The industry leaders were discussing the future of the sector at Business Standard's BFSI Summit 2024 on Friday.
At a panel discussion themed "Quarter of a century since liberalization: What Next?", panelists said that currently relations with customers are purely transactional.
However, going forward, post the amendment Bill, customer engagement will become more than that. It will be on the back of value-added services, which will be included in the Bill, they said.
"In the initial concept (of Insurance Amendment Bill), value-added services are included. I think that can be a big shift if it happens. And, that way, you can present your option to consumers. Today, you can only sell pure insurance products. With value-added services, you can then sell other related services to the poor category," said Mayank Bathwal, chief executive officer (CEO), Aditya Birla Health Insurance.
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