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Can mid-market expansion happen with the newest generation of new business and underwriting products?

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Celent have reviewed this profile and believe it to be accurate.
23 November 2010

Comments

  • Hi Karen,

    Good and equipping information. As per me the decision and the pace for developing STP by any insurer depends on market segment they are capturing and country development status i.e for example In india 70 % poplulation is rural based and 30 % polpulation is Urban of which 85 % is low and lower middle class and remaining are upper class. Thereby in view of low ticket size, less customer insurance awareness and and huge untapped lower/mid income segment the scope of STP i think in india is more and will be viable and fesible option in early startups and in view of same offering breakeven in short duration.

    Moreover as per my information i knew that in india there is certain insurer who had already developed automated medical engine (STP) except for analysing ECG, TMT, 2DEcho.

    With Regards
    Dr Sachin Udepurkar

  • In any country with a huge population like India it is not possible to replace underwriters for term life insurance plans with STP. Term plans not only carries medical risks but moral risks too which are difficult to sort out with the help of automated medical engines, since you need to evaluate the total picture of the life to be insured subject to his family history (both financial and medical). In nut shell you can certainly save some operationl cost for a short term by replacing underwriters team with STP specificly for term life insurance plans but will pay in future against claims too.

  • Good and equipping information. As per me the decision and the pace for developing STP by any insurer depends on market segment they are capturing and country development status i.e for example In india 70 % poplulation is rural based and 30 % polpulation is Urban of which 85 % is low and lower middle class and remaining are upper class. Thereby in view of low ticket size, less customer insurance awareness and and huge untapped lower/mid income segment the scope of STP i think in india is more and will be viable and fesible option in early startups and in view of same offering breakeven in short duration.