Source: asiainsurancereview.com

For the long-term protection of self and family from any financial strain due to health emergencies and untimely death, especially in pandemic times, people look at procuring an appropriate insurance cover. To work out the appropriate insurance cover, is however, easier said than done.

To help people identify their insurance needs, ProtectMeWell, a group of India-based actuaries has devised a web-based tool, https://protect mewell.com. This is non-intrusive, swift and scientific. The underlying algorithm is fairly comprehensive but the tool is very intuitive and easy to use. The underlying model accounts for factors like income of the individual and the spouse, their expenses, assets and liabilities. The model then projects these factors for several years into the future using assumptions like assets growth, salary escalation and inflation based on macroeconomic research. The algorithm also accounts for expenses towards dependent children and parents. For the former, it is accounted till the time they are expected to become independent and for the latter, till the time they are expected to live. The tax calculations are also factored in.

ProtectMeWell founder and consultant actuary Sumit Ramani speaking with Asia Insurance Review said, “These days, when social distancing is the new normal and it is difficult to meet an insurance agent, the tool https://protect mewell.com/ is the best help to arrive at the optimum insurance cover for an individual and his/her family.” Mr Ramani said, “The current version was launched in early April 2020 and it has so far been utilised by over 1,000 prospective insurance customers.” He said the recommendations made by the tool are best suited for the Indian market.

ProtectMeWell co-creator Sandip Patil said, “The next version, which is soon to follow, would recommend the coverage needs for retirement, medical insurance and critical illness also.” He said, “Efforts are being made to incorporate AI-based techniques to improve the accuracy and smartness of the tool further. The goal is to accommodate a vast range of personal and financial profiles along with broader geographical regions to make the tool extendable to the broader population and thereby help insurance companies improve their market penetration.”.