5 Smart Insurance Moves To Make In 2024

Now that the New Year 2024 has begun, this marks a good opportunity to revisit one’s financial goals and reconsider insurance-centric resolutions that will safeguard overall financial resilience. Be it households in India, or small or big businesses, the need for insurance solutions is real.  Catering to all types of consumer and business segments in a personalised manner, InsurTechs such as Zopper play a pivotal role in the insurance sector. From rolling out innovative solutions to simplifying and digitising the complex insurance terrain, InsurTechs are empowering businesses and households across India to make insurance coverage a top priority in the coming years.

1. Choosing the Right Insurance Cover

Nothing is more precious than planning ahead for the financial well-being of households and organisations by opting for comprehensive health coverage and choosing the right term insurance that covers life risks sufficiently. Bringing insurance to every nook and corner of the country is the mission of InsurTechs such as Zopper. Adding to this, every effort is made to simplify processes and minimise paperwork and complex terminologies that pose hurdles in the onboarding process. 

2. Faster Adoption of Technology-Driven Contextual Solutions

Making insurance more relevant, affordable and accessible through technology lies at the heart of how InsurTechs function. Anticipating futuristic needs such as whether wheelchairs need insurance and tracking evolving customer preferences so as to deliver real-time contextual solutions is another way in which InsurTechs are leading the digital transformation in the insurance sector. 

3. Get Comprehensive Health Cover

As the New Year begins, it is important to acknowledge that comprehensive health coverage is a much-required need that cannot be compromised. Assuming there are no major illnesses to worry about at the moment, the need to anticipate the future cannot be ruled out. Even as fitness-conscious and calorie-conscious Indians are on the rise, the need for health insurance cannot be ruled out at all. This is where the role of InsurTechs is gaining traction.

The latest business reports pertaining to the Indian pharmaceutical industry highlight that there is a massive demand for manufacturing weight loss drugs and diabetes-centric drugs in India. 

Lifestyles in India have become sedentary, particularly among the middle-income and higher-income groups. The weight management market in India is forecasted to grow to around ₹2763 crore by 2028 from ₹1514 crore in 2022. Further, the National Family Health Survey-5 highlights that 33.2 per cent of urban women and 29.8 per cent of urban men in the age group spanning 15 years to 49 years are highly obese, which in itself can lead to a number of diseases later on. 

4. Right Time to Buy Home Insurance with Correct Valuation

Forecasts pertaining to the rising frequency of natural and man-made disasters and weather-related calamities in India make it imperative to invest in home insurance this year. Be it a homeowner or a tenant, the right home insurance becomes an essential financial safeguard in mitigating the financial strain of tackling unforeseen crises such as earthquakes, floods, etc. Make sure you rope in a solid assessment professional or organisation to ensure that the correct valuation is defined while opting for your home insurance. Remember, installing robust safety measures in your home such as by keeping burglar alarms or ensuring there is CCTV are smart ways to avail discounts on your home insurance plan.

5. Emergency Funds Can Be Converted For Investing in Insurance Solutions

Most financial experts maintain that small businesses and households should prioritise building an emergency fund. Typically, such a fund should cover up to six months’ living expenses in case of an unforeseen development such as job loss, unexpected health crisis that leads to hospitalisation, etc. In case of a specific coverage need, it is easy to convert emergency funds for the purpose of investing in insurance solutions as InsurTechs offer a variety of contextual and embedded solutions.

Summing up, 2024 is poised to emerge as an exciting year for the InsurTech ecosystem in India. We at Zopper look at innovative ways to strengthen the role of InsurTechs in ushering in transformative changes in the insurance sector this year. Further, it is clear that the growth of new insurance distribution models will be of utmost significance. This will bring contextual solutions to the doorsteps of businesses, households, NRIs and HNIs, all of which will be well-tailored to fulfil their requirements.