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Remote collaboration and the now ubiquitous ‘work from home’ status are fast becoming the “new normal”. Enterprises across sectors are engaged in strategising their next steps to effectively manage the disruption caused by the pandemic. Many organisations are designing and developing new products and features that are ‘online-compatible’ and attempting to stay ahead of the chaos by leveraging digital transformation. The sector that has taken a lead in managing the crisis admirably is the insurance industry that is set to be valued at $280 billion by FY2020 in India. The onset of the COVID-19 pandemic threatened to bring businesses all over the country to their knees. With one of the world’s strictest lockdowns, apart from essential services, India was shut down for almost 3 months and the high touch insurance industry was among those badly hit.
COVID-19: The Catalyst for Change
The changes that were brought about as a direct result of COVID-19 are all too evident in the Indian Insurance industry and are at a scale that is unprecedented. Consumer preferences have changed phenomenally and the industry has not been slack in responding to them. Some Insurers have been quick to effectively leverage the power of cloud technology to stay relevant. Others are building plans to incorporate technology into their plans and are innovating their products to cater to the new needs of both their clients and their businesses.
Puneet Chandok, President of Commercial Sales, India and SAARC, AISPL emphasises three current trends:
Ashish Dhawan, Director and Head, Enterprise Business, AISPL, highlights the future trends in insurance as:
Sustainable Cost Advantages
Kirti Patil, Executive VP and COO, Kotak Life Insurance says that the company will continue with its investments in technology that will allow them to leverage the new normal to their advantage. The company sees:
Trends in Mindset Shifts
The need of the hour today is for insurers to ramp up both the speed of their services and their portfolio of products in order to align with customer’s needs. Manu Lavanya, COO, Max Life Insurance, feels that perception and the need for overall protection has increased significantly and that insurance companies today are strategising about how they could launch new products that are focused around COVID-19. Ms. Lavanya is of the opinion that:
Insurers are strategising, innovating and executing the changes necessary to power their businesses through the pandemic. This is essential in order for them not only to be able to bring relevant products to their customers in a manner that is safe, but also to ensure their own sustainability and growth.