PolicyEnsure's Rahul Mishra advocates for comprehensive insurance awareness in India

Addressing the prevalent trend of people leaning towards savings-based insurance products, Mishra pointed out, "The perception of insurance as a tool for tax planning rather than a safeguard for families and assets contributes to this trend. A concerted effort through extensive campaigns involving all industries, government, and stakeholders is essential to shift this mindset."

Mishra acknowledged the challenges of penetration and mis-selling in the insurance sector. He stressed on the need for customer awareness and a personalised approach in recommending insurance products. "Mis-selling can only be curbed when customers are well-informed, and personalised advice based on their risks and needs is provided," he affirmed.

Looking ahead, Mishra outlined PolicyEnsure's expansion plans into life insurance, aiming to diversify their offerings and enhance accessibility. "While term plans dominate life insurance sales due to their simplicity, other products require more engagement, which often discourages sellers from promoting them," he noted.

Mishra concluded by underlining the importance of identifying individual insurance goals. "Understanding one's insurance needs and aligning them with specific goals is crucial. It's about securing oneself while achieving financial freedom," he concluded, advocating for a simplified yet goal-oriented approach to insurance selection.

Meanwhile, PolicyEnsure is an insurance broker. IRDAI (Insurance Regulatory and Development Authority of India Act 1999) has granted Hudson Insurance Brokers Pvt Ltd a license with brand name Policyensure.com. With that license in place, Policy Ensure has the power to issue certifications to anyone interested in becoming a PoSP advisor.