©   Page 1 of 40
ForewordWhen I was asked to write a foreword for this report, ‘A New Beginning - Online InsuranceTrends’, I was not quite ...
AcknowledgementThe idea to work on a research report titled ‘Online Insurance Trends in India’ was borne out ofthe sheer l...
Table of Contents1. Methodology .............................................................................................
1. MethodologyThe main objective of the report is to highlight the emerging trends in Online Insurance in India.For the pu...
1.2 By CitiesWe have used a 5-point classification from Tier I through Tier V. The cities have been classifiedaccording to...
2. Executive SummaryThe response to online insurance products has amazed everyone. What started as a noveltyproduct is bei...
In this report, we analyze insurance buying trends of visitors to our portal www.insuringindia.com.The study reveals some ...
3. The TrendsThe data has been analyzed across different categories for all three (Health, Term and MotorInsurance) produc...
4. The Big Picture4.1 Geography                        Exhibit 1: Online insurance demand (Top 10 States)                 ...
Exhibit 2: Online Insurance Demand (Regions v/s Population)                                                               ...
5. Health Insurance TrendsHealth Insurance is the product with the maximum potential in the general insurance sector. It i...
The average North Indian is the most curious online health insurance consumer. 1 out of every 4online insurance shoppers i...
Exhibit 6: Average Health Insurance Cover (INR lakh)                   West                                               ...
5.3 Product - Family Always Comes FirstA huge 79% of the health consumers are looking for Family Floater products and the ...
The average cover size per person seems to suffer with most people not going beyond the limit ofINR 4.5 lakh per policy be...
Exhibit 11: Online Health Insurance Demand (Age wise)                                                41%                  ...
6. Term Insurance TrendsOnline Term Insurance is one product which has made the entire insurance industry see thepotential...
The top 5 states make for almost 59% of the demand and only 29% of the population. With just1% of the country’s population...
Exhibit 15: Online Term Insurance Demand (Cities-Tier wise)                                 24%                           ...
Exhibit 16: Online Term Insurance Demand (Age wise)                                        50%                         22%...
Exhibit 17: Online Term Insurance Demand (Cover wise)                            16%                                      ...
INR 50 lakh to 1 crore is most demanded in the Tier I, Tier II, Tier III cities and towns of India.Showing a lower appetit...
6.4 Policy Period - People desire term insurance with bigger term periodsThe policy period was divided into 3 segments:   ...
The age group of 30 to 39 years with a policy period of 25 years and above is the single mostlucrative segment. A total of...
Average female term insurance buyer prefers buying policies with shorter policy period comparedto her male counterpart. (E...
Average females in bigger cities are buying more term insurance in comparison with their malecolleagues in these cities. T...
7. Motor Insurance TrendsMotor insurance is one of the popular general insurance products being asked for online. Onlinere...
Considering the response from Delhi, it is no surprise that the city with maximum hits on themotor insurance page is from ...
Exhibit 28: Online Motor Insurance Demand (Cities Tier wise)                           30%                                ...
7.3 Insurers - Private insurers need to relook their strategyProspective customers looking to renew their motor insurance ...
Exhibit 32: Western Region Top 10 Insurers (Previous Year)                                                            Baja...
Exhibit 34: Southern Region Top 10 Insurers (Previous Year)                                                           Baja...
Exhibit 36: Southern Region Top 10 Insurers (Previous Year)                                                           ICIC...
8. The Last WordA recent report on Indian Digital Consumer Industry by Avendus Capital says online insuranceaccounts for 3...
9. CasesWe interviewed two people from different parts of India. Both the interviewees had an impendingneed for insurance ...
9.2 A Farmer’s Quest for Agriculture InsuranceMange Singh is a hardworking farmer with 20 acres of fertile land in the dis...
10. About UsInsuringIndia.comInsuringIndia.com is India’s first multilingual ecommerce portal and one of the leading onlin...
Contact DetailsFor more copies or other information please contact:Corporate Office: Plot-8, Sector-32, Urban Estate, Gurg...
©   Page 40 of 40
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Online Insurance Trends in India

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Online Insurance Trends in India

  1. 1. © Page 1 of 40
  2. 2. ForewordWhen I was asked to write a foreword for this report, ‘A New Beginning - Online InsuranceTrends’, I was not quite sure what to expect. A flip through the first few pages of the reporthowever, gave me a sense of the enormity of the impending change that is poised to soon sweepthe Indian insurance industry via online distribution. Most of the insurance bought till date isoffline; however going forward, it is clear that convenience and speed would influence the choiceof internet as preferred mode of distributing insurance in India.MDI has been contributing to research in various fields of management and this report is a productof the research interests of the institute’s faculty in combination with MDI’s initiatives to supportbusinesses, new and old. This is a proud moment for MDI since this white paper has been co-authored by three of our students in partnership with InsuringIndia. What began as a researchinitiative has shaped up into a ‘first-of-its-kind’ report on the topic of online insurance in India.New ideas and new approaches can be the only way to progress forward and improve the qualityof life in society. This report is an attempt to think differently by analyzing trends in a field asnascent as online insurance in India. Like all researches, this report is an attempt to point out newpossibilities and a new direction to the way in which the insurance sector operates in India.I compliment the authors on the great job they have done in bringing out lucid presentation of thereport in simple language. I would especially like to congratulate the authors for bringing withinthe ambit of their report, the study of both rural and suburban reach for insurance in the country. Ibelieve the trends are worth pondering over. I commend the report and have no hesitation insaying that it deserves a serious reading. Asha Bhandarker, PhD RML Chair Professor of Leadership Studies & Dean Research Management Development Institute, Gurgaon© Page 2 of 40
  3. 3. AcknowledgementThe idea to work on a research report titled ‘Online Insurance Trends in India’ was borne out ofthe sheer lack of any existing available research on the topic. We got in touch with few businessschools in the National Capital Region about a partnership and all of them showed their interest.After due diligence, we decided to go ahead with the Management Development Institute,Gurgaon.We specially thank Gourav, Saurabh and Harsh, the three student participants from MDI fortirelessly working on the report. We also thank Dr. Asha Bhandarker for agreeing to do theforeword for this report and her kind words. In the end we thank the entire InsuringIndia team fortheir help in making this report possible.We are very glad with the outcome of the research and are proud to be part of this initiative. Bhavesh Sharma Managing Director InsuringIndia.com© Page 3 of 40
  4. 4. Table of Contents1. Methodology ............................................................................................................................. 5 1.1 By Regions ........................................................................................................................... 5 1.2 By Cities............................................................................................................................... 62. Executive Summary ................................................................................................................... 73. The Trends ................................................................................................................................. 9 3.1 Overall................................................................................................................................. 9 3.2 Health .................................................................................................................................. 9 3.3 Term .................................................................................................................................... 9 3.4 Motor ................................................................................................................................... 94. The Big Picture ........................................................................................................................ 10 4.1 Geography ......................................................................................................................... 105. Health Insurance Trends .......................................................................................................... 12 5.1 Geography - Small is also Big ............................................................................................ 12 5.2 Cover – Average National Online Health Insurance Cover is INR 4.2 lakh....................... 13 5.3 Product - Family Always Comes First ................................................................................ 15 5.4 Age - Online health insurance is driven by 30 to 39 year olds .......................................... 166. Term Insurance Trends ............................................................................................................ 18 6.1 Geography - West and North driving the demand............................................................. 18 6.2 Age – Maximum term insurance seekers start at 31 years .................................................. 20 6.3 Cover – Average cover across India is more than INR 40 lakh .......................................... 21 6.4 Policy Period - People desire term insurance with bigger term periods ............................. 24 6.5 Gender - Females are highly under insured ....................................................................... 257. Motor Insurance Trends ........................................................................................................... 28 7.1 Geography - North India has the maximum demand ........................................................ 28 7.2 Product - Comprehensive policy is most popular .............................................................. 30 7.3 Insurers - Private insurers need to relook their strategy ...................................................... 318. The Last Word ......................................................................................................................... 359. Cases........................................................................................................................................ 36 9.1 Health Insurance needs of an Average Indian ................................................................... 36 9.2 A Farmer’s Quest for Agriculture Insurance ....................................................................... 3710. About Us ................................................................................................................................. 38© Page 4 of 40
  5. 5. 1. MethodologyThe main objective of the report is to highlight the emerging trends in Online Insurance in India.For the purpose of this research, we used the primary data of the visitors who visited our portalwww.insuringindia.com from a six-month period preceding October 2011. The data was scrubbedclean of all the personal information, i.e. names, numbers, email ids and addresses. Outliers indifferent product categories were removed. In the end, out of nearly one million visitors, a sampleof more than 75,000 was selected for the study. Three products namely, Motor and HealthInsurance (Non-Life) and Term Insurance (Life) were compared. For this, the sample has beencompared against demographic data available from the Census of India, 2011 besides otheravailable research, references to which are given, both in the report and at the end of the report.For the purpose of analysis, we have classified India by regions, states and cities.1.1 By RegionsAccording to the administrative division of Government of India, the country is divided into 5zones. We included the North-Eastern states as part of the East India region. Region States Delhi, Chandigarh, Punjab, Haryana, Jammu and Kashmir, Himachal North India Pradesh and Rajasthan West India Goa, Gujarat, Maharashtra, Daman and Diu; and Dadra and Nagar Haveli Karnataka, Andhra Pradesh, Tamil Nadu, Kerala, Lakshadweep, South India Pondicherry; and Andaman and Nicobar Islands West Bengal, Jharkhand, Orissa, Bihar, Sikkim, Arunachal Pradesh, East India Meghalaya, Mizoram, Manipur, Nagaland, Assam and Tripura Central India Madhya Pradesh, Uttar Pradesh, Chhattisgarh and UttarakhandRegions© Page 5 of 40
  6. 6. 1.2 By CitiesWe have used a 5-point classification from Tier I through Tier V. The cities have been classifiedaccording to their population. The population figures are from the recent Census of India, 2011.The classification is as follows City Classification Population Examples Tier I 40 lakh and above New Delhi, Kolkata, etc. Tier II 20 lakh to 40 lakh Jaipur, Lucknow, etc. Tier III 10 lakh to 20 lakh Indore, Patna, etc. Tier IV 5 lakh to 10 lakh Guwahati, Mysore, etc. Tier V Below 5 lakh Palwal, Bilaspur, etc.© Page 6 of 40
  7. 7. 2. Executive SummaryThe response to online insurance products has amazed everyone. What started as a noveltyproduct is being lapped up by the Indian consumers. The annual online sale projections ofcompanies have been met in less than two months. The Indian Insurance regulator, IRDA, recentlycame up with an application to compare ULIP products (Unit Linked Insurance Product). So muchso that the public sector life insurance giant LIC has plans for coming up with a game changingonline term insurance product shortly. We believe these trends suggest how the future ofinsurance is going to be in India. People are not just going online to check and compare insurancequotes because it is convenient, for growing number of Indians; it has now become a necessity. Aswith many sectors such as travel and retail, internet is now looking to transform the insurancesector in India.The regulators, and the insurers, have been trying very hard to increase the insurance penetrationin India. Despite that, insurance penetration (ratio of premium to GDP) is only 5.1% (IRDA AnnualReport 2010-11), which is less than the world average. With nearly 50 insurers, each havingmultiple distribution channels, one hoped the insurance penetration would be better. Comparingus with other countries with a more mature insurance market, one very clear difference is visible.Indian insurance has a very nascent online presence as compared with countries like the US, UK,Italy, Spain and Germany. Online insurance sales account for more than 30% of all sales in thesecountries compared to roughly 3% in India. The insurance industry there has seen a gradual shiftfrom complete offline model to a more online, less offline, model. We think this is the way to goforward for the Indian insurance industry as well.A country as big and diverse as ours has many challenges. One of the biggest challenges always, isto reach out to the maximum people at the lowest possible costs. Google is potentially reachingout to a large chunk of India’s online population by providing customized searches in 10 Indianlanguages. Warren Buffet’s Berkshire Hathaway recently opened its operations in India by ‘notopening an office’ – pure online model. They are selling motor and travel insurance through theinternet and telephone, a model they have already proved to be highly successful. GEICO of US, aUSD 28 billion company, is the 3rd largest auto insurer in that country.Online insurance may be a new and unchartered territory for many insurance shoppers in India;however it seems to be the way forward. With only 10% of the population being online, thepotential is huge. India is the 3rd largest market for Facebook and it expects the country to reachthe 1st rank in a not so distant future. This growth of the internet, supported by the ever increasingyoung population of this country, has fueled the growth of many online trends. Ecommerce is abig success story. People have less time and an increased faith in products and services soldonline.© Page 7 of 40
  8. 8. In this report, we analyze insurance buying trends of visitors to our portal www.insuringindia.com.The study reveals some interesting and surprising outcomes that should be of interest to all thestakeholders in the Indian Insurance Industry. Some of key trends that we observed aresummarized below:  1 out of every 3 visitors is from smaller towns - less than 10 lakh population - which incidentally have the maximum internet density, even better than top 8 metrosHealth Insurance  Average age of online health insurance shopper is 39.9 years  More than 50% of the population is looking for a cover size between INR 3.5 lakh to 4.5 lakh  Average National Online Health Insurance Cover is INR 4.2 lakh  Average health shopper in smaller cities is demanding bigger cover sizes compared to fellow citizens from big metros  Almost 80% shoppers are looking for Family Floater products  2 out of every 5 people looking for health insurance are aged between 30 to 39 years  The middle aged population (30 to 49 years) accounts for 2 out of 3 online health insurance visitorsTerm  Top 5 states make up for almost 60% demand against a population share of almost 30%  The urban term insurance demand is equally distributed amongst the bigger and smaller cities at 50% each  The average term insurance seekers start early at 31 years  1 out of every 2 shoppers is aged between 30 to 39 years  9 out of 10 shoppers are from age group of 20 to 49 years  Average National Online Term Insurance Cover is INR 46.1 lakh  Average term insurance cover across all 5 regions is more than INR 40 lakh  10% of online term insurance shoppers are smokers  Every 2nd customer is looking for a policy period of 25 years or more  Females are highly underinsured with only 4% of the total term insurance sampleMotor  Almost 90% of the visitors are looking for Comprehensive Policies  At 56% of the total motor insurance demand, Comprehensive Renewal is the most popular product  7 out of every 10 shoppers reported their previous insurer to be a private insurance company© Page 8 of 40
  9. 9. 3. The TrendsThe data has been analyzed across different categories for all three (Health, Term and MotorInsurance) products. The trends have been found across the following classification:3.1 Overall  Geography3.2 Health  Geography  Age  Cover  Product3.3 Term  Geography  Age  Cover  Policy Period  Gender3.4 Motor  Geography  Product  Insurers© Page 9 of 40
  10. 10. 4. The Big Picture4.1 Geography Exhibit 1: Online insurance demand (Top 10 States) Maharashtra 19% 18% Delhi Andhra Pradesh Karnataka 3% Gujarat 4% 14% Uttar Pradesh 5% Tamil Nadu Haryana 6% 9% West Bengal 6% Kerala 7% 8% Rest of IndiaInsurance is not being trended necessarily from the areas with maximum population. Delhi showsa very high demand across the spectrum of products analyzed although it ranks very low in termsof population as compared to the rest of the country.The top 10 Indian states account for 81% of the study sample. These states make up for 63% of thecountry’s population. Maharashtra, which ranked 2nd on the Census 2011 ranking, leads in theonline ranking with 18% of the total demand. Delhi surprises with its huge online demand. Withonly 1% of the country’s population it is ranked 2nd in its online demand. Uttar Pradesh, the mostpopulated state of the country is a lowly 6th rank. Looking at the diversity across these states, oneexpects exciting trends if insurance products and their information is available to these regionalvisitors in the languages of their choice. (Exhibit 1)Looking at the demand from a region wise perspective is even more interesting. Eastern andCentral India with a share of over 50% of the country’s population are only trending an onlinedemand of 20%. 8 out of every 10 online insurance shoppers are coming from the regions ofWestern, Northern and Southern India. (Exhibit 2)© Page 10 of 40
  11. 11. Exhibit 2: Online Insurance Demand (Regions v/s Population) 28% South 21% 26% West 14% 26% North 13% 10% East 26% 10% Central 25% Enquiries PopulationThe urban population has been the traditional drivers of the internet revolution everywhere. It hasbeen assumed that internet is the privilege of the big cities only. It is time we changed suchnotions. We compared the sample with the recent ICube 2011 report. (Exhibit 3) Exhibit 3: Urban Online Insurance Demand (Demand v/s Internet Density) Online Enquiries Claimed Internet Users 42% 35% 37% 25% 22% 18% 11% 11% Top 8 Metros Other Big Cities 5-10 Lac Towns Less than 5 Lac Towns1 out of every 3 visitors is from the smaller cities and towns, i.e., semi-urban centers with apopulation of 10 lakh and below. An average citizen from Adampur and Dhule is showing thatthey are curious enough like their friends from Ahmedabad and Delhi. This demand is completelyagainst the conventional logic of smaller cities not being aware of internet and insurance. In mostof these smaller cities, insurers have a smaller presence, catered mainly though agents orextension counters. Traditional leaders of the online market, the big metros have 42% of the totaldemand. Insurers have always been looking for a justification to reach out to this population. Onereason why, until now, insurers chose to ignore the smaller cities was a lack of sufficient demandto support costs. Our research shows that a large part of the insurance market in these cities iswaiting to be tapped. Online insurance with its ease of access and low cost can be an answer toaddress the problems of insurers and customers alike.© Page 11 of 40
  12. 12. 5. Health Insurance TrendsHealth Insurance is the product with the maximum potential in the general insurance sector. It isalso the most popular product trending with maximum enquiries out of the sample researched.Consumers are comparing premiums and benefits for health products available in the market.We classified the health insurance trends across the following categories:  Geography  Age  Cover  Product5.1 Geography - Small is also BigThe Tier V cities show the maximum online health insurance visitors second only to the 8 bigmetros. This is an eye opener against common perception of the people in smaller cities not beingaware of health insurance. It seems that the government schemes such as Rashtriya Swasthya BimaYojana are making the average citizen of these smaller towns more and more aware of the basicright to good healthcare. Most of these Tier V cities are also centers of high rural activity. Anaverage citizen of these towns and the rural population around them now wants better hospitalsand facilities instead of depending on the traditional Indian medicinal system. High demand fromthese towns along with their capability to serve as rural hubs makes for an exciting prospect.(Exhibit 4) Exhibit 4: Online Health Insurance Demand (Cities – Tier wise) Tier I 42% Tier II 6% Tier III 16% Tier IV 12% Tier V 25%© Page 12 of 40
  13. 13. The average North Indian is the most curious online health insurance consumer. 1 out of every 4online insurance shoppers is from the North with the region only accommodating 13% of thecountry’s population. This is followed by South and West respectively. Eastern India is the mostunder-insured region in the sample.The top 10 state rankings are similar to the overall rankings shown earlier except Uttar Pradeshand Tamil Nadu trading places. The top 3, Maharashtra, Delhi and Andhra Pradesh have acombined demand of 40%. Interestingly, two big western states of Maharashtra and Gujarat makethe top 5 and all the 4 southern states make the top 10 rankings. (Exhibit 5) Exhibit 5: Online Health Insurance Demand (State wise) Maharashtra 17% Delhi 19% Andhra Pradesh Karnataka 4% Gujarat 4% 13% Tamil Nadu 4% Uttar Pradesh Haryana 6% 10% West Bengal 7% Kerala 7% 8% Rest of India5.2 Cover – Average National Online Health Insurance Cover is INR 4.2 lakhMore than half the population is looking for a cover size in the range of INR 3.5 lakh to 4.5 lakh.This is not surprising considering that online buyers are big ticket buyers who are considerablybetter educated and with more money to spend in comparison with their peers who buy throughother channels. Widening the range to INR 2.5 lakh to 5.5 lakh gives an INR 3 lakh window inwhich 90% of online health shoppers were found enquiring. This is an opportunity area forproviders of health insurance.The national average online health insurance cover is INR 4.20 lakh. The regions of Western andNorthern India have their average slightly more than this and that for the remaining 3 regions isbelow this. (Exhibit 6)© Page 13 of 40
  14. 14. Exhibit 6: Average Health Insurance Cover (INR lakh) West 4.39 North 4.31 National Average 4.20 Central 3.99 South 3.97 East 3.85We compared the value of sum assured with the total enquiries demanded by the cities across thecountry. The result gives us a sense of what an average consumer from these cities demands as acover size. The average ticket sizes of the top 10 cities make a very interesting find. Only two TierI Cities make the list along with two Tier II Cities. The rest are all smaller cities and towns led byLudhiana with an average ticket size of INR 5.7 lakh. An average health insurance shopper fromLudhiana is asking for more value per person as against his friend from Chennai. (Exhibit 7) Exhibit 7: Average health cover demanded by average health shopper (Top 10 Cities) Ludhiana 566,162 Pune 515,445 Bhubaneshwar 509,123 Gurgaon 507,248 Mumbai 499,753 Lucknow 467,881 Noida 458,465 Navi Mumbai 453,870 Thiruvananthapuram 451,061 Chennai 448,090 Average Ticket Size (in lakh)© Page 14 of 40
  15. 15. 5.3 Product - Family Always Comes FirstA huge 79% of the health consumers are looking for Family Floater products and the rest forIndividual products.The success of the Family Floater Health product can also be seen in the online model. FamilyFloater (Self, Spouse & Children) is the most popular product with 57% demand followed byIndividual (Self) at 20% and Family Floater (Self & Spouse) at 15%. (Exhibit 8) Exhibit 8: Online Health Insurance Products Market Share (in %) Family Floater -Self + Spouse + Children 57% Individual -Self 20% Family Floater -Self + Spouse 15% Family Floater -Parents 5% Individual -Parents 2% Family Floater -Self + Children 1%The average cover for a Family Floater policy is INR 4.2 lakh and that for an Individual policy isINR 3.9 lakh. Average cover size for all the products in the health insurance segment is more thanINR 3 lakh. The ticket size for health insurance products searched online is big and insurers canspecifically target the online customer with bigger cover size. The average cover per person is adifferent story with the Family Floater population seemingly under insured at INR 1.4 lakh. Theaverage Individual health insurer is however doing just fine at INR 3.9 lakh. (Exhibit 9) Exhibit 9: Average Health Policy Size (in lakh) Family Floater -Self + Spouse 4.3 Family Floater -Self + Spouse + Children 4.3 Family Floater - Average 4.2 Individual -Self 4.0 Individual - Average 3.9 Family Floater -Self + Children 3.6 Family Floater -Parents 3.5 Individual -Parents 3.1© Page 15 of 40
  16. 16. The average cover size per person seems to suffer with most people not going beyond the limit ofINR 4.5 lakh per policy be it Individual or Family Floater despite different number of members ineach policy. Hence, Family Floaters seem to be an under-insured segment while the Individualhealth insurance appears the most protected segment. We believe the reasons for higher sale ofFamily Floater covers are a one-cover-for-all policy as well as Family Floaters being cheaper foryounger families.Consumers seem to be more price conscious than product conscious. Health insurance cover sizedoes not change with policy type. The policy size for Self is almost 29% higher than parents in theIndividual category.Only 7% families reported three or more than three children. 93% families report up to twochildren while shopping for family floater products. Thus the profile for a family floater healthinsurance shopper is most likely to be Self, Spouse and up to two children (Exhibit 10). Exhibit 10: Family Floater Policies (No. of Children wise) Four 1% Three 6% Two 48% One 45%5.4 Age - Online health insurance is driven by 30 to 39 year oldsThe average age of the online health insurance seeker is 39.9 years. Post this there is a gradualdecline in health enquiries. 90% of the health insurance enquirers had an average of 37.3 years.An age-slab analysis shows that in most probability (41%) the customers are 30 to 39 year oldsand 2 out every 3 persons demanding online health insurance would fall in the 30 to 49 years oldcategory or what is called the ‘middle-aged’ population. (Exhibit 11)© Page 16 of 40
  17. 17. Exhibit 11: Online Health Insurance Demand (Age wise) 41% 25% 15% 12% 7% 1% <20 20-29 30-39 40-49 50-59 >=60We established a human life-cycle through the health insurance demand data that we analyzed.Individuals first (34.5 years) get themselves a health cover, and then they get a health cover forcomplete family (Self, Spouse & Children) when they anticipate future illnesses for themselves andtheir children (39.3 years). (Exhibit 12)Only 7% of the total health cover enquiries were for parents. The average parental age seeking ahealth cover was around 57.5 years. When seeking Individual parental insurance for singleparents, the shoppers are younger (54.8 years) than when searching for a couple or family cover(58.5 years).We hope that with more people becoming aware of online health insurance, the age of theaverage online health insurance shopper should come down. Exhibit 12: Online Health Insurance Shopper Life Cycle 54.8 yrs 58.5 yrs 41.9 yrs 39.3 yrs Individual (Parents) 2% FF (S+S) 15% 36.1 yrs FF (Parents) 5% FF(S+C) 1% FF(S+S+C), 57% 34.5 yrs Self, 20% 30 35 40 45 50 55 60 Age (in years)© Page 17 of 40
  18. 18. 6. Term Insurance TrendsOnline Term Insurance is one product which has made the entire insurance industry see thepotential of the online distribution channel. Term insurance is traditionally a simple product.Therefore, it makes it easy to sell it online. One can buy an online term insurance policy withinminutes today.We track online term insurance trends across the following categories:  Geography  Age  Cover  Policy Period  Gender6.1 Geography - West and North driving the demandGenerally, population seems to have an inverse ratio to the number of enquiries for term insurancefrom that region. An average citizen of Western and Northern India shows the maximum appetitefor online term insurance. The highly populated regions of East and Central India appear to bemost underinsured in comparison to the rest of the country. (Exhibit 13) Exhibit 13: Online Term Insurance Region wise (Demand v/s Population) 30% 27% 25% 26% 23% 21% West North 14% South 13% 10% 10% Central East Total Enquiries Population© Page 18 of 40
  19. 19. The top 5 states make for almost 59% of the demand and only 29% of the population. With just1% of the country’s population and 14% of the total demand, Delhi shows its important positionin the online insurance space. (Exhibit 14)Maharashtra and Delhi are ranked 1st and 2nd; however Andhra Pradesh drops down to 6th rank.Kerala is not in the top 10 making way for a new entrant at 10th rank, Rajasthan. Exhibit 14: Online Term Insurance Demand (State wise) Maharashtra 18% Delhi 21% Karnataka Gujarat 3% Andhra Pradesh 4% Uttar Pradesh 5% 14% Tamil Nadu Haryana 5% West Bengal 6% 8% Rajasthan 7% 8% Rest of IndiaThe demand for online term insurance is split equally between the bigger cities and the smallercities and towns. This demand is more evenly distributed across the smaller cities as compared tothe bigger cities. The online consumer from the smaller cities has become curious enough tomatch up to their fellow citizen from the big metros.Drilling down further, Tier I cities make up the biggest urban market for the online term insuranceindustry. Out of the remaining city classes, the Tier V cities have a huge demand with customersasking for almost a quarter of the total demand.© Page 19 of 40
  20. 20. Exhibit 15: Online Term Insurance Demand (Cities-Tier wise) 24% Tier I 43% Tier II Tier III 10% Tier IV Tier V 16% 7%The Top 10 cities cater to 50% of the total online term insurance demand. The share increases to54% in terms of the total sum assured. (Exhibit 15)6.2 Age – Maximum term insurance seekers start at 31 yearsThe ideal age to buy term insurance is when one starts earning and has dependents to support.The maximum online term insurance shoppers start at the age of 31 years. At this age the averageIndian may have a family of his own and this explains his need for term insurance.The average age is around 29 to 31 years. The number of enquiries shows a steep increase at theage group of 22 to 25 years and again at 27 to 32 years, after which there is a steady decline untilthe age of 60. Dividing the number of enquiries as per age slabs gives a clearer picture. More than50 % of all enquiries for term insurance are coming from users in the age group of 30 to 39 years.Users in the age group of 20 to 29 years and 40 to 49 years each have more than 20% ofenquiries. Thus, users in these age groups make almost the entire online term-insurance seekingpopulation in India. (Exhibit 16)© Page 20 of 40
  21. 21. Exhibit 16: Online Term Insurance Demand (Age wise) 50% 22% 21% 6% 0.5% 0.6% <20 20-29 30-39 40-49 50-59 >=606.3 Cover – Average cover across India is more than INR 40 lakhThe cover amount was categorized into following segments:  < 25 lakh – Less than 25 lakh  25 lakh to < 50 lakh – 25 lakh to 50 lakh  50 lakh to < 1 crore – 50 lakh to 1 crore  1 crore < - More than 1 croreThe national average cover for online term insurance is INR 46.1 lakh with the North and WestIndia above this and the other 3 regions below this demand. It is notable that the average coveracross all regions is more than INR 40 lakh.In two categories, demand for term insurance is more than others – INR 50 lakh to 1 crore (31%)and INR 5 lakh to 25 lakh (31%). Generally speaking, consumers are looking to go for policieswith maximum protection for their dependants. This also gives a sense of the average consumerbecause term insurance cover is a direct factor of one’s annual income. (Exhibit 17)© Page 21 of 40
  22. 22. Exhibit 17: Online Term Insurance Demand (Cover wise) 16% 31% < 25 lakh 25 lakh to < 50 lakh 50 lakh to < 1 crore 31% 1 crore < 22%Geographically, Rs 50 lakh to Rs 1 crore is the top demanded term insurance category in the Westand North India. INR 5 lakh to 25 lakh is the most in-demand policy cover size in the South,Central and East India. (Exhibit 18) Exhibit 18: Online Term Insurance Demand (Cover v/s Regions) 30% 1 crore < 5% 27% 50 lakh to < 1 crore 5% 23% 25 lakh to < 50 lakh 4% 10% < 25 lakh 9% 7% 7% 5% 5% 10% 10% 1% 1% 3% 3% 8% 8% 8% 2% 2% 3% 4% West North South Central East© Page 22 of 40
  23. 23. INR 50 lakh to 1 crore is most demanded in the Tier I, Tier II, Tier III cities and towns of India.Showing a lower appetite for term insurance, Tier IV and Tier V towns threw up more enquiries forINR 5 lakh to 25 lakh category.The online sample reveals a much lesser percentage of visitors reporting themselves as tobaccousers as compared to the national average. The sample reveals 10% tobacco users against GlobalAdult Tobacco Survey (GATS) – India 2010 figures of 35%.It is interesting to note that though tobacco-users have a greater risk of death compared to non-users, they demand lower policy size. Tobacco-users demand more of INR 5 lakh to 25 lakh termpolicies than any other policy while most non-users demand INR 50 lakh to 1 Crore closelyfollowed non-users demanding INR 5 lakh to 25 lakh policies. This could also be attributed tonon-users being more risk conscious and therefore insuring themselves for bigger cover amount.Thus, the non-users are better insured as compared to tobacco-users despite the latter having abigger need for term insurance.A surprise lies in the age group comparisons. 20 to 29 year olds and 40 to 49 year olds demandeda policy cover of the size INR 5 to 25 lakh more than any other cover size. People in the agegroup of 30 to 39 years perceived highest life risk with INR 50 lakh to 1 crore term insuranceshooting to the top spot by a clear margin. In fact, as the age progresses, we see a gradual declinein size of policy demanded, probably due to a decrease in perceived life risk. 50 to 59 year oldprospective customers show a clear preference (3.1% out total 5.7%) for INR 5 lakh to 25 lakhpolicy cover. This may also be due to existing savings already in place to support the family andpossible retirement of policyholder at the age of 60. (Exhibit 19) Exhibit 19: Online Term Insurance Demand (Cover v/s Age Groups) 50.1% 1 crore < 50 lakh to < 1 crore 8.7% 25 lakh to < 50 lakh 17.0% < 25 lakh 22.4% 20.6% 3.5% 11.2% 3.4% 7.0% 6.1% 4.3% 4.7% 5.7% 0.5% 13.2% 7.7% 6.4% 0.6% 3.1% <20 20-29 30-39 40-49 50-59 >=60© Page 23 of 40
  24. 24. 6.4 Policy Period - People desire term insurance with bigger term periodsThe policy period was divided into 3 segments:  <15 years – Less than 15 years  15-24 years - 15 years to 24 years  >=25 years – 25 years and aboveEvery 2nd consumer is going for a policy period of 25 years and above. Since most people retire bythe age of 60, this suggests that the ages of most buyers in this segment are in the early to mid 30s,a trend also proved earlier. Consumers are looking for maximum policy periods to cover theirdependants against any eventuality. The consumer here seems well informed and is not going forshort term plans to save on premiums or because they help save taxes over a smaller period oftime but are actually looking to take maximum benefits from this product over a long term period.This trend is visible across different geographical regions of the country. A policy period of 25years and above is the most popular category across all regions.We see similar trends when we compare the policy period with the cover size. With policies of 25lakh and upwards, consumers show the maximum need for a period of 25 years and abovefollowed by 15 to 24 years and less than 15 years respectively as shown in the figure below.However, this trend is reversed in the under 25 lakh segment. People in the 50 years and aboveage group, of online term insurance consumers are looking for ‘low cover-low policy period’products i.e. below 25 lakh and less than 15 years. Most of them will retire by the age of 60 to 65and may already have enough savings to take them through a comfortable retirement period. Also,as the age increases, the premium increases substantially, making term insurance less lucrative asone grows old. Thus, these consumers plan very carefully, spending only as much as is absolutelynecessary. (Exhibit 20) Exhibit 20: Online Term Insurance Demand (Policy Period v/s Cover) <15 Years 3% 15-24 Years 11% 8% >=25 Years 3% 6% 2% 11% 4% 20% 12% 9% 10% < 25 lakh 25 lakh to < 50 50 lakh to < 1 1 crore < lakh crore© Page 24 of 40
  25. 25. The age group of 30 to 39 years with a policy period of 25 years and above is the single mostlucrative segment. A total of 31% of the visitors are from this category, more than any othercategory. Every 2nd enquiry for term insurance was from the age group of 30 to 39 years and 9out of 10 were from 20-49 years age group. (Exhibit 21) Exhibit 21: Online Term Insurance Demand (Policy Period v/s Age Groups) 50% 7% 12% <15 Years 22% 15-24 Years 21% >=25 Years 5% 4% 4% 31% 10% 6% 13% 0.5% 3% 0.6% 6% 2% <20 20-29 30-39 40-49 50-59 >=606.5 Gender - Females are highly under insuredFemales form a minority in the total term insurance sample at only 4% of the total visitors. The sexratio of India according to the Census 2011 is 933 females for 1000 males. This gives anindication of the extremely high levels of uninsured female population in India’s life insurancesector. We compared the male and female samples against each other to give a sense of faircomparison. The trends are very interesting especially from the perspective of the femalepopulation.© Page 25 of 40
  26. 26. Average female term insurance buyer prefers buying policies with shorter policy period comparedto her male counterpart. (Exhibit 22) Exhibit 22: Online Term Insurance Demand (Gender v/s Policy Period) 52% 43% 29% 29% 28% Male 19% Female <15 Years 15-24 Years >=25 YearsYounger and older females buy more term insurance as compared to the males in the same agegroups. The males are more prolific buyers in the middle age group. (Exhibit 23) Exhibit 23: Online Term Insurance Demand (Gender v/s Age Groups) Male Female 51% 36% 31% 22% 21% 15% 13% 5% 2% 0.5% 0.6% 2% <20 20-29 30-39 40-49 50-59 >=60© Page 26 of 40
  27. 27. Average females in bigger cities are buying more term insurance in comparison with their malecolleagues in these cities. The males overtake the females in smaller cities and towns. (Exhibit 24) Exhibit 24: Online Term Insurance Demand (Gender v/s Cities Tier wise) Male Female 51% 43% 24% 22% 16% 11% 11% 7% 8% 8% Tier I Tier II Tier III Tier IV Tier VFemales are buying policies with lower cover amounts and the males lead in all categories except25 lakh and below. (Exhibit 25) Exhibit 25: Online Term Insurance Demand (Gender v/s Cover) Male Female 41% 30% 32% 25% 21% 20% 16% 14% < 25 lakh 25 lakh to < 50 lakh 50 lakh to < 1 crore 1 crore <© Page 27 of 40
  28. 28. 7. Motor Insurance TrendsMotor insurance is one of the popular general insurance products being asked for online. Onlinerenewal of motor insurance is possible on most insurance websites today with the customer ableto buy a cover within minutes. In case of new policies, the online process helps speed up thingsby doing all the application process in a jiffy. We trended motor insurance across the mostpopular product in motor, car insurance.We compared motor insurance across the following categories:  Geography  Product  Insurers7.1 Geography - North India has the maximum demandNorth India shows the maximum appetite for online motor insurance with one of every threecustomers mainly due to Delhi showing a great demand. West and South India are not very farbehind.State wise, Delhi leads the way with the maximum enquiries for this product. Almost every 5thvisitor to our motor insurance page was from the state of Delhi. This could be attributed to thehigh number of passenger cars in Delhi. The top 10 states make up for 3 out of every 4 visitors toenquire about motor insurance in the sample. (Exhibit 26) Exhibit 26: Online Motor Insurance Demand (Top 10 States) Delhi 19% Maharashtra 25% Haryana Karnataka Gujarat 13% Andhra Pradesh 3% Uttar Pradesh 4% Kerala 4% Tamil Nadu 8% 5% Punjab 5% All Other States 8% 6%© Page 28 of 40
  29. 29. Considering the response from Delhi, it is no surprise that the city with maximum hits on themotor insurance page is from Delhi. Surprisingly, Mumbai is not ranked 2nd in this list and comesonly at rank 4. Bengaluru comes 2nd and Gurgaon is 3rd. All the top 10 cities hold a little lessthan 50% share in the overall demand. Thus, a greater demand comes from all the smaller citiesand towns across the country. (Exhibit 27) Exhibit 27: Online Motor Insurance Demand (Top 10 Cities) New Delhi 19% Bengaluru Gurgaon Mumbai 6% Hyderabad 51% Pune 6% Chennai 5% Noida Surat 4% 3% Ahmedabad 2% 1%2% 1% All Other CitiesIf one looks at the urban demand from a Tier I through V classification, one understands that boththe bigger cities and smaller cities and towns have the similar demand.Tier I and II cities (population of 20 lakh and above) and Tier IV and V cities (population of lessthan 10 lakh) both have a demand of 44% each.The Tier III cities make up the remaining 12%. Thus, any insurer looking to capture this segmentcan’t afford to have a localized strategy. (Exhibit 28)© Page 29 of 40
  30. 30. Exhibit 28: Online Motor Insurance Demand (Cities Tier wise) 30% Tier I 39% Tier II Tier III Tier IV Tier V 14% 5% 12%7.2 Product - Comprehensive policy is most popularAn overwhelming majority, 88% online visitors searched for comprehensive motor insurance andrest for third party insurance. As much as 64% of the online market comprises of renewals and therest 36% make for the new car insurance. The main reason behind this could be car dealersoffering new car insurance at the time of sale of a new vehicle whereas when it comes to renewalsthe consumers have to mostly look for it themselves. With a huge 56% share of the entire onlinemotor insurance market, comprehensive renewal is the most trended product category. (Exhibit29) Exhibit 29: Online Motor Insurance Demand (Products) 88% 56% Renewal New 12% 32% 8% 4% Comprehensive Third Party Liabilities© Page 30 of 40
  31. 31. 7.3 Insurers - Private insurers need to relook their strategyProspective customers looking to renew their motor insurance gave interesting insights into theirprevious insurers. As many as 71% visitors checking renewal quotes were from private insurersand only 29% were from the four PSUs. The market share of the PSUs is 59% and that of theprivate insurers is 41% (IRDA Annual Report 2010-2011). This does not seem to be good news forthe private sector insurers. Despite the four PSUs having a commanding share in the market, theaverage insurance shopper seems to be happy with them and does not want to change. The trendis completely opposite for the private insurers. (Exhibit 30) Exhibit 30: Online Motor Insurance Demand (Public Sector Insurers v/s Private Insurers) Public Insurers Private Insurers 71% 59% 41% 29% Non-Life Market Share FY 2010 EnquiriesWe publish the charts for the top 10 previous year insurers across the country and the 5 regions.(Exhibits 31 to 36) Exhibit 31: Nationwide Top 10 Insurers (Previous Year) Bajaj Allianz 14% 17% ICICI Lombard New India Assurance 4% National Insurance 5% TATA AIG 13% 5% Reliance IFFCO Tokio 6% United India Insurance 10% HDFC Ergo 8% Bharti Axa 8% 10% All Other Insurers© Page 31 of 40
  32. 32. Exhibit 32: Western Region Top 10 Insurers (Previous Year) Bajaj Allianz 13% New India Assurance 21% ICICI Lombard 5% TATA AIG 5% Reliance 5% Royal Sundaram 15% National Insurance 5% Cholamandalam 5% HDFC Ergo 6% 13% IFFCO Tokio 7% All Other Insurers Exhibit 33: Northern Region Top 10 Insurers (Previous Year) Bajaj Allianz 10% ICICI Lombard 16% 4% National Insurance 5% Reliance 6% TATA AIG 13% IFFCO Tokio 7% New India Assurance Bharti Axa 8% 12% HDFC Ergo 9% Oriental Insurance 10% All Other Insurers© Page 32 of 40
  33. 33. Exhibit 34: Southern Region Top 10 Insurers (Previous Year) Bajaj Allianz 12% ICICI Lombard 17% 5% New India Assurance Reliance 5% TATA AIG 12% 6% United India Insurance Royal Sundaram 7% National Insurance 9% IFFCO Tokio 9% 9% Oriental Insurance 9% All Other Insurers Exhibit 35: Eastern Region Top 10 Insurers (Previous Year) National Insurance 13% 15% Bajaj Allianz New India Assurance 6% HDFC Ergo 12% ICICI Lombard 6% IFFCO Tokio 7% Reliance 10% Royal Sundaram 7% Bharti Axa 8% TATA AIG 8% 8% All Other Insurers© Page 33 of 40
  34. 34. Exhibit 36: Southern Region Top 10 Insurers (Previous Year) ICICI Lombard 10% 14% National Insurance 3% New India Assurance 4% Bajaj Allianz 4% TATA AIG 14% 6% United India Insurance Cholamandalam 7% Reliance 14% IFFCO Tokio 11% Bharti Axa 13% All Other Insurers© Page 34 of 40
  35. 35. 8. The Last WordA recent report on Indian Digital Consumer Industry by Avendus Capital says online insuranceaccounts for 3% of the total insurance sales today. As per the last IRDA Annual Report (2010-11),the total premium booked was 335,400 crores. Thus, we could infer that Rs.10,062 crores ofinsurance was booked online by the end of last financial year. With analysts projectingapproximately 10% of total insurance being booked online by 2015 and the insurance industrylooking to double by then, we are looking at the online insurance sector being pegged at 60,000crores by 2015, a whopping 6 times in 4 years.Customers like the benefits of instant policy issuance, fast and convenient purchase process andeasy customization. Online insurance is simple and fast, has low acquisition costs for the insurers,provides ease of accessibility and can help save both the insurer and consumer up to 50% incosts. Chances of mis-selling and overpricing are negligible as everything from proposal forms topremium calculation is logic driven. Insurance consumers in the near future will become moredemanding in search for more customized products. This level of customization is only possiblethrough faster and smarter online platforms. Customers will seek the convenience of easyinformation availability through smart phones and tablets. Intelligent platforms which educate thecustomer and at the same time allow easy comparison of various insurance products are thus theneed of the hour.Not only is the internet changing the way people buy products and services, it is changing howpeople make their buying decisions. The consumer today likes to do their research before makinga decision. People use the internet to compare and choose the products and services with the rightfit for their needs. A company’s website can help create the first impact.We hope that the understanding one derives from this study helps the Indian Insurance Industryevolve towards a better future especially in the online space.© Page 35 of 40
  36. 36. 9. CasesWe interviewed two people from different parts of India. Both the interviewees had an impendingneed for insurance albeit for different products. The cases in point show the difficulties faced by anaverage insurance shopper in India.9.1 Health Insurance needs of an Average IndianRajesh Kumar is a cloth merchant from the town of Siwan in Bihar. At 32 years, he is the primarybread winner of a family of six which includes his wife, two children and his parents. For the lastcouple of months, he has been looking for a health insurance cover for his family including hisparents. A friend referred him to an agent selling health insurance products of a leading privateinsurer. Rajesh was not satisfied with the information he received from the agent. The agent triedto hardsell the insurance products of his insurance company. Rajesh wanted to know if there wereother insurers who could offer him better services and coverage within his budget. He also wantedto know if there were separate products available for his parents with benefits specific to old ageand critical illness. The agent had no clue about these products. Rajesh then visited offices of threeinsurance companies, two private and one public, on his next business trip to the state capitalPatna. The private insurers advised about different products and specific products for seniorcitizens. However, he was not happy as they did not offer any comparisons with similar productsof competitors. As a layman it was difficult for him to understand the insurance jargon used byprivate insurers. He visited the regional office of a public sector insurance company, from wherehe was rudely turned away. He did not have enough time to visit a branch office as he had toleave in the evening. Despite spending almost an entire day, his position as a health insuranceshopper had not changed much except having some brochures.In the end, he had to buy health insurance from one of the private insurers.Three months later, he recounts his ordeal to his cousin Sunil, who faced similar dilemma sixmonths back. Sunil had checked insurance quotes from different insurers and a couple of webaggregators, online. In the end, the premium he paid for a cover similar to Rajesh’s was 20%cheaper.© Page 36 of 40
  37. 37. 9.2 A Farmer’s Quest for Agriculture InsuranceMange Singh is a hardworking farmer with 20 acres of fertile land in the district of Sonipat,Haryana. He has all the modern farm equipment such as a tractor, access to a harvester, pumpset,seeder, etc. He is a modern day farmer who likes to be updated with the latest trends and practicesin agriculture. However, the last years below normal rainfall left him worried before the newharvest. He had heard of schemes like crop insurance and farmer insurance, but never reallythought he would need them one day. On enquiring with the local cooperative bank’s branch inhis village and with the Block Development Office he only got names of some insurancecompanies. He had no way of knowing how to reach these companies. He discussed his situationwith the village headman and panchayat and someone suggested the internet. Luckily thegovernment had recently installed a computer with an internet connection in the villagepanchayat office as part of a pilot project. On checking Mange is disappointed that there was noteven a single website which provided information about different types of crop insurance schemesor farmer policies on one platform. Almost all insurers’ websites were in English, a language hedid not understand. Nevertheless, he found someone to translate the information for him. He wassurprised to find that many general insurers have completely ignored the rural segment on theirwebsites. Only a few insurers provide information which did not seem sufficient.Mange Singh is still looking to insure his assets and is yet to find a solution.© Page 37 of 40
  38. 38. 10. About UsInsuringIndia.comInsuringIndia.com is India’s first multilingual ecommerce portal and one of the leading onlineinsurance aggregators.We provide an intelligent customer-centric online platform for our clients, in their language ofchoice, to compare, choose and purchase all types of insurance products.www.insuringindia.comManagement Development Institute (MDI)Management Development Institute (MDI) was formed as an autonomous body in 1973, incollaboration with several reputed institutions like UNDP, UNIDO, World Bank and ILO. MDI isrecognized in the business and education community for the outstanding growth it has been ableto achieve in a short time span. The first Indian Business School and Second in Asia to beaccredited by the Association of MBAs (AMBA), United Kingdom, MDI is consistently rankedamong the Top 5 Business schools in India. Over the years, students have joined well renownedcorporations and have done their alma mater proud with their exceptional performance andprofessional approach.www.mdi.ac.inResearch TeamBhavesh Sharma bhavesh@insuringindia.comGourav Dokania pg10gourav_d@mdi.ac.inHarsh Maru pg10harsh_m@mdi.ac.inSaurabh Gothoskar pg10gothoskar_n@mdi.ac.inExternal ResourcesCensus 2011 http://censusindia.gov.in/IRDA Annual Report 2010 http://www.irda.gov.in/Internet in India (I-Cube) 2011 http://www.imrbint.com/ and http://www.iamai.in/India Goes Digital-November 2011 http://www.avendus.com/Global Adult Tobacco Survey (GATS) http://www.who.intIndia 2010Changing Channels-Accenture Multi- http://www.accenture.comChannel Distribution Insurance CustomerSurvey© Page 38 of 40
  39. 39. Contact DetailsFor more copies or other information please contact:Corporate Office: Plot-8, Sector-32, Urban Estate, Gurgaon-122001, Haryana, IndiaPhone: 0124 – 499 88 88Email: research@insuringindia.comDisclaimerThis report is for the personal information of the authorized recipient and does not construe to beany investment, legal or taxation advice to you.Great Indian Marketing & Consulting Services Pvt Ltd. (hereinafter referred as GIMCS) is notsoliciting any action based upon it. This report is not for public distribution and has been furnishedto you solely for your information and should not be reproduced or redistributed to any otherperson in any form.The report is based upon information that we consider reliable, but we do not represent that it isaccurate or complete, and it should not be relied upon such. GIMCS or any of its affiliates oremployees shall not be in any way responsible for any loss or damage that may arise to any personfrom any inadvertent error in the information contained in this report. GIMCS or any of itsaffiliates or employees do not provide, at any time, any express or implied warranty of any kind,regarding any matter pertaining to this report, including without limitation the implied warrantiesof merchantability, fitness for a particular purpose, and non-infringement. The recipients of thisreport should rely on their own investigations.GIMCS and/or its affiliates and/or employees may have interests/ positions, financial or otherwisein the views mentioned in this report. This information is subject to change without any priornotice. GIMCS reserves the right to make modifications and alternations to this statement as maybe required from time to time. Nevertheless, GIMCS is committed to providing independent andtransparent information to its clients, and would be happy to provide information in response tospecific client queries.© Page 39 of 40
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