The coronavirus pandemic has pushed insurers to speed up the digitization of processes, keep solvency necessities and enhance buyer engagement, mentioned panellists on the Mint Pivot and Perish webinar on how insurers are pivoting in direction of a brand new regular.
Whereas the pandemic did put insurance coverage corporations beneath large strain, which displays within the drop in new premium collections, it additionally compelled them to look past conventional methods of promoting merchandise by companies and bancassurance channels, that are depending on private interactions with purchasers.
Apart from a drop in gross sales, coverage renewals additionally got here beneath stress due to the lockdown, mentioned Vibha Padalkar, managing director and chief govt officer of HDFC Life Insurance coverage. The agency needed to, subsequently, select whether or not to pay dividends to shareholders or protect solvency, she added.
Medical insurance corporations, nonetheless, emerged winners because the class shortly moved from a push to a pull product, given the concern round covid-19. Shopper behaviour has gone by a tectonic shift and medical health insurance is claiming a major place, mentioned Prasun Sikdar, managing director and CEO of ManipalCigna Well being Insurance coverage.
Bhargav Dasgupta, managing director and CEO of ICICI Lombard Basic Insurance coverage, mentioned distributors have found out a approach to attain out to clients utilizing digital channels.
There’s a surge in demand for cover plans and the development could proceed, mentioned Prashant Tripathy, managing director and CEO, Max Life Insurance coverage.
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