Kotak General Insurance Infotoday

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

January 27, 2022

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 by investing in a health insurance policy for yourself and your loved ones.

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.

Business

Gift Your Dream Car a Complete Protection Plan This New Year

January 5, 2022

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.

Business

Impact of Digitalization on the Car Insurance Sector

December 30, 2021

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.

Health

How to avail health insurance claims faster!

December 18, 2021

A health insurance claim is a request submitted by the policyholder to the insurance provider in order to get the services and benefits covered under the health insurance policy. In such a case, the policyholder can get compensation from the insurer through a direct claim settlement option (cashless facility) at the network hospitals or get reimbursed later after paying for the treatment expenses from their own pocket.

It is of utmost importance to understand the health insurance claim process and file a claim within the specified timeline in order to avail of the benefits and perks of a health insurance plan. It is vital to let the insurer know about the claims on time, as it provides the insurer with a window to review and evaluate the claim in order to provide a quick settlement so that you can recover the maximum amount of compensation as early as possible.

Health insurance claim process

It is important to initiate the health insurance claim process as early as possible in order to get a timely and seamless claim settlement. In order to register for a health insurance claim, individuals need to follow the below-mentioned steps:

Cashless claim:

In order to use a cashless claim benefit, the treatment of the insured must be done only at a network hospital of the Third-Party Administrator (TPA) who is servicing your policy. You must get the authorisation for availing of the treatment on a cashless basis as per procedures laid down below and in the prescribed form.

- In planned hospitalization, approach the hospital before hospitalization and submit the pre-authorization form and identity proof along with the medical documents.
- In an emergency hospitalization, visit the cashless helpdesk at the hospital within 24 hours of hospitalization and submit the pre-authorization form as well as an identity proof along with the medical documents
- Once your claim is examined, reviewed, and approved, pay only the deductible expenses at the hospital, and the insurer will settle the rest at the time of discharge.

Reimbursement claim:

A reimbursement claim is where you pay your hospital bills initially and apply for reimbursement later to get the entire amount back. In such cases, you are not mandatorily required to seek medical treatment at a network hospital. Make sure that keep all the required documents such as the claim form, discharge summary, prescriptions and bills ready to submit for a reimbursement claim and follow the process:

Intimate the insurer, then settle the bills at the hospital and collect relevant documents for further process.
Submit the original documents and the claim form within 30 days of discharge from the hospital.
After verification and review of the claim, your claim will be settled by the insurer in few days.

It is essential to understand that all claims are processed subject to Policy terms and conditions. Hence, policyholders are required to read the Policy Wording and Policy schedule carefully.

This article is authored by Ravichandran N, the Chief Technical Officer at Kotak General Insurance, and the views expressed in this article are the author’s personal views.

Finance

Everything you need to know about Electric Car Insurance

December 17, 2021

Over the last few years, we have seen significant advancements in the auto industry, especially in the category of Electric Vehicles (EVs). An electric car is a car whose engine is powered by rechargeable batteries instead of fuel- petrol or diesel. The sales and demand for Electric Vehicles (EVs) are slowly picking up in the Indian auto market with a genuine surge in the number of people shifting from conventional cars (petrol and diesel) towards EVs.

With global warming and climate change threatening the environment around us, switching to electric vehicles can be seen as the best decision you can make for yourself and generations to come. EVs are not just an eco-friendly alternative to petrol and diesel vehicles but are also cheaper to run in the long term.

Though the EV market is still growing in India, prospective buyers may have concerns about insuring the electric car. There are only a handful of insurance providers offering vehicle insurance for electric cars. Nevertheless, the idea of providing a safety cover to the policyholder remains similar to the car insurance policy for petrol and diesel vehicles.

EVs are manufactured and equipped with cutting-edge technology such as high-capacity batteries, sophisticated car parts, and more. Therefore, in the event of an accident, your car may suffer heavy damages. High car repairing expenses can put a significant strain on your financial budget, especially in the case of an electric vehicle. Therefore, a comprehensive car insurance policy is needed to take care of the repairs, whether the damage to your car is due to your mistake or someone else’s. It also seems the most logical investment any electric car owner can make.

The electric car insurance policy offers financial protection to your car against damages such as accidents, natural calamities, fire, theft of the insured vehicle, and third-party injuries or damages to their property. Choosing the right cover for your electric car helps you avoid out-of-pocket expenses.

Along with all the advantages, it is also compulsory to have at least a third-party liability insurance policy according to the Motor Vehicles (Amendment) act 2019. The Motor Vehicle Act dictates the laws associated with motor vehicles in the country. All vehicles must have valid insurance to drive legally on public roads, which also includes electric cars.

Another reason the electric car/motor insurance market will see a rise in the upcoming FY2022 is because of the various types of compensations provided by the authorities on insurance for electric vehicles. For instance, IRDAI, the insurance regulator, has mandated the incentivisation for electric car owners in order to work towards a goal of a sustainable environment by making the third-party liability insurance for private electric cars in India 15% lower than that of general private cars of similar categories, effective from June 16th, 2019. Similarly, certain state governments have extended tax incentives on the registration of hybrid and electric cars in India.

It is crucial that no matter which car you opt for, be it electric, petrol, or diesel variant, you must make sure that you insure it with an optimum car insurance policy.

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