![]() ![]() ![]() Incidentally, an internal study we did at Digit showed that the demand for health insurance during Omicron (Nov-Dec 2021) went up by 98% as compared to 2020. For example, someone who has seen a family member lose out on savings due to a medical treatment or has faced multiple troubles while travelling would have a different perspective on health and travel insurance, respectively.Ĭ. However, it is interesting to learn that although we are optimistic by nature, the scale of this may vary from person to person, based on one’s experiences in life. This, dear readers is what is known as ‘ Hyperbolic Discounting.’ In simple words, we as human beings are drawn to immediate rewards and since health insurance doesn’t give us that, we delay getting one. While some people may assume things can go wrong, they only think of it as a possibility in the distant future (which may be the case for some) and that’s why, delay buying that health insurance policy. The human need for immediate gratification Instead, we often gauge it just by how we feel about it, and we largely feel optimistic about ourselves and our future.Īnd unfortunately, when something does happen later, it is too late by then to get health insurance to cover for you.ī. After all, people are not calculators and they do not objectively foresee the exact probability of events. There are multiple reasons for this, but one being the fact that people usually assume that nothing bad is going to happen to them (and this phenomena is not just in India of course).įor example, one of the biggest misconceptions people have is, "I'm healthy, so I don’t really need health insurance!” even though data and even the financial benefits of health insurance may prove otherwise. Whether we like it or not, a lot of our decision making is driven by our biases, and this is especially true when making financial decisions, including that of buying insurance.ĭid you know that, about 90% of the Indian population is still uninsured? Key business highlights of FY22, compared to FY21 If you don’t have more than 6 minutes to spare, here are some of our key business numbers □ So here it is, the good, the not so good, and of course.all the stats. The objective of publishing this report is so that you don’t always see us with those rose coloured glasses (after all, that IS human nature □), but with ones that are clear and transparent. If you are reading our report for the first time, welcome to our 9 th transparency report, our bi-annual review of what has been happening behind the scenes at Digit. Think about it, looking back at March 2020, we were all pretty optimistic that the COVID-19 lockdown would only last two weeks, and that the virus would soon go away, with the onset of summer and what not!Īnd yet here we are, two years later, coexisting with the virus as waves come and go. In psychological terms, this is known as the ‘ Optimism Bias,’ which refers to our tendency to overestimate the probability of positive events and underestimate the likelihood of negative events. Simply put it, we are hardwired for hope even in the worst of times. Ralph Waldo Emerson once wrote, “The soul refuses limits and always affirms an optimism, not a pessimism.” ![]()
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