The insurance industry expanded to 17% in April and May of this year, compared to a 9% growth in 2020 and 2021; this success is attributed to digitization. In the next five years, the Finance Ministry and the industry watchdog Insurance Regulatory and Development Authority of India (IRDAI) anticipate a growth of 40% to 50%. Though all these numbers sound good on the one hand, an issue to the sustenance of the same lies on the other. What could this be?
The questions that hover over all heads of the Insurance industry are –
- Is India’s insurance industry prepared to cater to the massive growth of the insurance industry the right way?
- As a customer-first industry, are we prepared to serve the millions of Indians who are native language bent in a multilingual country like India?
The answer is YES! – But how?
Solution: Insurance localisation
In this blog, we will explore the substantial advantages that insurance localisation can bring to businesses that provide insurance services. Also, we will look at how embracing top-tier insurance localisation solutions can make all the difference in terms of overall revenue generation, building brand trust, and enhancing customer satisfaction.
Insurance Localisation: Why is it the Need of the Hour?
Government and insurance industry data estimate that at least 988 million Indians—(more than the entire population of Europe), nearly 75% of all Indians—do not have any life insurance. The reason is a lack of proper understanding of the types of insurance at hand, which can quickly be resolved by removing language barriers. Why is a foreign language found on digital platforms considered a barrier in India? 9 of 10 Indian customers prefer to be offered services in the language of their preference.
The above statistics indicate that insurance localisation is essential for Indian insurance service providers—especially those committed to meeting their customers’ health and life insurance needs.
With the help of language localisation techniques, PolicyBazaar, one of the most well-known insurance aggregators in India, is able to tap into the untapped local Indian market in the native tongues and create new revenue streams.
Customers can now access PolicyBazaar’s website and app in multiple Indian languages, with a strong emphasis on creating an omnichannel hyperlocal user experience. Additionally, they run Indian-language digital initiatives and marketing/PR campaigns with distinctive designs that are tailored to the local audience. By catering to potential Indian customers in their language of choice, this creates a delightful language-user-first experience and a distinctive brand identity.
Localisation allows the customer to choose a language per their preference, creating transparency and building trust in the hearts and minds of your native language speakers. All of which enhance consumer retention by fostering brand engagement and loyalty.
Also Read – Multilingual Voice Bots – an Eminent AI tool in the Indian Insurance Industry
Reverie in Transforming the Insurance Industry with Localisation
Consumers, as such, value personalization above all else. Hyper-personalization and tailored services are standard expectations across industries, from fashion to technology to OTT content, and they frequently result in higher sales.
People choose goods and services with the tag “specially made for you” flaunting.
Then why should the insurance sector who services more or less the same demographic need to fall behind?
We at Reverie find pride in enabling Indian insurance companies to provide customer service in their native language by using multilingual ads, websites, applications, web portals, chatbots, voice bots, and more.
Our market-leading products, specifically created for insurance companies in India, include Anuvadak for website localisation and management, Voice Suite for multilingual voice and chatbots, and other products that facilitate end-to-end localisation.
