Page 33 - The Insurance Times May 2021
P. 33

HOW HEALTH




          INSURANCE IS




          BECOMING A




          PRODUCT FOR




          ALL SEASONS











         I     ndia is among the 15 worst COVID-19 affected   economy stabilizes by 2022. The insurance industry rides on


               economies. COVID-19 which began as a health crisis
                                                              the back of other industries. Hence, unless the overall
                                                              economy bounces back or the insurance industry finds
               has now taken over as a financial one. With the global
               economy crashing and multiple sectors taking a major
         financial hit, the insurance industry has become a vital part  business in hitherto uncovered areas, the industry is likely
                                                              to struggle in maintaining its momentum. The COVID-19
         of the new reality of the economy. Since General Insurance  crisis has given rise to both immediate and potential
         undertakes the valuation of assets and businesses as well as  challenges for the insurance industry in near future.  The
         their overall economic activity, it is benchmarked with the  COVID-19 pandemic has been a game-changer for the Indian
         GDP of a country to measure the insurance penetration.  life industry as it has managed to reinvent itself quickly by
         Hence, a large proportion of the General Insurance sector  adopting digital processes in all its operational areas.
         is dependent on the performances of industries and
         individual businesses.                               The pandemic has reminded everyone of how vulnerable
                                                              they are and the need for people to adjust and adapt to
         So with the lockdown causing a hitch in the business sector,  the way they work and do things. The market has seen a
         the General Insurance market has subsequently suffered.  proliferation and adoption of new technology over a short
         The overall sector is believed to look up as the global  period of time. Technology that the industry was planning
                                                              to adapt over the next five years has been implemented in
                                                              a few months' time. The market was seeing a rapid increase
                                About the author              in the acceptance of digital payments, including by the older
                                                              generation.
                         Jagendra Kumar
                         Ex. CEO,                             India traditionally has been an underinsured country when
                         Pearl Insurance Brokers              it comes to Health Insurance. However, with Government
                         Jaipur                               initiatives such as Ayushman Bharat which aims to insure

                                                                            The Insurance Times, May 2021 33
   28   29   30   31   32   33   34   35   36   37   38