The coronavirus outbreak and the lockdown have left the fintech sector reeling but the insurance business seems to be growing in these times of economic uncertainty.
Policybazaar, the largest online insurance aggregator in the country, has seen a 40% spike in term and life insurance policy sales in March and April compared to the same period in 2019 and consumer interest is only growing.
“At a time when a lot of our competing channels-- the bank branch network and the agent network--found it harder to do business, we continued to get customers. Further, we have continued to be very aggressive on television and other media channels to tell our customers that we are open for business,” chief executive Sarbvir Singh told Moneycontrol in an interview.
Term insurance saw the largest growth, said Singh, who took up the corner office in the Gurugram-headquartered startup in December 2019.