Product innovations and the urge to protect families in case of eventualities arising out of Covid-19 drove people to buy insurance in 2020. Most life and health insurance products saw demand directly coming in from customers.
But the fact is the insurance industry was already on the innovation drive pre-Covid. Just in January, the Insurance Regulatory and Development Authority of India (IRDAI) had approved a number of sandbox products targeted at making insurance cost-effective and more relevant for customers. “Some of the products that gained significant traction include Edelweiss General Insurance’s Edelweiss SWITCH, Bharti AXA General Insurance's Pay-As-YouDrive, ICICI PruLife Insurance Outpatient Health cover and Go Digit General Insurance Network-based Accidental Insurance for Rented Motor Vehicle,” says Vaidyanathan Ramani, Head, Product and Innovation, Policybazaar.com.
Single owner-multiple vehicles product from ICICI Lombard General Insurance was another popular one. Amid the lockdown, as people refrained from driving, sandbox products, including Pay As You Use and Pay How You Use made a timely entry. Sandbox products are those with features not permitted under the existing regulatory framework. IRDAI had put a limit of 10,000 customers or ₹50-lakh premium on such products. Now that the limits have been met, insurers are awaiting clarity from the regulator on how to take these products forward, says Sanjay Datta, Chief of Underwriting, Reinsurance and Claims, ICICI Lombard General Insurance.
Diese Geschichte stammt aus der January 10, 2021-Ausgabe von Business Today.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 10, 2021-Ausgabe von Business Today.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.