INDUSTRIES · INSURANCE

Expand Insurance Sales by Making Premiums More Manageable

Core business opportunity: Policy issuance, premium growth and distribution productivity

Onboard as Merchant

Onboard as Lender

OVERVIEW

Insurance and affordability

Insurance distribution depends on converting customer interest into completed premium payments and issued policies. When a customer faces a substantial upfront premium, the payment decision can become a barrier even after the policy has been selected.

Insurance distribution depends on converting customer interest into completed premium payments and issued policies. When a customer faces a substantial upfront premium, the payment decision can become a barrier even after the policy has been selected.

INDUSTRY NUMBERS

Industry numbers

3.7%

3.7%

insurance penetration in India (FY 2023–24)

₹11.21 lakh crore

₹11.21 lakh crore

total insurance premiums (FY 2023–24)

Source and context: IRDAI annual-report figures reported by Moneycontrol and insurance-sector statistical summaries. The figures describe the market, not affordability-related drop-offs.

INDUSTRY INSIGHT

India’s insurance market generates substantial premium volume, but penetration remains a strategic growth priority. The opportunity is to improve conversion of qualified prospects into issued policies.

India’s insurance market generates substantial premium volume, but penetration remains a strategic growth priority. The opportunity is to improve conversion of qualified prospects into issued policies.

THE CHALLENGE

Where sales opportunities can be lost

Customers delay or abandon premium payment because of the upfront amount.

Customers delay or abandon premium payment because of the upfront amount.

Agents encounter affordability objections late in the sales process.

Agents encounter affordability objections late in the sales process.

Customers may not know which financing options are available.

Customers may not know which financing options are available.

Payment friction can prevent an interested customer from completing policy issuance.

Payment friction can prevent an interested customer from completing policy issuance.

WITH SHOPSE

How ShopSe powers this category

ShopSe brings financing options into eligible premium payment journeys, helping insurers and distribution partners address affordability at the point of purchase.

One form, multiple lenders

Customers can check eligibility across participating banks and NBFCs through a single form.

Customers can check eligibility across participating banks and NBFCs through a single form.

An additional route to policy purchase

Eligible customers can explore available financing for qualifying premiums.

Eligible customers can explore available financing for qualifying premiums.

More support for agents

Agents gain another way to address upfront-cost objections.

Agents gain another way to address upfront-cost objections.

A measurable conversion opportunity

Insurers can track financing engagement through to premium payment and policy issuance.

Insurers can track financing engagement through to premium payment and policy issuance.

RESULTS

Business impact to measure

Measure premium payment completion, policy issuance rate, average premium per issued policy and agent-level conversion. The objective is to convert more qualified insurance demand into completed business, without compromising policy suitability or responsible lending practices.

Measure premium payment completion, policy issuance rate, average premium per issued policy and agent-level conversion. The objective is to convert more qualified insurance demand into completed business, without compromising policy suitability or responsible lending practices.

Partner with ShopSe

Partner with ShopSe

Onboard as Merchant

Onboard as Lender