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
"Focus on the challenge of each customer"
SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company
PEDAL ON THE FUTURE
THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY
BREATHE EASY
Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference
The Taste of India in a Glass
FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN
LOOK BEFORE YOU LEAP
IN 2025, INVESTORS WILL NEED TO FACTOR IN VOLATILITY ACROSS ASSET CLASSES
MISSING ADVISORS
INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE
TURNING A CORNER
SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE
REALITY CHECK
INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?
TRUMP'S TRADE TANGO
The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?
"The essence of the Trump administration will be transactional”
Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more