Motor, health, and term insurance witnessed high demand amongst corporate employees: survey

In a recent survey by on insurance being brought by corporate employees in India, the organisation shared some interesting facts regarding the growing demand in this category. Notwithstanding the COVID-19 pandemic’s negative effects on the global and national economies and health systems, its single but most powerful positive effect was to raise awareness of the value of insurance.

According to the survey, while the health and life insurance categories have seen significant growth in the personal insurance segment, the pandemic has also increased awareness and acceptance of Health and Term Life insurance in the corporate insurance segment. Likewise, motor insurance has witnessed high demand from corporate employees as well. 

Also, there is a rising need to understand individual corporate insurance among businesses, employees, and other stakeholders. The benefits offered by companies are fixed in the standard group insurance model, there is little room for personalisation, and the programme expires once the employee leaves the company. Businesses are shifting to offering employees personalised employee insurance solutions where they can take advantage of exclusive benefits, prices and features that are available only to them.

At the same time, the global recession has made corporate employees rethink about the benefits they receive from their organisations. In a situation like this, the response towards individual employee insurance, where the benefits are linked to the corporate, but stay the same way, even if the employee is no longer associated with the organization has been in huge demand. 

In the last year, 250+ companies with close to 500,000 employees opted for personalised employee insurance policies through The demand for this kind of insurance is growing fast, not only in the metro cities but also in Tier 2/3 cities. People within the age group of 31 – 40 years have been the largest users of individual employee insurance.

One interesting part of the survey outcome has been the high usage of individual employee insurance among women. While men still continue to hold the larger share of employee insurance buyers, there has been a consistent growth trajectory amongst women in this category. Working women consist of around 33% of the women’s population and 23% of traffic at have been female in the last year. Women hold a significant population, and many of them are moving towards decision-making. Thus, this is a very heartening ratio, as it projects growing awareness and the buying decision amongst women for insurance.

There is also some movement in the start-up ecosystem towards individual employee insurance. However, more and more start-ups need to join the individual employee insurance bandwagon. Start-ups today value the contribution of their employees and go to the extreme extent of retaining their star performers. Individual employee insurance is a significant tool for hiring and retaining employees for the longer term. 

The survey reveals that, although individual employee insurance is growing in the country, more and more organisations, as well as employees, need to know about the benefits of this unique proposition. In traditional group insurance, the benefits are fixed, there is minimal customisation, and the insurance ends once the employee ends their tenure with the organisation. In individual employee insurance products, the insurance options, as well as benefits, are equivalent to individual insurance policies. Added to this, employees can avail of insurance policies at the best prices, compared to the premiums available in the open market.

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