Go Beyond Life, Health Policies
Business Today|January 10, 2021
Product innovation will gain traction as the industry gets set to go on a digital overdrive
Aprajita Sharma
Go Beyond Life, Health Policies

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.

この記事は Business Today の January 10, 2021 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は Business Today の January 10, 2021 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

BUSINESS TODAYのその他の記事すべて表示
"Moving to cloud helped us grow❞
Business Today India

"Moving to cloud helped us grow❞

What was the problem you were grappling with?

time-read
1 min  |
November 24, 2024
She's Got Time
Business Today India

She's Got Time

MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP

time-read
3 分  |
November 24, 2024
RISING STAR
Business Today India

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.

time-read
1 min  |
November 24, 2024
Building on a Legacy
Business Today India

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.

time-read
1 min  |
November 24, 2024
LEADER IN INNOVATION
Business Today India

LEADER IN INNOVATION

AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.

time-read
1 min  |
November 24, 2024
WAITING IN THE WINGS
Business Today India

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

time-read
1 min  |
November 24, 2024
A DECENT PROPOSAL
Business Today India

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?

time-read
5 分  |
November 24, 2024
Women and the STEM Bias
Business Today India

Women and the STEM Bias

EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.

time-read
3 分  |
November 24, 2024
ROCKET WOMEN
Business Today India

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.

time-read
6 分  |
November 24, 2024
ONE STEP FORWARD
Business Today India

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.

time-read
6 分  |
November 24, 2024