Dosa with Chutney and Sambar please....

Non-insurance is the new insurance..

A Deloitte (2020 UK) report found that most insurance companies recognize the need for offering a non insurance product/ service along with an insurance product. Interestingly, 74% of reinsurance respondents said that the provision of non-insurance products was key to attracting customers. However, one can hardly find any tangible service being offered as an extension of insurance.

Many industry players view digital, data and behavior science topics as the ones that can kindle interest in seminar/conference participants, however, this interest hardly gets converted into any call for action and thus a tangible/scalable non insurance service.

A rewarding customer experience is unlikely to be experienced only with under priced risk oriented products. There is no doubt that these products are core albeit the fact that many are less relevant with time, and thus there are no real examples of exponential growth stories for these products.

In a recent conversation, a friend of mine who shares similar thoughts asked me how would I feel if I was told that I have to find on my own sambar (lentil sauce) and chutney for my dosa (rice and lentil pancake) which was served over the counter? The need for bundling core and adjacent services or products for a delightful experience is key, and these have to be relevant. More importantly such services should be capable of generating more interactions with most favored digital assets of an insurance company offering a truly rewarding customer experience-e.g. access to primary care with life or health insurance products?

Dosa with Chutney and Sambar please....