Upstox forays into insurance distribution; launches new campaign video
Currently, the insurance penetration in India stands at 4.2 percent with a considerable portion of the population still being dependent on traditional and agent-driven models to purchase policies. Along with that, there is a lack of awareness, overload of options, heavy paperwork and complex jargon involved in the process of buying insurance.
Upstox, one of India’s wealth management platforms, announced its entry into the insurance distribution business. With this launch, the company aims to revolutionise India's insurance landscape by offering its users a simplified, transparent and customised experience of purchasing insurance in line with their needs. Currently, Upstox is offering Term Life Insurance on its platform and is also planning to roll out health, motor and travel insurance soon.
Currently, the insurance penetration in India stands at 4.2 percent with a considerable portion of the population still being dependent on traditional and agent-driven models to purchase policies. Along with that, there is a lack of awareness, overload of options, heavy paperwork and complex jargon involved in the process of buying insurance.
Recognising this gap, Upstox has now embarked on a monumental task of streamlining Life, Health, Motor, Travel insurance for its customers. By leveraging advanced technology and industry expertise, Upstox aims to simplify the insurance process - from identifying the top plans in each category to purchasing the insurance and finally making the claim process smooth as depicted in the campaign video as well.
The video starts with a family of three speaking with an insurance agent to sort their coverage post an accident. But instead of clear guidance, the agent hits them with a barrage of confusing jargon and scripted responses (kit kit), leaving them feeling overwhelmed.
Just as they're about to give up, a support staff member strolls in with a smartphone, showcasing the Upstox app and its user-friendly insurance buying process. The video is a hilarious twist that highlights the simplicity of securing insurance with Upstox amidst the chaos of traditional methods, highlighted the company.
Kavitha Subramanian, co-founder, Upstox said, "We are thrilled to expand our offerings on Upstox and foray into the insurance distribution segment. We have recognized that navigating the insurance landscape is a daunting task. Customers are inundated with so many questions - which is the right plan, what should be the correct criteria to select a plan, how much insurance cover will be enough. At Upstox, we understand these challenges, and we’re dedicated to helping our customers get answers to all of these without overwhelming them. Our aim is to help customers cut through the noise and help Indians Invest Right. We are constantly working towards making our platform simple, secure, fast, and intuitive. With the launch of insurance on our platform, we will remain steadfast in our endeavour of helping our users manage their wealth effectively for a secure financial future."
In addition, insurance offerings on Upstox are very transparent. With upfront insights on claim settlement ratios for 1 and 3 years, the volume of complaints, amount settlement ratios, solvency ratios (below 1.7 are considered risky), plan features, inclusions/exclusions, and settlement timelines - Upstox aims to educate the user about what they’re purchasing. Upstox is now home to a user base of over 1.3 crore and constantly strives to help users cut through the market noise and Invest Right.
