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Stream/Area:
-
Subject:
-
Paper ID:
IJSREM61930
Volume:
10 |
4 |
April 2026
Pages:
1-9
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
MBA-Finance
MIT-ADT University
This study aims to understand consumer knowledge and attitudes towards the insurance industry in India. The focus is on how well consumers understand the products that are available from insurance companies and we used a Google Forms based Online survey to collect primary data from our sample of respondents. We obtained a total of 67 completed surveys. Based on our findings, it was found that the respondents in this study appear to have high rates of penetration into the insurance market; however, they do not seem to understand the terms of their insurance policies or how a claim is submitted and processed, nor do they seem to know what limits they have on coverage. When compared to other types of insurance products, health and life insurance were the most frequently purchased products by respondents and the majority of respondents expressed dissatisfaction with health and life insurance products because of the length of time it took to receive a payment after submitting a claim and the lack of knowledge about the claim submission process. Our findings also identified significant disconnects between the messaging from insurance companies regarding their products and the knowledge of consumers regarding those same products. Some of the recommendations we make in our report include: a) Increasing the transparency surrounding insurance products b) Simplifying insurance documentation c) Improving customer service and d) Increasing the level of financial literacy in local communities. Our findings will add to the current body of academic knowledge on this topic.
KEYWORDS
In conclusion, this research study provided a good overview of how many individuals in today's society are purchasing various types of insurance policies, (specifically life and health); however it also identified the lack of understanding that most individuals have regarding certain important factors (Terms, Benefits & Limitations), when it comes to their own insurance policies. As the majority of consumers start to become more educated about and put increased value on Financial Protection in our current society; consumers will be purchasing more "basic" types of insurance. The analysis of the research study also demonstrated that many consumers feel frustrated with the experience of working with their insurance providers, due to the excessive amount of time it takes to process a claim, the lack of clear/concise policy documentation and the way in which insurance providers interact with their customers. As such, there are several ways to improve both customer service and increase customer confidence by creating a more transparent environment around the Policy Language and Policy Documentation. As a general overview of the findings, this analysis shows that the majority of consumers will spend their hard-earned money on Insurance Policies to help provide protection from potential financial losses and/or legal liabilities. Therefore, it is essential for the entire Insurance Industry to create an environment that is easily navigable and that allows all customers to have more opportunities to educate themselves about their options for Financial Protection.
1. 1. The Annual Report for 2023-24 was released by the Insurance Regulatory and Development Authority of India (IRDAI) in 2024. 2. Customers' Perception and Satisfaction Towards Life Insurance Services in India was published in Volume 9, Page 45 to Page 58 of International Journal of Management Studies (Singh & Sharma 2022). 3. Awareness regarding Insurance in India: Opportunities and Obstacles will be published in Volume 22, Page 112 to Page 127 of Indian Journal of Economics and Business (Gupta 2023). 4. Indian Insurance Industry: Growth Patterns and Future Opportunities", Business Standard, (2024). 5. Researcher carried out a Primary Survey with Google Forms in 2025.
Publication Date
4/30/2026
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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Conflict of Interest
The authors declare no conflict of interest related to this research work.
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No funding information available for this research.
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