COCO by DHFL General Insurance unveiled its flagship consumer research initiative COCOBarometer, which goals at understanding client behavior when it comes to purchasing car coverage among Indians. They look at changes carried out to encourage conversations and boom recognition of the underlying factors and behavioral traits concerned while obtaining a vehicle coverage policy. This survey’s overall base is 1025 respondents throughout 3 key metro cities, Mumbai, Delhi, and Bangalore.
Status of policy: 25% of the respondents declare that they forgot to resume their automobile insurance.
According to the COCOBarometer conducted in Mumbai, Delhi, and Bengaluru, approximately 74% of the respondents have lively automobile coverage. The remaining 26%, with a lapsed coverage, claim that their coverage organization failed to remind them approximately the policy renewal or simply forgot to renew it on time. The take a look at famous that 27% of Bangaloreans no longer blame the coverage organizations and take the onus on themselves to be aware of insurance renewals and lapses. A putting assessment can be witnessed in Mumbai wherein 44% of Mumbaikars blame the insurance issuer for not reminding them, accompanied utilizing Delhi at 36%.
Cause of lapse: 19% of respondents claim that paying first-class is less expensive than shopping for coverage four in every 10 of the respondents with lapsed coverage had been stuck by using the traffic police. The percentage of respondents being caught utilizing traffic police is most in Delhi (forty three%) and least in Mumbai (33%). Yet, 1 in every four respondents didn’t buy a policy even after being caught through the site visitors’ police.
Consumers are ignorant of the reality that fines price an awful lot greater than insurance coverage. As an insurer trying to create focus approximately this, we’ve even created campaigns around this false impression.
Factors for getting coverage: ‘Law’ and ‘challenge for vehicle’ are similarly vital while obtaining coverage
COCOBarometer has also found out that there are positive elements that impact buying or renewing a car insurance policy. The findings imply that each ‘law’ and ‘automobile concern’ are similarly crucial, even acquiring coverage. This unique issue also varies in Mumbai, Delhi, and Bengaluru.
Claims agreement: Only 6% claimed that coverage corporations do no longer pay claims as promised
4 in every 10 respondents claimed that there were times when they no longer claimed insurance, and the motives for now not claiming ranged from ‘worry of dropping No Claim Bonus (NCB)’ to ‘hassles of claims documentation. However, from folks who claimed, only 6% noted that insurance agencies do no longer pay the claim as promised
Types of vehicle coverage bought: ‘Comprehensive with Zero-Depreciation’ is the maximum opted policy for vehicle insurance with 70% of the auto proprietors availing it. With recognize to vehicle coverage, nearly 9 in every 10 car owners in Mumbai, Delhi, and Bengaluru are aware of the components blanketed underneath their coverage policy. According to the COCO Barometer, ‘Comprehensive with Zero-Depreciation’ is the maximum opted policy for automobile insurance with 7 in every 10 car owners availing it. Additionally, the COCOBarometer also discovered that ‘Third-Party Only’ was the least desired car insurance policy.
Preferred modes of purchasing insurance: 6 in every 10 respondents decide upon buying or renewing their car insurance policy ‘online without delay from the company website
Car proprietors throughout Mumbai, Delhi, and Bengaluru are willing to purchase insurance through online portals, provided they get higher prices or discounts and better clarity on coverage and functions of the policy. A mere 2% declare that they don’t accept as true with online systems. Respondents choose the net direction as it’s far hassle-unfastened, entails much less paperwork, and feel that the internet is filled with treasured data in the coverage industry. Awareness of coverage add-ons: eight in each 10 of the insurance customers are privy to the add-ons Zero Depreciation at 73%, Engine Protector at 54%, Personal Accident for Owner at fifty six% and No Claim Bonus (NCB) Secure at fifty two% seem to be the maximum famous add-ons amongst policyholders.
Commenting on the survey, Vijay Sinha, MD, and CEO of COCO by DHFL General Insurance, stated, “We commissioned this survey to bring on consumer behavior, and awareness ranges around automobile coverage amongst Indians. While this study does factor towards the notice of vehicle coverage, it’s far the dearth of motion or the inertia that results in losing out on the coverage’s advantages. Most people live within the gift and don’t assume mishaps and tragedy. Buying an insurance policy is considered an extra monetary drain, and those are inclined to risk the consequences of using without coverage to shop money within the near time period.
As an insurer, we agree that we have a crucial role in developing recognition at the price of purchasing automobile coverage, in conjunction with demystifying insurance by using obvious merchandise.
COCOBarometer has highlighted the vital factors of consumer behavior whilst buying a automobile insurance policy. Our look also affords a unique opportunity for brands to focus on their audience and reduce the pain points by simplifying the insurance procedure.