new Delhi. Nithin Kamat, co-founder and CEO of online brokerage firm Zerodha, has said that the insurance sector in India has a lot of choice, complexity, mis-selling and spam. Kamat, who often shares his views related to the financial world, believes that insurance in India needs to be sold with complete knowledge.
Kamat said in a tweet, “Today insurance needs to be sold with full details. The problem is that most people do not know why they need insurance. If they do, it is difficult for them to get honest advice. There is too much choice, complexity, mis-selling and spam. This scares most people.”
Insurance unfortunately needs to be hard sold today. The issue is that most don’t understand why they need insurance. Even if they do, it’s tough to find unbiased advice. There’s just too much choice, complexity, mis-selling, & not to mention spam. Scars away most people. 1/3 https://t.co/LPxPXBuOKF
— Nithin Kamath (@Nithin0dha) February 17, 2022
Kamat said this while replying to a user. Actually, this user was praising the insurance fintech Ditto Insurance for not making any sales calls and giving the right advice without spams.
Solutions with the right incentives and without conflicts of interest
Nitin Kamat said, “His father also bought many policies in the name of investment and insurance for years. They have always wanted to understand and find solutions to the problems related to the insurance sector in India. Since technology alone cannot be the answer, Kamat said that only people with the right incentives and without conflict of interest can solve the problem of complexity in the insurance sector.
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