Would a million dollars make sense if you had 24 hours to live?
We know the answer to this question, and you do too. Life is far too valuable to be weighed against money. Money is something we created to act as a medium of exchange, but since life cannot be exchanged for anything else, money loses its importance.
And yet when we consider insuring our lives, the first thing we do is buy life insurance that is all about money. Life insurance is how people borrow money using their death as collateral, and as bizarre as it may sound, you probably have one too.
The life and health insurance sector in India has been thriving for the past few decades. One look at the table showcasing the individual death claim settlements by % for the biggest private and public sector insurers in India from a report published by IRDAI reaffirms this:
Moreover, the individual death claim settlement ratio of the life insurance industry increased to 98.64 per cent in 2021-22 from 98.39 per cent in the previous year, as per IRDAI’s report.
This clearly shows how the social cost of tragedy has been neglected by insurers and people alike, which is primarily because there haven’t been meaningful conversations around this topic. But not anymore, with this blog we intend to make a pivotal shift in conversations around social insurance.
So let’s hop in…
The Social Cost of Bereavement and Health Tragedies
When we refer to social costs linked to bereavement and health tragedies, we’re referring to the effect it has on someone's life and how it makes them feel. When a person loses a loved one, what follows is sorrow, regret, pain, emotional numbness, and trauma.
Which one do you think can be fixed with financial aid from insurers?
When people hit a tough spot in life, they need someone to rely on, someone they can share things with, someone who makes them feel less helpless. And when that “someone” is missing, it adds to the misery.
Money just gives people one less thing to worry about. It doesn’t make them feel better in any way. Moreover, insurance claims are not entirely a compassionate procedure. It requires a lot of paperwork, document verification, and several rounds of scrutiny even before the claimant gets to know whether he/she is eligible for the claim. A rejected insurance claim in times of tragedy just adds to the chaos.
We recognize how inconvenient insurance claims can be at times, that’s why we offer claim assistance services here at AfterLife, to make things easier for people. You can visit our website and know more about the service if you need help with your insurance claims.
The need for a dedicated infrastructure that facilitates social insurance and ensures the emotional well-being of people amidst tragedy, is evident. When we talk about offering social insurance we don’t mean sending people directly to the policyholder for help. It’s a smarter solution that leverages technology to offer meticulous emotional and social care.
The point is having an insurance plan that lets a policyholder plan every aspect of his AfterLife apart from the financial aid that the policy offers. A platform where the policyholder can extend voice notes, video messages, and physical gifts in his absence to keep reminding his/her loved ones that they are not alone.
This will undoubtedly make them feel better because unanswered questions and regret repel closure. These messages convey what the policyholder felt for his loved ones and what would he have done if he/she were alive at that point.
Moreover, insurance companies don’t have to build the entire social insurance infrastructure on their own, because although it appears to be an entirely new realm of human endeavor, we’ve had this idea for years and we’ve been working on it for years now. And finally, we have something that is perfectly equipped to offer holistic social insurance to people.
So instead of trying to create a specialized infrastructure independently, insurance companies can add AfterLife’s services to their insurance package and enhance the overall utility of their insurance plan.
How Insurance Companies Can Offer Social Insurance
As mentioned above, insurance companies can club AfterLife’s subscription plan with the insurance policy and offer a holistic insurance plan that covers both the social and the financial costs of tragedy. To make this decision easier for insurance companies here’s what your customers get when you include AfterLife in your policies:
A digital repository to store all their important documents(policy papers, property documents, succession plans, will etc..,)
The ability to create a digital will to ensure a smooth succession
The ability to create personalized messages and store them in the digital repository only to be revealed at a particular date(as planned by the policyholder)
The ability to plan a certain set of actions for loved ones and themselves. For instance, getting a cake delivered to their loved ones on special events like birthdays, anniversaries, and more.
The ability to plan their legacies so that their actions may live on forever and their souls are never forgotten
Oh, and did we mention that policyholders get the claim assistance service as an addon with AfterLife’s subscription, so they don’t have to worry about going through the hassle of fighting rejected claims? If you find this conversation as interesting as we do, you can contact us @ +91 8591963166, we would be delighted to take this conversation forward.
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