The COVID-19 pandemic has put a spotlight on protection. While the focus is primarily on health protection, increasingly we are seeing traction in the general insurance space as well. What kind of new products has the industry introduced in this space?
The pandemic has certainly been a catalyst in encouraging product innovation for the insurance industry. For example, the pandemic and lockdown meant that movement was restricted and hence vehicles were not used as frequently as they were earlier. This then gave rise to usage-based products like ‘Pay as you go’ which meant that customers can opt for motor insurance as per their motor vehicle usage. During the pandemic, we saw many standardized products from the regulator like Arogya Sanjeevani, Corona Kavach, Corona Rakshak, Saral Suraksha Bima, Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, Bharat Laghu Udyam Suraksha etc. which are insurance policies with standard coverages and policy wordings across all insurers. This meant that insurers need to emphasize in providing best in class services to their customer and enhance their experience.
The pandemic also saw introduction of sachet products like Corona Kavach and Corona Rakshak which are typically need-based products that address a specific need of a person for a specified time frame and in this case, it was Covid-19. These products saw a good response especially from first-time insurance buyers. Modular health insurance policies were also introduced which provide customers the freedom to structure their policies as per their needs.
Q Can you share some unique initiatives that have been launched by the company, both in terms of product side innovation and customer engagement over the last few years?
Esta historia es de la edición September 2021 de Outlook Money.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición September 2021 de Outlook Money.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms
5 Questions That Will Lead You To The Right Financial Planner
Choosing a financial planner is not as easy as it may seem. Besides the right credentials, you should also consider things like the kind of services you will be needing-tax advisory, estate planning-as well as the fee structure. Here are five questions that will help you choose the right planner
Health Insurance Sub-Limits
Sub-limits in health insurance are restrictions placed by the insurance company on the SP maximum amount they will pay for specific expenses that are part of the total hospital bill.
Delayed Gratification, Humility, Understanding Inflation And Risks Key To Financial Success
The journey to financial success is continuous, requiring patience, education, and disciplined decision-making.
Avoiding Common Pitfalls through Asset Allocation and Multi-Asset Investing
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Mutual Funds for Financial Growth
Mutual funds allow you to invest in small amounts and seize the compounding growth, and experts help tackle volatility and asset allocation, making them a potent tool to create wealth.
Multi-Asset Investing is The Financial Equivalent of A Well-Balanced Diet
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Theme and Triumph: How Thematic Funds Can Boost Your Bottom Line
Thematic funds target high-growth opportunities in various industries and economic sectors, allowing investors to participate in future-focused segments to generate long-term returns.
Wealth Creation Through SIP - The Slow & Steady Road to Success
For investors seeking to create long-term wealth, SIPS are a powerful tool that enables regular, disciplined investments to generate compounding returns.
Tuition Fee Varies Among Countries
I am 22 years old and have recently started working in a software company.
