Abstract
India's life insurance sector is the biggest in the world with about 360 million policies and the total market size of insurance projects is projected to touch US$ 350-400 billion by 2020 from US$ 60 billion in 2015. Even with such a huge opportunity in the marketplace, insurance companies have been able to penetrate the non-life insurance sector in India only in the range of 0.5-0.8 per cent. The authors have attempted to study this anomaly and have focused their attention on two aspects- the distribution of health insurance products and the purchase of products using the example of a typical customer. The article starts by addressing at length the various types of health insurance policies in the Indian market including the customer-centric innovations as well as the multiple distribution channels. In the second part, the authors use a case study to elaborate on the decision journey of a 30-year old man named Rex and discusses in detail the multiple challenges that affect health insurance purchases from a customer perspective.
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