The insurance industry witnessed a double-digit surge in consumer interest in health and motor insurance over the last two to three years, according to the NIQ finance syndicate study.
The study highlights seismic shifts across the life, health, and motor insurance categories, reflecting evolving consumer preferences, intensified competition, and the disruptive emergence of Insurtech.
Consumer engagement in the health insurance segment has soared by 10 per cent over the past two years, driven by heightened consumer involvement and interaction.
The motor insurance segment has witnessed an impressive 18 per cent improvement in average category consideration, with new-age players significantly contributing to this growth.
The average category consideration has witnessed a commendable 9 per cent improvement in the last three years, underlining heightened interest and engagement among consumers in life insurance offerings.
Mitesh Dabrai, Executive Director, Consumer and Marketing Insights at NIQ in India said, "There is a surge in consumer awareness and engagement, fueled by the rise of new-age Insurtech players challenging traditional giants. The NIQ Finance Syndicate study indicates growth across various insurance sectors. For instance, life insurance has seen a 5 per cent increase in spontaneous awareness and a 9 per cent uptick in consideration. Likewise, health insurance shows a 10 per cent increase in category consideration, while motor insurance demonstrates an 18 per cent rise, highlighting the significance of network and product offerings.”
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