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Hello and welcome to finish shots

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daily! Introduce episode we talk about

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insurance as new online marketplace be

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months ago. This.

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Week our country's Insurance regulator the

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I'd Be A or the Insurance

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Regulatory and Develop and Authority of

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India give the go ahead launch

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a new online marketplace for insurance.

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It's called Be My So Gum.

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Think. Of it as a one stop

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platform that Indians can find all kinds

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of insurance policies offered by different companies

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and of something catches that I they

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can swipe right and make a purchase

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and I are be a eyes goal

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is commendable. It wants to fix India's

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under penetration problem. It. Is that a

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measly fi present? if you compare the total

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insurance premiums as a percentage of the country's

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Gdp. Know. That could simply be a result

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of three things apart from the lack of

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awareness. Number. One people don't trust.

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Enjoy Rosary Jordan's enough thanks to

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miss selling by intermediaries who sell

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insurance products without i'm lazy, what

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their customers need and poor claims

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that them and experiences which become

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a major cause of policy grievances.

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Besides people also have a general

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perception that insurers don't settle insurance

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claims but if you are stop

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and single the empty and Ceo

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of Bizarre July and generally Jordan's

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he will tell you at this

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is far from true since the

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numbers speak otherwise. To put

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things in perspective, for every one hundred

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rupees at the insurance industry collects in

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premiums that is an out goal of

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one hundred any been rupees. Number.

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To buy insurance can be hard because

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you have to flip through pages of

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terms and conditions and read the fine

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print. Do so. Most people either postponed

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buying a policy or by one offline.

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That's how over sixty percent of life

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and health insurance plan cell in India.

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Number. Three Insurance might seem like an

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expensive a fad what people living in

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a country, but or twenty percent of

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the national income goes the top one

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percent or knows. So yes, income disparity

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is a contributor to. Oh.

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And the lack of awareness also means. Most

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Indian scout for returns even with

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insurance did read insurance like investments

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and expect something in return for

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the premium they put in. The.

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Latest economic so the highlights that most

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life insurance products sold in India or

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thieving the link with significant be that

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uses the production company and the insurance

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cover could drop by as much as

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sixty percent and this puts households that

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this when the insured who also may

2:24

be the sole breadwinner days. So.

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I added yeah, I was to fix

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that. It wants to make it easy

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for people to buy insurance and ensure

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that every Indian citizen gets appropriate Life

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has a property insurance coverage by twenty

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forty seven. What? How's be months

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ago? I'm going to solve these huge

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problems you ask? Well, think of Be

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Muscle Gum as an ecommerce platform that

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sells insurance. When. Online shopping took

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off in India with a website called

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as Fab Might way back in Ninety

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Ninety Nine. Most people probably didn't use

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it. Not. Just because

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many didn't have an internet connection back

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then, but because people distrusted this online

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ecosystem. It took awhile but things slowly

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change when Snap the Flip got an

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Amazon emerged. Now of course they're discount

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or what attracted people's but selling smaller

3:09

things like books might have nots people

3:11

to dried out. The thing that worked

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the trust began to develop, an online

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shopping became everyone's favorite activity and be

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was the gum as the deal. the

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ends of the digital age as long

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as the basics are in place for

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the platform. people by simply. Add one said

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he com as behavior for in charge shopping to.

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And. The deal to might just be

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the fact that since it's a platform

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that will connect insurance company directly with

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the bio, you can do away with

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agents or intermediaries interfering with your insurance.

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My journey you can save on agent

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commission's for contacts and F Y Twenty

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Three Life Insurance Boston five percent of

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the door to be doomsday collected as

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commission's to their agents. So actually it's

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like killing two birds with one stone.

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It reduces the chances of commission driven

3:55

miss selling and makes the policy by

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expedience simpler and cheaper. Besides I Rd

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A. Dozen. Want you to be a

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for this service either. You will have

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all your policies in one place so

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don't have to run from pillar to

4:08

post a review them or even the

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his grievances irrespective of insurance company be

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to health insurance, vacant insurance, original insurance

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policy. It makes managing insurance easier tackling

4:17

another aspect of complexity in insurance. So

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yes, this new platform could solve many

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if not all problems that haunting shot

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his bio that India. Would. Wait

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what did kill in short companies that

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on revenues by selling these policies. Well.

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That's what vaguely such phones like my

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choir have stated. But. Don't write them

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off just yet. Remember however you ugly and that

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the government's open network footage to com os would

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change the way be was shop and ordered food

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that it would be a threat to the flip

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got tons of Otto's of India. When.

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It doesn't seem to have happened just

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yet. Everyone is still good pretty well

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for themselves. Also, don't forget that people

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still dislike insurance because of the honors

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documentation and the fear of not having

4:57

someone biocide yachting earthly in the dispute

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with an insurance company. So. Any

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gone was Marketplace for insurance isn't going

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to solve that, and people might want

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the familiarity of an insurance adviser to

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guide them. We don't know. All.

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We can see that will have to wait and see how

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it all finds out. Thank

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you for listening to today's episode And

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if you want to share your feedback

5:20

or suggestions, do drop us an email

5:22

to High after the it's in shots

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in for the next.