Building Cognitive Enterprises: Rethinking Insurance in a post COVID-19 World
Watch leading experts share their views on the changing insurance landscape in India
September 30, 2020 / 04:57 PM IST
While the pandemic has accelerated the digital transformation of the insurance sector, it has also urged consumers to see insurance as a ‘must have’ versus ‘good to have’. The pandemic has main-framed insurance, especially non-life insurance like never before.
In an engaging panel discussion hosted by Latha Venkatesh, industry leaders came together to share their views on the changing insurance landscape.
Some key takeaways from the panel were:
• To utilise the opportunity, companies are doubling their efforts to accelerate online sales. For instance, web aggregators such as Policybazaar have reported a 20 percent growth of life insurance product sales in March 2020.
• Even as India, along with other countries in the world, struggle to come out of the COVID-19 pandemic and its aftermath, non-life insurance companies have an option to turn this crisis into an opportunity and expand their wings across the country. Even now, a large chunk of the Indian population does not have any health insurance. This is the right time for the Indian insurers to hit the ground running.
• Since the consumers are burdened with over 70 percent ‘out-of-pocket’ expenses, the market is ripe for health insurance entities, including global players, to open their shops in India. However, insurers must focus on cost, access, and quality to get successful in this market as there are several challenges in Indian markets.