In the coming years, subscription policies for insurance could become a common option, paralleling the way some digital content is sold. This view was shared with socialbites.ca by Katrin Soomre, an advisor to the general director of Rosgosstrakh Insurance Company.
She suggested that major insurers with traditional offerings should consider rolling out subscription models. She noted that insurers understand how discomforting it can be to pay for a policy when it sits unused for long periods. Such situations often lead to customer regret, and later, the desire to avoid another renewal. The forecast is for a notable shift in the insurance market, with customers potentially purchasing a policy for a month, a week, a day, or even a few hours from any provider. An example cited was coverage during a flight.
The primary benefit of this approach lies in accessibility. Soomre explained that paying smaller, regular amounts like 200, 500, or 1,000 rubles per month is often easier than committing to 3, 6, or 10 thousand rubles annually. Insurance would be bought only for the needed period, and the client would not be charged for time when coverage isn’t required.
However, there are drawbacks. A subscription could be forgotten and payments kept for a period no longer needed. Some services might also make disabling the subscription unnecessarily difficult, according to the expert.
Three recommendations were offered for those considering an insurance subscription in Russia. First, consumers should ensure the service sends advance notices about withdrawals. If such notices are lacking, setting a reminder on a phone a day or two before the next payment and evaluating whether the upcoming period is necessary can help. It is also wise to check how easy it is to unsubscribe. If it is not straightforward, contacting support or choosing a different service is advised.
The second recommendation involves assessing whether the monthly overpayment is worth it compared to an annual plan. While subscriptions may carry a higher total cost, the excess should be limited and not exceed a reasonable margin around 5 to 10 percent of the yearly price.
Data from J’son & Partners Consult indicates that the ecosystem subscription market in 2022 rose by 24 percent from 2021, reaching 58.1 billion rubles. The total subscriber base increased by 36 percent to 42.45 million, and the average number of subscriptions per user rose from 1.1 in 2021 to 1.5 in 2023. As of March 2023, more than half of megacity residents aged 18 to 55 reported holding at least one subscription. Subscriptions predominantly cover video, music, and reading services.
Earlier developments show that Russians were active in obtaining insurance in 2023.