MoneyMatters: Exploring unmet needs for the uninsured
Driving penetration for the un-insured
Financial literacy is well penetrated for certain economic classes even within lower population strata in underdeveloped geographies across India. However, insurance penetration was still very low even within these mid-income, high literacy groups. Understanding what drives or limits insurance adoption across such consumer groups was central to the study.
High quality Video Surveys in local dialect
Video surveys as a methodology allowed for global standards in quantitative research, but also included hours of video/audio footage for deep understanding of the triggers and barriers to insurance adoption. The technology was adept at translating live footage captured under high-noise conditions, and in local dialects, for the english transcripts that the researchers needed to review. AI powered dashboard provided key insights prioritised by importance helping give direction to a complex, large-scale consumer study.
Forward Path
The study helped identify key barriers to insurance adoption rooted in cultural context for specific communities. It also highlighted the role of stakeholders and influencers that perpetuated the traditional idea of insurance, and laid forward the recommendation for more accessible messaging.