A voluminous market needs new customer oriented approach as archaic notion has no place in the new scenario.

There is this impression about the car insurance companies and for that matter about any kind of insurance company. They take your money under the guise of law with an assurance that stand by you in times of need. But reality, as we have grown up with, they run away from you as soon as they feel you need them. They hanker after you when it comes to making you their customer and remain your friends as long as you pay premium and do not ask for their performance.

Public sector insurance companies specially have been traditionally known to play great dodgers making a claimant regret his decision to go for insurance.

There is atleast one live example I can quote straight from my experience. For more than 15 years I have paid motor car insurance premiums year after year. It’s only last year that my car was involved in an accident grievously injuring a pedestrian who jumped in front of my car with a bid to cross a busy road to get to a bus on the other side of the road. He broke his right arm and had some head injuries. I took the guy to a first aid centre first before admitting him into an orthopedic hospital. He underwent an elaborate treatment before he was fine in less than two months. I took care of his treatment to the minor details and he was very happy about it. When I went to my insurance company to claim the money spent on the injured the company hankered and hankered for months together before telling me to approach court for the claim. When won the expense will be reimbursed to the injured only and only he has to contest.

Now look at the cheeks the insurance company has. That it will not entertain a genuine claim and only a court can direct it pay any money and it will fight the claim tooth and nail. The hidden message in denial of claim is clear – run down any one on the road, run away from the scene; ensure that you are not caught and proceeded against by the injured in the court of law for compensations.

One wonders if we are a member of the welfare citizenry of the world, for the archaic attitude of the Indian insurance companies is a loud illustration on the backwardness of the instruments of a so-called welfare society.

If the Indian insurance companies do not adept themselves to the emerging used car market where low premiums make for the volume of the business, they will soon be taken over by the multinationals which are smart enough to dig into every small pie. So, new car insurance market is fast giving way to the used car insurance market.


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