Auto insurance industry must recognise changing consumer preferences
The Dollar Business Bureau The Auto Insurance Industry needs to take cognizance of the changing consumer preferences and adopt appropriate strategies, said a study. A latest study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), suggested that insurance firms need to change marketing strategies according to the changing demands of customers. Customers no longer want just an insurance policy but are increasingly asking for services based insurance coverage like zero depreciation insurance cover, enhanced personal accident and hospitalization cover. Stating that the insurers have been witnessing compounded annual growth rate of about 22% since 2012, the study said that the gross premium earned by general insurance companies from the motor vehicle industry is likely ...
