INSURANCE

I N D U S T RY O V E RV I E W
The industry has multiple states which can be Combining the two charts, a lack of services with a good
CAGR makes penetration favorable. Challenges faced in the industry
capitalized on easily …
100% Economic Instability Excessive Politicization Weak Manpower
2030 2029
80% 2029
2028
60%
2027
40% 2026
20% 2025 2024
2024
0% 2023
an a na la ra
t
ur
a tra ka ir hi
th Go ga ra ja ip sh ta hm
De
l 2022
a s
an Ke u r a rn
a s 2021
j l G T ar Ka
Ra Te ah Ka nd 0.91 T 1.53 T The premiums to pay, the When the country`s economy is
M a down, all insurance companies Many people hired as agents by
u INR Trillion outcomes of risk investigations,
m the companies usually don’t
a m and the damages and benefits to rates can be affected such that
J have the right educational
… and the 10.6% CAGR also points out pay depend on political the insurance companies might
More than half of the states shown in the chart have less than 50% qualification required to do the
of their population with at least one member with an insurance the positive future of the industry conspiracy sometimes. be forced to increase their rates.
business

The pie chart below shows the number of players There is a high scope for other mediums to use their full
potential and increase their share
in the Industry … Porter’s Five Force Analysis Impact Generated
12
Competitive Rivalry Allows already existing companies some ease
24
5
Threat of Substitutes There are no substitutes to an insurance
company

Supplier Power This allows the company to have an upper

26 hand

Buyer Power Buyers have lesser power because of less no

Life General Stand Alone Health Re-Insurer Banks Agents Aggregator
of players
Others Websites
India boasts the world’s largest population, and the number of … Majority of the insurance policies Low threat of entry since a very huge
players in the industry are extremely low than what they should be Threat of New Entry
sold are done via Agents investment required

SOURCES: Forbes ADVISOR

Industry Analysis Identification Strategy Marketing Campaign 1

1
 Identification of Underserved Segments
Finding underserved segments and analysing their needs

TARGETING PENETRATION
In accordance with government views Showcasing our presence in the market

 Tier 2 and 3 cities: Cities with smaller populations and
resources are likely to be currently untargeted by major
players.
 Regions of conflict: Regions like the north-east lack choice of
insurance providers.
 Rural and agrarian regions: Due to lack of awareness and
internet penetration, the potential of these reasons are
currently untapped.
 Advertisement and KSS: Due to decent infrastructure and
technology, advertisement and awareness programs will help
penetrate the market
 Sympathy Funding: Use of government subsidies and public
funding to provide low cost insurance to economically weaker
regions due to domestic and national conflict.
 Governmental support: Work with schemes like NGP-A and
partner with the government to extend insurance to rural and
agrarian regions.

FOCAL POINTS

Use government Provide cheap Use of AI to target

insurance by using Low cost and
plans to narrow specific needs in
subsidies and customer loyalty
target markets the target regions.
public support
SOURCES: Forbes ADVISOR

Industry Analysis Identification Strategy Marketing Campaign 2

STRATEGY FOR AWARENESS

Targeting the Underserved

Ditto shall collaborate with the following

Community Organizations Educational Institutions Media Outlets

Targeted Community Engagement Streamlined Product Offerings Flexible Financial Solutions

• Develop partnerships with local • Simplify insurance products with transparent • Offer affordable insurance options with
organizations serving underserved pricing and coverage options. flexible payment plans.
demographics. • Utilize technology to create user-friendly • Accept various payment methods, including
• Design tailored outreach programs to educate platforms for policy management and claims cash and mobile payments.
and inform these communities about processing. • Promote financial literacy to empower
insurance options. • Provide multilingual support to customers in making informed decisions
• Host informational events and seminars to accommodate diverse customer needs. about insurance coverage.
facilitate understanding and engagement.

SOURCES: Forbes ADVISOR

Industry Analysis Identification Strategy Marketing Campaign 3

Incorporating Technology
Using tech to enhance the advisory services

Digital Health Assessments Data Analytics for Personalization Teleconsultation Services

Provide digital health assessments
and risk profiling tools for users to
evaluate health status and coverage
needs proactively.
Integrated into advisory platforms,
advisors offer personalized
recommendations based on
individual health profiles, mitigating
health risks effectively.
Analyze user behaviors, preferences,
health data for personalized
recommendations.
Machine learning predicts needs,
suggests insurance products
proactively.
Advisors leverage data analytics for
targeted interventions and
recommendations.
Users access personalized advice,
address insurance concerns via
video conferencing.
Advisory platforms integrate
teleconsultation for virtual
appointments with advisors or
healthcare professionals.

SOURCES: Forbes ADVISOR

Industry Analysis Identification Strategy Marketing Campaign 4