Midwest Insurance Agency offers mid-priced insurance for ‘hobbyists’
Midwest’s Insurance Agency has launched a product aimed at making its customers feel better.
Midwest Insurance, which operates as a subsidiary of the Midwestern Insurance Group, said on Friday it will offer a ‘Hobbyist insurance’ that will cost $20 for a six-month term, but only for the ‘best-in-class’ and premium-paying customers.
Midwest said the product will help make customers feel more comfortable and secure by offering a range of insurance products for the most popular hobbyists.
In an exclusive interview with The Hindu, Midwest said it has been able to provide the ‘Harmonious Premium Insurance’ to its clients through its subsidiary, which also offers insurance for other businesses such as hospitals, universities, and even construction companies.
The company has launched the product in the US, Australia, UK, France, Germany, India, Japan, Korea, the Netherlands, Poland, Spain, Turkey, Turkey and the UK.
It said the ‘High-end’ product will be launched in India in September.
“We have partnered with our friends at the Indian mid-market insurance industry to provide a premium insurance product to the customers in India, a product that is the best in class for everyone,” said Midwest Chairman and CEO Rajeev Pratap Agarwal.
Maintaining a healthy lifestyle is one of the key principles of the mid-range segment of the insurance industry, and the HAG, in the past, has also been selling high-end insurance products to mid-level clients.
Midwestern Insurance said the products would not be a replacement for professional policies or for insurance claims, but rather for the people who want to have an additional layer of security.
Hobbyists, who make up more than 40 per cent of the market, have been a popular target market for insurers, said Agarwa.
Agarwal said the company’s insurance products will also offer additional benefits to the people that are paying close attention to their health, like people with medical conditions, who have trouble keeping up with their medications and other health care needs.
While the ‘Premium Insurance’ is a new product, the company has also launched the ‘Insurance for Hobbyists’ in the last two years, which covers people who have a hobby and don’t want to go to a regular insurer.
With this, the insurance company said it will be able to offer products with an even higher quality for its clients.
Though the ‘Midwest Premium Insurance’, which is a two-year term, is not as premium-priced as the ‘Pricing & Terms’ product, Agarwar said the mid range group of insurance companies is also offering premium insurance products and is also targeting more of the industry.
Agarwa said he is confident that the company will get the market to support the insurance product.
“I am confident that our product will attract customers who are willing to pay a premium,” Agarwalsaid.
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