Motor, health and term insurance saw high demand among corporate employees: Survey

According to the survey, while health and life insurance categories have seen significant growth in the personal insurance segment, the pandemic has also increased awareness and acceptance of health and term life insurance in the corporate insurance segment. Similarly, there has been a huge demand for motor insurance from corporate employees as well.

Also, there is a growing need among businesses, employees and other stakeholders to understand individual corporate insurance. The benefits offered by companies are fixed in the standard group insurance model, there is little room for personalization, and the program ends once the employee leaves the company. Businesses are shifting to offering employees personalized employee insurance solutions where they can take advantage of exclusive benefits, prices and features available only to them.

Also, the global recession has forced corporate employees to re-think about the benefits they receive from their organizations. In such a situation, the response to individual employee insurance, where the benefits are linked to the corporate but remain the same even though the employee is no longer associated with the organization, has been in huge demand.

Last year, 250+ companies with 500,000 employees opted for individual employee insurance policies through Elephant.in. The demand for such insurance is increasing rapidly not only in metro cities but also in tier 2/3 cities. People in the age group of 31 – 40 years have been the biggest users of individual workers insurance.

An interesting part of the survey results has been the higher use of individual employee insurance among women. While men still make up the bulk of employees’ insurance buyers, there has been a steady increase among women in this category. Working women constitute about 33% of the female population and 23% of the traffic on Elephant.in last year was women. Women constitute a significant population, and many of them are taking the lead in decision-making. Thus, this is a very encouraging ratio, as it reflects the growing awareness and buying decision among women for insurance.

There is also some movement in the start-up ecosystem towards individual employee insurance. However, more and more start-ups need to join the individual employee insurance bandwagon. Start-ups today value the contribution of their employees and go to great lengths to retain their star performers. Individual employee insurance is an important tool in hiring and retaining employees for the long term.

The survey reveals that, although individual employee insurance is on the rise in the country, more and more organizations as well as employees need to know about the benefits of this unique offer. In traditional group insurance, benefits are fixed, there is minimal customization, and the insurance ends once the employee ends his tenure with the organization. In individual workers insurance products, the insurance options, as well as the benefits, are on par with individual insurance policies. Additionally, employees can avail insurance policies at best prices as compared to the premiums available in the open market.