Exide Life Insurance Reveals Utility Bill Payments, Banking Transactions, and Insurance Premium Payments

By 121 News

Chandigarh 20^th June:- Only 32% of digital savvy consumers in India are comfortable making online transactions of any value while 75% are comfortable make digital payments¹. These are amongst the findings from 2018 Digital Habits Survey published by Exide Life Insurance, revealing the financial digital habits of Indians amidst a digitization boom. The digital survey was carried out by Exide Life Insurance in the first quarter of 2018 across 9000+ Life Insurance owners.

The e-commerce boom is bringing more people into its fold furthering the cause of digital payments. . With more people shopping online, the use of digital payments has become popular. While 75% of the respondents were comfortable making online transactions, majority of the users were comfortable making low value transactions. Credit Cards emerged as the most preferred digital payment option especially amongst those who make high value transactions while Debit cards emerged as the second most popular payment option. Even as the economy was quick to adapt to e-wallets post demonetization², the survey highlights that less than 5% prefer to use e-wallets and BHIM for online transactions¹. Additionally, Utility Bill payments, Banking transactions, and paying insurance premium were amongst Top 3 financial transactions made by them in the last 30 days. Interestingly 8% of the users had purchased an insurance policy online in the last 30 days.

Mohit Goel, Director - Marketing and Direct Channel, Exide Life Insurance, stated that digital is no more limited to being a research only medium. Today more and more consumers are buying products and services from the comforts of their homes as per their convenience. While heightened ecommerce activity is getting witnessed in categories like durables, fashion, travel and entertainment, financial services are not behind. Our 2018 Digital Habits Survey, launched with a clear intention of understanding how customers are living the digital life with a sharper lens on their habits while dealing with insurance online, has generated good insights. The findings of the survey validate our overall digital approach of engaging with our existing as well as prospective customers.