The coronavirus outbreak led to a rise in awareness of the need to have term insurance and health insurance. After a brief lull in business in April and May due to low disposable income among customers and distribution-related hiccups, the insurance industry started seeing a revival in premium collection from June 2020 onwards.
Insurers started to sell fully online from May onwards. Health insurers gained big as high medical costs drove customers to buying medical insurance products.
- Driven by COVID-19 needs, health beat motor to become largest non-life insurance segment- Virtual sales become the new normal as field agents move online.
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