Misunderstood insurance policies can have a significant impact on customers. When customers don't fully understand their coverage or the terms and conditions of their policies, they may not realize what is and isn't covered. This can lead to unexpected expenses, denial of claims, or even legal disputes. In some cases, misunderstandings around insurance policies can also cause stress, frustration, and a loss of trust in the insurance company. To avoid these negative consequences, insurance companies must work to make their policies more transparent and accessible to customers. This can involve simplifying language, providing clear explanations, and offering resources for customers to seek further clarification. By doing so, insurance companies can improve the customer experience and build stronger, more trusting relationships with their policyholders.

Points of discussion:

1. Misunderstood Policies are a major problem in the industry today. How do you see this shaping both for the insurer and the policy holder?

2. How common is it for insurance policies to be misunderstood by customers, and what are some of the most frequent areas of confusion or misinterpretation?

3. In a situation where a policy is misunderstood or incorrectly sold, what should the policy holder or the insurer do? Or in other words what steps can insurers and customers take to make their journey more fruitful?

Speaker Bio: Deepak Bhuvneshwari Uniyal, is the Co-founder & CEO of Insurance Samadhan. Deepak is an outstanding sales professional and his success in sales is backed by his focus on an ethical approach, need based selling, prompt service and strong grievance resolution. Deepak has over 23 years of Corporate & Entrepreneurial experience and his organization is a tech based platform for resolving insurance complaints and claims. Most importantly Deepak and his team was a successful India Shark Tank participant in 2022.