GENERAL INSURANCE BLOG

Since Covid-19 hit the world, nothing has been the same. From individuals to industries, every aspect has undergone a massive transformation—changes that are leading to a disruption beyond the bounds of the economy and the global market. We saw extreme survival, lockdowns, economies tanking, corporates trying to run businesses with work-from-home options, and much more.

During lockdowns, businesses, start-up founders, analysts, and corporate professionals across the industries began to figure out the patterns of changing consumer behaviour and the solutions to address their demands.

We, too, believe that the insurance industry is experiencing profound change. The ecosystem is evolving rapidly, and insurers can no longer lean on old standard practices. With people being worried for themselves and their loved ones, investing in insurance meant investing in a healthy life. This has responded to the change in the insurance sector and marked the start of a revolution!

The following are the few emerging trends I believe will change the insurance industry landscape.

Insurance is not about products anymore.

It is almost weird to think about how the insurance sector is not "product-led" anymore. Safeguarding one's assets, health, life, homes, vehicles, and other aspects highlights the severity of having insurance. For example, you can consider health insurance a consumer product, but it is no longer about the "product" game.

The insurance sector is gaining recognition as a "service-oriented" industry. Constituting the perfect experience, right from being the potential customers' first choice to educating them about how their needs are going to be met, helping them throughout the process and beyond, addressing their grievances and providing solutions, and easing up the entire redemption process in the times of need is how you foster and strengthen your customer relationships. With so much focus on instant gratification, insurance companies need to curate an indispensable "service" – something that is hard to replace. We at Magma HDI endeavour to bring these practices into practicality.

Taking efforts to push digital transformation initiatives forward.

The Indian insurance market is encountering a massive technological shift. Digital-first business models are replacing traditional insurance practices. Gone are the days when insurance agencies relied on the older patterns of customer management, applying outdated systems and business thinking. The rise of state-of-the-art technologies has given new hope to age-old insurance practices, which we are the "modern legacy" powered by digital technologies. Digital-first insurers can offer relentless support, ensure transparency, and entrust their customers with realistic and practical solutions.

With these digital initiatives in place, the insurance sector can defy all stereotypes of being considered "conservative". This shift will push insurance companies to collaborate with different technologies developed by the IT sector and keep improving their services to ensure a seamless customer experience. Digitisation is the new cool. And the insurance sector is happily jumping on the bandwagon.

Personalisation is key.

Insurance companies need to admit that the habits and mindsets of consumers have changed with time. Personalisation is the new way of interaction that insurance companies need to adapt to volunteer the special interest of their customers. Tweaking your benefits and providing opportunities in a way that speaks "your" language, something unique to "you", is how we have been challenging the existing conventional work approach.

Data is the greatest resource in personalisation. This data includes the basic information, location, behavioural data of customers, etc. Making the right use of the collected data, the customers expect a personalised experience that can improve the relationship the company has built with them.

Delivering personalised services helps you strengthen your equations with your customers and prove that you, as an organisation, value their loyalty and contribution to the company's growth. It assures them that the company is standing strong with them. The other benefits of personalisation include an increase in sales, a boost in company’s reputation and the number of converts, customer retention, insights into consumer behaviour, and much more!

The transition of the insurance industry from traditional to digital, is making headlines and grabbing everyone's attention. The innovative-first approach and efficient technological solutions are leading the way to more promising insurance transactions and trusted customer relations. Your products might be one in a million but curating a perfect customer experience takes you to the top.

The industry is at a pivotal moment in developing forward-thinking insurance services, as the market is grappling with change at an exceptional speed. These are exciting times to take a step ahead and build deeper relationships with customers throughout the customer journey.

Bone injuries are severe and painful. They make your life miserable, and everyday chores become a huge task. The post-fracture recovery takes a long time to heal the bone. It requires the patient to undergo complex procedures to ensure that the bone heals appropriately and that normal body functions are not obstructed. Although your body has exceptional capabilities to heal itself, you must still take extra care while doing daily tasks.

We all have fallen at least a couple of times in our lives. We bruise, get cut, bleed, sprain, pull a muscle, or break a bone. There is always a risk of a hairline fracture. You must be aware of the term and how risky it can be. If you are somebody who is a stranger to the concept of a hairline fracture, do not fret. This blog discusses what it is, the signs of hairline fractures, and tips for healing them effectively. Let’s begin!

1. What is a hairline fracture:
Hairline fractures are also known as stress fractures. These fractures occur when small cracks appear and grow on the bones of your foot, lower leg, and hands. Hairline fractures are often observed in the bodies of people with a lot of footwork, like jumping, running, hardcore workouts, and other athletic activities in their routine. Moreover, in other cases, hairline fractures result from accidents and collisions against hard surfaces, during which the bones in your body bear an impact and get fractured.

2. Causes of hairline fractures:
As discussed above, excessive and heavy footwork involves activities that put a lot of continuous strain on your foot and ankles. Bones are very rigid parts of our body and can bend only to an extent to maintain the smooth functioning of the ball and socket joints. Persistent pressure on the bones also affects their elasticity and can develop minor stress or hairline fractures.

3. People at risk:
Apart from those who play challenging and heavy-impact sports and the ones who work out a lot might be affected by these hairline fractures with no warning. Genetic and biological factors like gender can influence a high risk of hairline fractures. These fractures are usually common among females.
Physical abnormalities (arched foot, etc.) or using the wrong footwear could also put your bones under stress, even while doing menial chores. Osteoporosis, or weak bones, a history of fractures, and dietary insufficiency (lack of nutrient-rich food items that help strengthen the bones) are other factors that can cause hairline fractures.

4. Signs and tips to heal:
Shooting or sharp pain, inhibition of movement, swelling, inflammation, tenderness, and bruised patches indicate hairline fractures in your bones. You can consult a doctor and get an MRI or X-ray done to confirm their diagnosis in case you have a hairline fracture.

The first and foremost tip for healing the fracture is to rest completely and avoid doing any heavy tasks. Secondly, in the first one or two days, you need to ice the area using ice packs frequently. This will help in reducing the swelling. With the decrease in swelling and lower pain, you can slowly resume your daily routine with extreme caution. Consult a doctor who might recommend crutches, protective shoes (footwear), or a splint to help avoid putting the damaged part under stress and provide maximum support.

That’s all for the signs of hairline fractures and tips to heal them effectively. You must ensure to stay in good health as much as possible. Take the best precautions and remain vigilant. Another wise decision would be to purchase a personal accident insurance policy to avoid monetary stress during mishaps and protect yourself and your family. Explore your options and buy the best personal accident insurance policy that provides optimum protection.

Click HERE to learn more about the personal accident insurance policy.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

When looking to purchase bike insurance coverage, there are a variety of options available. A comprehensive policy with zero depreciation add-on coverage is among the most used motor insurance policies.

This post will discuss the advantages of purchasing the zero depreciation add-on, how it improves coverage, and most importantly, whether the higher price is justified. To learn more, keep reading.

What is zero depreciation on bike insurance?

As a policyholder, you must be informed of the numerous crucial provisions of bike insurance. The depreciation component is one of them. Depreciation is nothing more than a loss in value that occurs over time. The bike and its components experience normal wear and tear over time. The result is depreciation.

When you file a bike insurance claim, the depreciation factor comes into play, and your claim amount is reduced. This is why you want to think about acquiring zero-depreciation two-wheeler insurance. You can purchase this add-on coverage along with the complete bike insurance plan. No matter how old or the bike has depreciated, the insurance company will pay out the entire claim amount when you have a zero depreciation cover.

The benefits of bike insurance with zero depreciation.

● More compensation: With a zero depreciation add-on, the cost of repairing your bike is covered without accounting for the bike's diminished worth. Consequently, you are reimbursed for the entire coverage.

● Saving money: You pay a higher cost with a zero depreciation add-on. But it's also true that your insurer will pay you more when you file a claim. Additionally, if you get insurance from an insurer that permits limitless zero depreciation, you can save money each time you file a claim for your motorcycle.

● Abundant coverage: Every bike owner can benefit from a zero depreciation add-on cover, valid for inexperienced and seasoned drivers. This acts as additional insurance to handle any financial problems arising from any catastrophe with your bike.

● Restrictions on out-of-pocket charges: With this add-on coverage, you can limit any additional costs that an insured person would otherwise be required to pay as depreciation charges. The depreciation value will not be considered when settling your claim, though, if you already have this add-on coverage.

● Reduces mental stress: The zero depreciation add-on cover provides a second layer of protection, which gives you more peace of mind by reducing your financial stress to a large extent.

When is a zero depreciation add-on cover required?

1. If you've only just started riding:
Compared to seasoned bike riders, new riders are more likely to make mistakes that result in collisions and bumps. Therefore, a zero depreciation cover would benefit you if you have just started riding two wheels.

2. If you purchased a new bike:
Since new bikes are so expensive, you should cover them as much as possible with protection. You may aid yourself at this point and preserve your bike in excellent shape for longer by getting a decent zero depreciation cover.

3. If you drive a pricey automobile:
If you possess an expensive bike, you should purchase the zero depreciation rider. A costly motorcycle requires a lot of money for repair and maintenance. Thus, you should be reimbursed for the total cost of each repair each time.

4. If your neighbourhood is dangerous:
Some neighbourhoods are crowded or prone to accidents. Acquiring zero depreciation insurance will benefit you if you live in such a location.

Reminders regarding the zero depreciation add-on cover.

Keeping the zero depreciation add-on cover in mind will help you recall the following:

● It is offered for new bikes up to two years old

● This addition does not waive the required deductibles

● Most insurance companies permit claims with no depreciation addition twice per year

A comprehensive bike insurance policy provides additional financial security if the bike sustains damage. Furthermore, a zero depreciation add-on to comprehensive insurance strengthens and adds more security when you file a claim. The most incredible thing about this addition is that by avoiding depreciation reductions, it can raise the amount of your claim. If the zero depreciation add-on is offered when you renew the bike insurance plan, you should consider opting in.

Click HERE to buy the best bike insurance plan in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Over the years, there has been a significant and gradual increase in the demand for luxury goods globally. In the automotive industry, superbikes are an excellent example of the shift from only necessities to splurging on comforts and luxuries. Once considered only for racing enthusiasts, high-capacity motorcycles with an engine capacity of over 150cc are now being used for recreational purposes and commuting.

However, the recent cases of rejected claims by motor insurance companies for accidents involving superbikes have raised concerns over the technicalities of insurance contracts and their effectiveness in shouldering financial losses.

Read on to find out about one such case, the aftermath, and some tips to ensure that your policy covers all such damages if your bike has a high engine capacity.

Case study:
This claim settlement case involved a bike with an engine capacity of over 340cc, which faced an accident, resulting in the rider's demise. The motor insurance company denied the claim since the bike insurance policy included a clause that stated that it should not cover personal accident claims involving bikes or scooters with over 150cc engines.
While the claim was initially denied, the motor insurance company later released the sum to the insured's family and clarified the issue. The insured was covered under an outdated policy that they had since updated to include personal accident cover.

This brings us to our question, is a high-engine capacity bike not covered under bike insurance?
While the case in question may make you believe that superbikes are not included under the provisions of bike insurance policies, it is not the case! The legal requirements of an insurance contract are constantly tweaked to provide maximum benefit to the insured while ensuring that the motor insurance company is aware of all the facts regarding its client to ensure that no insurance fraud occurs. While the old insurance clause excludes personal accident covers, potential policy buyers should read the fine print of their insurance documents to ensure that they are provided with the most recent version of the insurance policy that maximises inclusions.

General engine capacity and usage inclusions as per the old rule:
The old rule prevents the insured from lodging personal accident claims for motorcycles with an engine capacity greater than 150cc. Generally, 2-wheelers with an engine capacity of less than 150cc are used for commuting purposes only. They are, therefore, less risky and more profitable for the insurer since accidents are relatively fewer when compared to bikes with high engine capacity. High cc bikes are expensive, have lower mileage, higher premiums, and have less fuel efficiency.

Tips to ensure that all relevant damages are included in your policy.

As a prudent mechanism, insurance protects the insured in most cases as long as the circumstances are not stated as exclusions from the policy.

1. Read the fine print:It may seem tedious to go through the minute details of your insurance, but it is the safest way to ensure that your motor insurance company is providing you with the latest version of the policy with the most inclusions.

2. Consider purchasing an add-on: Despite close inspection, if specific clauses restrict the scope of potential claims, it is advisable to buy add-on facilities such as zero depreciation cover to keep your expensive possession safe.

3. Compare your alternatives: Before committing to an insurance provider, it is highly advised to compare the existing options and choose a plan with the most inclusions and justified premium with a high claim settlement rate.

4. Renew your policy on time: Delayed renewals and outdated coverage plans are significant issues that potential policy buyers must avoid.

Bikes with higher cubic capacity deliver a powerful performance, making it a worthwhile investment for motorcycle and speed enthusiasts to get their adrenaline rush. Since their cost and insurance premium is more significant than lower cc engine bikes, it is necessary to check the specifications your motor insurance company provides thoroughly. Read all the terms and conditions before making a final decision.

Click HERE to buy insurance from the best motor insurance company.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.