In the wake of unprecedented global changes and the aftermath of the COVID-19 pandemic, the insurance landscape has witnessed remarkable shifts in consumer behaviour. Vumonic Datalabs recently conducted an in-depth analysis of PB Fintech Limited’s PolicyBazaar data spanning from 2020 to 2023.
The analysis revealed a noteworthy surge in health insurance purchases during 2022, surpassing both 2020 and 2021 by 1.9 and 1.2 times respectively. Similarly, the life insurance segment experienced substantial growth in 2022, with purchases nearly 4.4 times higher than 2020 and 2.2 times higher than 2021. This surge indicates a significant shift in consumer behaviour, largely attributed to the aftermath of the COVID-19 pandemic.
Delving into life insurances, Bajaj Allianz emerged as the frontrunner, selling the highest number of insurances during the analysed period, followed by Maxlife.
In the realm of auto insurance, National Insurance took the lead, securing the top position and United India Insurance followed closely, indicating a competitive landscape within the auto insurance sector.
Interestingly, a considerable number of consumers opted for standalone personal accident cover, signifying a growing awareness and demand for specific risk coverage. Comprehensive policies and third-party policies also held significant shares, underscoring the diverse preferences and needs of insurance buyers. Notably, a considerable proportion of individuals purchasing auto insurances fell within the age range of 26 to 35, depicting a specific demographic trend in this sector.
The analysis of Policy Bazaar data spanning from 2020 to 2023 reveals compelling insights into the trends, preferences, and choices made by consumers in the insurance landscape. The spike in sales during 2022, the dominance of certain insurance providers in life and auto insurances, and the diverse policy preferences highlight the evolving nature of the insurance industry.
