding them to become financially literate.
“I believe that every breakthrough paves the way for a better future. So, I want the women of today to take charge of their future, embrace their voices, and push unwarranted boundaries. More importantly, I urge them to invest in themselves, set goals, and learn how to achieve financial freedom to fulfill their dreams and lead their life on their terms,” she concluded.