Mumbai-based insurance broker Bonsai Insurance Broking Pvt. Ltd has started a website Insurancemall.in. It offers free service to customers and provides complete insurance solutions, including online choice between leading insurance companies, online purchase and claims assistance. The portal claims to be the first of its kind in providing integrated services, down to an online shopping facility.
The website also offers complete portfolio management and other services, such as renewal auto-reminders and advisor.
Bonsai Insurance Broking claims it has tie-ups with various insurance companies to ensure that its customers get the best available quote. The company, in return, gets a fixed payment every month from the insurance companies.
The portal currently offers health, personal accident, travel and home insurance. The company also intends to offer many tailor-made products in life insurance and non-life insurance sectors in the next few months. Bajaj Allianz and ICICI Prudential have already underwritten the travel insurance product of Bonsai Insurance Broking. Clients can also manage their claim feature on the website: It will provide claims assistance for policies bought on the website.
Insurance set to grow by 500%
Driven by increasing demand for larger insurance coverage and a growing rural and semi-urban market, the size of the Indian insurance market is projected to grow by 500% to reach $60 billion (Rs2.46 trillion) in the next three years, according to the Associated Chambers of Commerce and Industry of India (Assocham). Rural and semi-urban India will contribute $35 billion to the insurance industry by 2010, including $20 billion by way of life insurance and $15 billion through non-life insurance schemes. Urban sector insurance is estimated to reach $25 billion, of which $15 billion would come from life insurance and the remaining from non-life insurance.
India’s life insurance premium as a percentage of GDP is estimated at 1.8%, against 5.2% in the US and 6.5% in the UK. The chamber has suggested insurance companies should focus on the manufacturing sector as these offer immense opportunities for expansion. Its estimates also show that of the total 124 million rural households, nearly 20% farmers own Kisan Credit Cards. The 25 million credit cards used till now offer a huge database and opportunity for insurance companies. The insurers should enter into tie-ups with government agencies to ensure the success of the insurance schemes, it says. (PTI)