Start your new year by choosing the right health insurance, here’s why!

Health insurance is one of the most helpful things you can invest in, in today’s world. With a steadfast increase in the cost of healthcare in our country, the emergence of lifestyle diseases is also threatening your savings; that is why having a health insurance policy has become a necessity. Yet, if you are asking yourself what the right time is to buy a health insurance policy, then, keep this saying in mind “The best time to start was yesterday. The next best time is NOW”. This also applies to the health insurance plan.

A health insurance policy acts as a cover that provides you with a much-needed financial backup at the time of medical emergencies. Health risks and unforeseen medical emergencies are unpredictable and hence a part of our lives. Some medical events do not alert you beforehand for you to prepare financially at the moment. That is where a health insurance policy comes in handy.

In tumultuous times such as these, health insurance can be one of the most helpful gifts you can buy for yourself or your loved ones this New Year.

No matter if you are looking for an individual policy or family floater health insurance, or group health insurance, here are some reasons why the new year might be the right time to choose health insurance:

  • Start a new year with Healthy Resolution:

A new year is known to bring hope, new energy, enthusiasm, and a sense of compassion for most people since everyone is in the festive mood and looking down at the year before and being hopeful for the year ahead. Many like to celebrate the start of a new year with a resolution or a promise to themselves, on how they want to spend their year, and what would be a better resolution than staying healthy, taking care of your finances, saving for emergencies, and making sure that you are ready financially and mentally for any unforeseen medical emergency. All the above things can be achieved with a simple health insurance policy. You can bring peace of mind to your life and save your money on unexpected medical events in the coming year byWith the advent of new COVID-19 cases, many insurers are providing innovative health covers to deal with a severe health crisis and hospitalization

  • Upcoming innovative health plans:

Many insurance providers offer innovative health plans that use technologies like Artificial Intelligence (Al) and Machine Learning (ML) to provide more evolved and smart customer services. With the advent of new COVID-19 cases, many insurers are providing innovative health covers to deal with a severe health crisis and hospitalization. Getting health insurance for a better year could be the best way to prioritize health beside everything else.

  • Invest for better tax planning: 

As the financial year-end approaches, you should start looking for avenues to invest properly, not only to save taxes but also to get good returns on your investment. Investing in a health insurance policy can be one of the best things you can do since you can get massive tax benefits towards the health insurance premium. You are already aware of the benefits of a health insurance policy, as it helps you financially in times of medical emergency by paying medical bills and treatment expenses. However, many forget one crucial thing about investing in a health plan, that it is a great tax-saving instrument. Investing in health insurance to plan your taxes can be a significant investment for the whole year ahead.

Buying health insurance at an early stage helps you get financial security at lower premiums. The premium amount starts increasing with age since chances of medical ailments also increase. Hence, it is vital to invest in a health insurance plan as early as possible, and keeping the above points in mind, the new year seems just the best time to do it.

This article is authored by Pulak Sarmah, Senior Vice President & Head of Marketing at Kotak General Insurance, and views expressed in this article are the author’s personal views.

Gift Your Dream Car a Complete Protection Plan This New Year

With festival season and the new year celebrations being around, many wish to fulfil their cherished dreams, and most of them go for buying their dream car. When you have fulfilled your wish to buy your dream car, it becomes one of your most prized possessions, and taking good care of that possession is a significant part of keeping the dream safe. Since even the tiniest speck of scratch or grain of dirt may give you anxiety, choosing a complete protection plan for your car only seems like the most crucial investment you can make.

Looking for the best and comprehensive protection plan for your car is only the natural first step you can take in your journey of insuring your vehicle. Although, the process may seem a little daunting at times since there are myriad options available in the market.

When you are looking for complete protection for your vehicle, you must go for a comprehensive package that protects your car not only from damage in case of accidents but also in other unexpected circumstances like natural disasters, fire, thefts, etc. A comprehensive plan also covers the third-party liabilities caused by your vehicle.

Here are some of the most crucial features that you should be looking for in a car insurance plan for the complete protection of your vehicle:

  • Comprehensive cover:

Buying a car is not an easy investment. It is always followed by an enormous responsibility to keep the vehicle safe from any kind of damage. Comprehensive car insurance is a type of insurance that provides a wide range of benefits and coverage compared to a Third-party policy, which provides limited coverage. Comprehensive car insurance covers the damages/injuries caused to a third party, as well as your own vehicle. It also covers the damages to your car in case of an accident, theft, fire, natural and man-made calamities.

  • Add on covers:

Car insurance add-on covers are optional covers that can be purchased along with a car insurance policy to enhance its coverage and enjoy exclusive benefits associated with them. There are several add-on covers offered by insurance companies nowadays. A car insurance policyholder can purchase the required add-ons by paying an extra amount. These add-on covers are mostly available only with comprehensive insurance covers. The add-ons such as Zero Depreciation cover, Engine protection cover, Roadside assistance, Invoice protection etc, can be a good addition to your standard plan, since the different benefits they can provide may protect your car better than just the standard coverage.

  • Claim Settlement Ratio:

If you want to protect your car, then just buying a comprehensive policy that provides wide coverage may not be enough if that policy doesn’t provide a good claim settlement. It is crucial to opt for an insurance company with a high claim settlement ratio. A claim settlement ratio is total number of claims settled by the insurance provider against the total number of claims raised in a given year. When you select the insurer with a high claim settlement ratio, you minimise the chances of your claim getting rejected. Hence, when you go for an insurer with a good claim settlement ratio, there is a high probability of you getting your compensation if your car runs into any trouble.

Buying your dream car, a complete protection plan and securing it against any unforeseen event is one of the most crucial things you can do as a car owner.

This article is authored by Pulak Sarmah, Head of Marketing at Kotak General Insurance, and views expressed in this article are the author’s personal views.

Impact of Digitalization on the Car Insurance Sector

In today’s world, digitalization has touched almost every walk of life. Digitalization has brought massive changes to the insurance industry as well. It has also revolutionised the car insurance industry with automation and digital upheaval. With the rise of Artificial Intelligence, Next-gen data, Blockchain, Cloud computing, Advanced analytics, etc. adopting the new ways of doing business has become a prerequisite to survive in the advanced world.

The following points will give you a better understanding of the digital impact on the car insurance sector:

  • Customized services

The automobile industry is relatively challenging, and car manufacturers are competing against each other to give the best services to their customers with a choice of personalizing their vehicles. While various new vehicle variants are coming into the market with a customization option. Making a one-size-fit for all insurance policy is becoming difficult. With digitalization, the on-demand, usage-based, customizable form of insurance products and services is getting more attention. From flexible cover options, micro insurance, sustainable insurance plans are becoming the new norm.

  • Faster access to products and services

With the digital transformation, you can get any kind of information you want in order to buy a car insurance policy from the insurance provider’s website. After that, gather all the required information and compare those policies with others to find one more suitable to your needs. With digitalization, every insurance provider has an advanced process in place, where you can look, select, compare, get a quote, talk to an expert, buy, and renew insurance policies in a matter of minutes at one destination.

  • Reduced operational cost and time.

With one-click research, buying, and renewal options, the operational cost and time have been reduced, and as a result, making the whole user experience efficient. The digital atmosphere has made it convenient to process claims, perform transactions, and increase awareness about the necessity of car insurance.

  • Integrated analytics to enhance customer experience:

To build long-lasting relations with customers, it is crucial that customers feel comfortable using digital means of business. That is where the data collection and integrated analysis of that data come in handy. Digitizing data allows the insurance provider to perform the transaction and automate processes with little to no time to help the customers – for example, by assisting a customer get ahead on the claim process shortly after an unfortunate event such as an accident. With available data from the smartphone, health tracking devices, GPS, security systems, etc., insurers can get a head start on their response to the customer.

  • Use of AI

Ever since digitalization took over the car insurance industry, the usage of Artificial Intelligence has increased on a grand scale. With the help of various AI forms such as chatbots, consumer behaviour tracking, trend analysis, etc., the insurers are improving the turn-around time of policy buying and renewal, claims processing, etc. AI can use analytics to detect fraudulent claims, assess risk points, and create accurate reports

The above points make it clear that digitalization has impacted and transformed the car insurance industry in monumental ways.

Buying car insurance and securing yourself and your vehicle against any unforeseen event is one of the most crucial things you can do as a car owner. Check out various types of car insurance policies from Kotak General Insurance.

This article is authored by Suresh Sankaranarayanan, Sr. Executive Vice President & Chief Technology Officer, Kotak General Insurance, and views expressed in this article are the author’s personal views.