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印度:蓄势待发的保险科技市场

传统金融的互联网化国际资讯基于互联网平台的金融业务

印度:蓄势待发的保险科技市场

印度是个充满吸引力的市场,过去几年间金融服务领域创新跨越式发展,人口大国普惠金融进步举世瞩目。

对于“普惠金融”,印度央行给出的定义是"确保脆弱群体比如较为弱小的群体和低收入人群能够在公平透明的情况下获得主流机构提供的恰当金融产品和服务并且价格合理。"

印度普惠金融的一大痛点就是支付。我们之前的文章中提到详细介绍了应对这一问题的项目如Aadhaar(生物识别身份项目)、纸币废除和数字印度项目。还有很多其他措施。

印度的保险行业创新和交纳保费也在一起大步向前,但正如上周Bernard所说,有时候印度的保险科技领域并没有中国的那样引人注目。经过这周的研究,我认为他们的时机到来了,但可能仍需要段时间才能真正像太阳般闪耀。

印度保险行业概况

1999年印度保险监管机构("保险监管和发展局",后文简称IRDA)建立之前,保险产品只通过两家机构出售--"印度人身险公司(LIC)"和"印度普遍保险公司"(GIC)。

而如今,印度共有24家寿险公司和33家非寿险公司(健康险在印度属于非寿险)。

IRDA建立之时,印度保险领域外商可以直接投资,但最高26%。这让该市场得以向外国投资开发。2014年12月,这一比例提高至了49%,拓宽了投资大门。

2016年保险覆盖率仅为3.4%(2017年微增至3.49%)。寿险交纳保费自2002年起复合年均增长率是12.49%,非交纳寿险为11.05%。

假设这一趋势继向上走,那保险覆盖率也会上升(假设这些不是向已有持保人进行的交叉销售或是升级销售。)

非寿险领域的两大品牌当属Motor和Health ,分别占据保费缴纳市场的39%和24%。

印度保险经销渠道

以下2014-15的图表显示了印度寿险和非寿险领域经销渠道的概览。

非寿险

寿险

从中我们不难看出,代理商、中介商和银行扮演着主要销售角色。

社会经济及其他因素

我认为下面这张表格很有趣,能够展现中国和印度的保险行业如何发展。

印度个人没有像中国人那样的购买力,可能这就是为什么印度的保险行业没有像中国那样吸引眼球。

但这并不意味着收入差距比中国好多少,而且中国的贫困数据(3.1%的人口)比印度(接近20%)好太多。

即使如此,印度的中产阶级在快速增加。再加上超过10亿人有手机,其中33%是智能机以及印度在支付领域的创新,显然保险行业即将迎来爆发式增长时刻。

两重客户挑战

考虑以上因素,印度要提高覆盖率面临两重挑战:

  1. 中等阶级和富裕阶层--这一分类中人的特点与其他国家相似。他们可能有房和/或车。许多人有银行账户、按揭贷款和信用卡。挑战和机会也类似,就是怎样以他们选择的互动方式向他们提供个人话保险产品?在发达世界(尤其美国和欧洲)这一类人的挑战还在于改变他们对于保险的看法。我认为这个挑战对印度来说没有那么大,因为他们的保险行业才"开放"了不到20年,覆盖率低,人们对保险(还)没有那么多坏体验。
  2. 没有银行服务的人群--没有银行服务的人群往往也没有保险服务。挑战与上一类一样。还有一个额外挑战就是怎样提高他们保险意识。他们将购买的下一个保险产品可能是他们的首次购买。所以他们希望非常非常快地看见价值。

中产阶级及富裕阶层的解决方案

人寿方面,LIC主导了市场。其他公司开始以各种方式创新,关注于创造更加互动的客户体验。Coverager总结了各公司的做法。我认为Bajaj Allianz Life就是一家值得关注的公司。

非寿险方面,有很多完全数字化创企Acko(之前Daily Fintech介绍过,最近收到了亚马逊的投资)和Digit Insurance(今年早些时候正式成立)。这是市场中前两家完全数字化公司,未来会有更多。

此外还有几家集成商,如Policy Bazaar 和 Coverfox。

正如Bernard 在2016年所指出的那样,"在线保险比价模式并不算是创新而且进入门槛低。在印度这样一个有着新型中产阶级而且他们对保险有着非常多新需求的市场中,简易挑选过程就可以创造巨大商机。"

没有银行服务&没有保险或没有受到充分保险服务的人群怎么办呢?微型保险就有了用武之处。

无银行账户及保险不足人群的解决方案

今年早些时候我就微型保险的概念与MicroEnsure的Peter Gross进行了探讨。他提供的定义就是"为新兴客户提供的保险。"最重要的一个要素就是向他们提供他们理解并且能够方便获得(手机和互联网助一臂之力)的保险产品。

非印度创企Toffee Insurance同样关注这一领域。Toffee创立时算是一家中介机构,该平台与9家保险公司合作(3家人寿、3家健康险、一家普遍保险)。

Toffee的CEO Rohan Kuma没有将该公司打造成一家集成商,他说他们决定(发展微型保险)是因为想要在市场中有不一样的位置。提供"一站式"的微型保险,他们可以向客户提供实惠并且与他们息息相关的保险服务,以简单的形式将客户带入保险大门。

Toffee有三个不同的经销渠道:

  1. 通过数字合作伙伴,他们在客户可能需要的时候提供保险产品(比如 植入保险)。
  2. 线下渠道(如诊所、自行车店等)。线下渠道在线激活,也就是说客户最终是在网上购买。
  3. 自家网站直销。

总结

现有保险公司的创新会继续,集成商数量会增加,但这只能服务于一小部分人群(但依然以亿计)。

但要达到印度政府的普惠金融目标并且弥合差距,微型保险将会成为增长的巨大来源。

Bernard在印度待了很久,他告诉我,"机会在增长中。你上哪再去找一个有着双位数复合年均增速的市场呢?大部分的增长将在数字化保险中。自然投资者、创业者和现有保险公司对此垂涎不止。"

印度支付和电子商务的发展(Flipkart, Amazon等)也帮助了保险的发展,因为各个领域可以互通。

但向没有银行服务的人解释新的支付方式比向没有保险服务的人解释保险的基本概念要简单"那么一点。

India is a fascinating market that has made tremendous strides over the past number of years in innovation within the financial services sector, primarily focused on financial inclusion for the 1.3 billion population.

Financial inclusion, as defined by the Reserve Bank of India, ‘is the process of ensuring access to appropriate financial products and services needed by vulnerable groups such as weaker sections and low income groups at an affordable cost in a fair and transparent transparent manner by mainstream Institutional players’.

One of the biggest pain points to tackle for citizens of India when it comes to financial inclusion has to do with payments.  We have covered this extensively at Daily Fintech with initiatives like Aadhaar, Demonetization and Digital India that have helped to push the needed forward.  There are many others too.

In addition to payments, Insurance in India has also been making strides in both innovation and premium growth.

However, as mentioned by Bernard last week, India sometimes does not get the headlines that China gets when it comes to Insurtech.

After some research this week, my hypothesis is that India’s day in the sun is coming, albeit we may be a few more years until we really see it shine.

An overview of the India Insurance market

This presentation from the India Brand Equity Foundation (IBEF), gives a great overview of the India Insurance market.

Up until 1999, when the Insurance Regulatory and Development Authority (IRDA, aka India’s regulator) was formed, Insurance in India was sold through two entities, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC).

Today, there are currently 24 Life companies (including LIC) and 33 Non-life companies (health is classified as non-life in India).

At the time of the IRDA being established, foreign direct investment (FDI) for Insurance was opened, however capped at 26%.  This is what helped open up the Indian Insurance market to foreign investment.

In December 2014, this was raised to 49%, opening the investment floodgates even more.

Insurance penetration for 2016 was still low at 3.4% (2017 slightly improved to 3.49%).    Life Insurance premium has been growing at a CAGR of 12.49% since 2002 and Non-life premium at a CAGR of 11.05%.  Assuming this trajectory increases, then we should see penetration rise as well (assuming these are not just cross-sell/up-sell policies to existing policyholders).

Of the Non-life sector, Motor and Health Insurance are the top two products, garnering 39% and 24% of the premium respectively.

All stats above are from the IBEF presentation.

Distribution channel mix

Though these graphs are from 2014-2015, these give a reasonable overview of the Distribution channel mix for both Life and Non-life in India.  (if someone has more current graphs, please send!)

Non-life

Life

As one can see from the graphs above, agents, banks and brokers play a dominant role in the Insurance sales process.

India socio-economic and other indicators

I found the below chart to be quite interesting, and telling as it relates to the growth stories of Insurance in both China and India.

Perhaps this relates to the reason we have not seen as many headlines in relation to Insurance in India as in China.  Individuals in India don’t have the same spending power/wealth as they have in China.

This is not to say that the income equality is that much better in China, however the poverty profile in China (3.1% of the population) is much better than that of India (close to 20% of the population).

With that being said, the middle class in India is growing rapidly.

Couple that with that fact that over 1 billion people have a mobile phone in India, with 33% having a smartphone, as well as all the innovation in the payment space – and we have ourselves that is ripe for an explosion of growth in the Insurance sector.

The two-fold customer challenge

Pulling all this together, India faces two challenges as it relates to increasing penetration:

  1. Middle Class and Affluent – the profile of people in this category are quite similar to other parts of the world.  They may have a home and/or car. Many have a bank account, mortgage and credit card too.  The challenges and opportunities for this segment within Insurance in India are similar too – how do we provide these customers with more personalized products in a way that they choose to interact with their providers? The challenges in this segment in more developed parts of the world (specifically the U.S. and Europe) also involved changing perceptions of Insurance.  My take is that this is not as big of a challenge for the Indian market due to the fact that they have only had an ‘open market’ for less than 20 years and penetration is so low – meaning people have not had so many ‘bad’ experiences with Insurance (yet)
  2. The unbanked population – The unbanked population is likely also the un/underinsured population.  They face the same challenges and opportunities as above – how do we provide these customers with more personalized products in a way that they choose to interact with their providers?  This group also has an additional challenge – how do we educate them on Insurance?  The next Insurance product that they are buying will likely be their first one.  And with that, they need to see the value very, very quickly.

Solutions for the Middle Class and Affluent

On the Life side, LIC dominates market share.  The other private companies have started innovating in a number of different ways, focusing on a more interactive customer experience.  Coverager has done a great job summarizing the moves by the different carriers there.  I think Bajaj Allianz Life is one to watch in this space.

On the Non-life side, we have seen new full-stack digital startups Acko (previously reviewed by Daily Fintech, and recently funded by Amazon) as well as Digit Insurance, which was launched officially earlier this year.  These are the first two digital full-stack offerings in the market and I expect there to be more in the future.

In addition to this, we have seen a number of aggregators in the market, most notably Policy Bazaar and Coverfox.

As Bernard pointed out in this article back in 2016, however, ‘The online insurance comparison model does not count as innovative these days and has low barriers to entry. The point is that in markets such as India with so much new demand for insurance from an emerging middle class, just making the selection process easier can create a big business.’

So, what about the unbanked & un/underinsured?  What do we do for them?

That’s where microinsurance comes in.

Solutions for the Unbanked and Un/underinsured

Earlier this year, I spoke with Peter Gross from MicroEnsure on the concept of microinsurance.  Recall, the definition he provided to me for microinsurance is ‘Insurance for emerging customers’.  The most important elements of serving this population is providing them with Insurance that they understand as well as the ability to get it easily (this is where mobile and internet come into play).

One startup out of India that is looking at this space is Toffee Insurance.  Toffee is set up as an intermediary and this allows them to work with up to 9 Insurance companies (3 Health, 3 Life and 3 General).

Rather than setting up as an aggregator, Toffee’s CEO Rohan Kumar told me they decided to go this route because they wanted to have a different proposition in the market.  They also realized that by offering ‘bite-sized cover’, they could provide customers with Insurance that is relevant and contextual to them while not being too expensive. This helps introduce these customers to Insurance in a simple format.

For distribution, Toffee has three different channels:

  1. Through digital partners in which they can offer their Insurance product at a time when the person is likely to need it (think: embedded Insurance)
  2. Through offline lead channels (clinics, cycle shops, etc).  These offline leads are activated online (meaning the person will ultimately buy online)
  3. Direct through their site.

I’ve chatted with Rohan a few times and really like his spirit and vision of the industry.  If you’d like to see more, take a look at this Tedx Talk that Rohan gave recently.

Summary

While the innovation from incumbents will continue and aggregators will grow, this will only serve a certain segment of the population (which, still, is in the hundreds of millions).

However, to go in line with the government’s aim of more financial inclusion, as well as a more connected India, microinsurance will be a huge catalyst for growth.

Bernard, who has spent a ton of time in India (including living there) shared with me, ‘The opportunity lies in the growth. Where else can you find a big market with double digit CAGR? Most of this growth will go to digital offerings. This rightly has investors, entrepreneurs and incumbents salivating’.

The expansion in payments and e-commerce (Flipkart, Amazon, etc) we are seeing in India will help to grow Insurance as well, especially as the landscape becomes interoperable.

With this being said, explaining new ways of how to make payments to the unbanked is a bit easier than explaining the fundamentals of Insurance to the un/underinsured population (in my opinion).


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