Team Name : Alpha Achievers

Campus Name : XLRI JAMSHEDPUR

PGP Year (1st year/2nd year) : 1st
Problem Statement: PS3_BAGIC_Atom Season 8_Problem Statement

1 Satyam Kumar

2 Manuj Bansal

3 Shresthy Gupta

4 Sanskar Jain

#Let’sGoAtomic
Problem Statement

As young innovators shaping the future of the nation, what high-impact initiatives particularly digital solutions would we
recommend to BAGIC and the General Insurance Council to significantly boost awareness and penetration of general insurance
across India?

Problem Statement Appreciation

(Context and Understanding)

India, despite its economic growth and digital leap, continues to face a paradox in the insurance landscape:

Awareness and adoption remains shallow, especially in the general insurance (GI) space.

The General Insurance Council and BAGIC (Bajaj Allianz General Insurance) have launched initiatives like the "Achcha Kiya
Insurance Liya" campaign, which have created early awareness. However, the challenge now lies in sustaining engagement,
simplifying the value proposition, and translating awareness into action particularly among India's massive youth
demographic.

BAGIC sits at a unique vantage point as part of the Bajaj Finserv ecosystem, it has the infrastructure, brand trust, and digital
reach to deliver personalized, transparent, and tech-enabled insurance solutions at scale.

Thus, the core challenge is not just building awareness, it’s about creating a digital-first, trust-rich ecosystem.
Analysis: Key Insights/Opportunities/Challenges

SECONDARY RESEARCH PRIMARY RESEARCH

• General insurance penetration in India is ~1% of GDP (vs. 4–5% in
• As per IRDAI-NCAER Insurance
developed nations).
Awareness Survey, youth often
• Youth segment (under 35) forms over 65% of India’s population but is
believe they're too young or
under-insured.
healthy to need coverage​
• Misunderstanding &
mistrust: 65% of • Youth perceive insurance as “not urgent”, “too complex”, or “only for
policyholders admit they don’t elderly”.
fully understand their insurance • Insurance is not seen as aspirational, unlike mutual funds or credit
policies, and 79% are unsure if products.
their coverage is adequate,
reflecting deep-rooted confusion
and skepticism - Cover • 750M+ smartphone users and growing digital literacy in Tier II & Tier lll
Sure Survey 2025 cities.
• Widespread use of WhatsApp, Instagram and YouTube Shorts among
youth.

• 95% were aware of common insurance types like

• Long claims processing health, life, and motor but only 40% knew about
time, confusing terms, and niche insurances such as travel, pet, or gadget
poor after-sales support insurance, indicating a limited perception of the
create a credibility issue. insurance ecosystem.
• 71% think difficult claim process, 57% think
• Lack of transparency in complex T&C and 57% think lack of awareness
products and peer are the major reasons for people to not buy GI.
endorsements. • 86% of respondents said testimonials from other
customers increase trust in insurance processes
like claims and renewals.
Solution Proposed:

Product Discovery SIMPLIFYING TERMS AND

CONDITIONS Recommendation System
• In-Store Education Booths • Launch a YouTube video • A content-based AI system
(Setup branded counters at series by BAGIC that suggests policies by analyzing
HUFT outlets with QR explains key Terms & a user’s profile, preferences,
codes explaining BAGIC’s Conditions (coverage, and past interactions e.g., a
pet insurance) exclusions, claims, etc.) in student searching for travel
• Marketing campaigns for 2–3 minutes vernacular cover is shown education-
our cyber insurance policy. videos using animations and related health add-ons.
simple language. • A collaborative filtering
"Digital khatron ya system offers plans based on
• Embed video links/QR what similar users have
nuksan mein – hum hain
codes directly into policy bought enabling peer-inspired
na!" documents and app screens discovery (e.g., gig workers
next to each T&C section to choosing accidental + income
Storytelling • Creating a trust dashboard on make them easily protection combos).
main webpage with live understandable and • A knowledge-based system
To give Emotional narratives updates on key trust metrics accessible to all customers. uses rule-based logic to
which simplifies complex like claim settlement ratio, # recommend plans from user-
insurance concepts through of settled claims, and track stated needs (e.g., frequent
record Driving Innovation travelers get trip + medical
real-life relatable scenarios
(e.g., “Ravi's scooter accident • Highlighting customer Leveraging blockchain and open insurance suggestions via a
& how insurance saved him testimonials higher up on the APIs to streamline claims by guided Q&A).
₹20,000”) website offering a transparent ledger
providing the accurate details of
the history of claims.
Your Solution’s USP/Value Proposition-Why should we consider you?

6 reasons why our solution stands out

We Solve for Awareness and
Adoption Tech-Enabled, Trust-Led Strategy Youth-Centric Simplicity
Our approach goes beyond just Our live Trust Dashboard and We decode fine print through
marketing insurance. We focus on blockchain-enabled claims ledger vernacular 2-minute explainers,
making it relatable and actionable. build credibility where the industry and embed them right where users
From HUFT pet insurance booths to struggles most, transparency. We’re need them,next to the terms, not
“Ravi’s Scooter Story”, we turn not just adding tech for buzzwords; on another page. This meets the
complex policies into real-life we use it to solve real friction youth where they are: mobile-first,
relevance, driving both recall and points. short-form, and clarity-obsessed.
conversion. fdfd

Smart Personalization at Scale We Combine Emotion with

Ready to Roll, Built for Impact
Our 3-layered recommendation Education
All our ideas are cost-effective,
system (content-based, Insurance is often ignored because
digitally scalable, and plug-and-
collaborative, and knowledge- it feels cold and complex. Our
play with BAGIC’s ecosystem. Every
based) ensures no customer sees solution use emotionally driven
initiative is mapped to measurable
irrelevant products, driving higher storytelling, like real-life claims
outcomes: awareness, trust, and
engagement and better fit, scenarios and peer experiences,to
policy uptake, making them
especially for underserved educate without overwhelming,
implementation-ready, not just
segments like gig workers and creating a deeper, more human
conceptual.
students. connection with the brand.