The COVID-19 pandemic has been a sport changer for the Indian life trade because it has managed to reinvent itself shortly by adopting digital processes in all its operational areas, mentioned audio system on the Financial Occasions digital insurance coverage summit yesterday.
After just a few months of setback the Indian life insurance coverage trade has bounced again within the second quarter as gamers adapt to the digital-enabled processes and regulate to the brand new regular of their work environments. Life Insurance coverage Company of India chairman M Kumar mentioned that the COVID-19 pandemic has reminded everybody on how weak they’re and the necessity for individuals to regulate and adapt to the way in which they work and do issues. “We are able to by no means waste a disaster and the COVID-19 pandemic has taught us to adapt to the adjustments,” he mentioned.
Positives from the pandemic
Mr Kumar highlighted 4 positives for the trade from the pandemic:
Rise in acceptability of digital funds: The market has seen a proliferation and adoption of latest know-how over a brief time period. Know-how that the trade was planning to adapt over the subsequent 5 years has been applied in just a few months’ time. The market was seeing a fast improve within the acceptance of digital funds, together with by the older era.
Higher work/life steadiness: The hybrid working mannequin has been adopted by insurers and the pandemic has proven that distant working is right here to remain. With the large shift to earn a living from home, distributed work environments are quickly turning into the brand new norm.
Staggered working atmosphere: This has not solely given flexibility to employees however has been an enormous step in the direction of decongesting cities.
Change in mind-set in the direction of insurance coverage: The pandemic has thrown mild on life and medical insurance to the lots. Insurance coverage has right this moment moved from a push product to a nudge product.
“The impression of the COVID-19 pandemic might be the defining second for the life insurance coverage trade and this can reinvigorate the long run and there’s no going again,” mentioned Mr Kumar.
A lift for digital transformation
The COVID-19 pandemic has resulted in an enormous increase for digital transformation throughout the insurance coverage trade and that is right here to remain.
Birla SunLife managing director and CEO Kamlesh Rao mentioned that digital adoption over the previous 9 months has labored in its favour as the corporate, via the usage of analytics, is now capable of promote the proper product to the proper buyer.
Bajaj Allianz Life managing director and CEO Tarun Chugh mentioned that the shopper acceptance of know-how must be retained even after the COVID-19 pandemic.
SBI Life managing director and CEO Mahesh Kumar Sharma mentioned that the corporate has invested significantly on digital and on-line channels which has enabled it to onboard its clients digitally.