National Insurance Awareness Day 2022: Survey studies awareness levels, purchase triggers of contemporary insurance products - What it found

National Insurance Awareness Day 2022: Policybazaar survey has found an accelerated cyber insurance purchase propensity in India. The annual survey studied the awareness levels and purchase triggers regarding contemporary insurance products (category: cyber, mental health, home and pet insurance)

Policybazaar conducted an online survey to closely analyse consumer awareness levels and uptake of emerging protection products in India to observe the National Insurance Awareness Day 2022. The brand surveyed over 4500 of its customers and app/website visitors regarding relatively lesser-known products including cyber insurance, mental health insurance, home insurance and pet insurance.

Key highlights

-The overall findings of the survey depicted a huge scope for awareness and purchase consideration for these products, with cyber insurance being an exception. 

-The results revealed a great market opportunity for a new-age product like cyber insurance, especially in tier- 2 & 3 cities. 

-Notably, the findings reflected that around 23% of respondents had a cyber insurance policy in place. 

-This represents a significant proportion of cybersecurity coverage in a country like India where the penetration of fundamental products like life and health insurance is still low. 

-Another remarkable trend observed here was that nearly 48% of respondents in tier 2 & 3 cities had bought or showed the willingness to buy insurance, as opposed to 36% in tier-1 cities. 

- The results clearly draw a parallel between growing internet consumption in smaller cities of India and starkly similar awareness levels to safeguard that consumption.