Page 31 - Insurance Times May 2023

providers, such as Max Bupa, Care Health, Manipal Cigna, digital sales interaction is encouraging companies to explore
etc., is also driving the market growth in South India. India newer ways to enhance customer engagement and
health insurance witnessed tremendous growth after the experience. Despite lingering concerns about covid variants,
unprecedented pandemic outbreak. most insurers expect an accelerating economic recovery and
additional digital technology investments in the current year.
During the initial phase of the pandemic, there was a lot of About one-third of the survey respondents expect revenues
confusion over whether or not an individual's current to be "significantly better." The demand for insurance is
insurance plan covered corona virus infection. Therefore, to expected to keep rising worldwide. 2021 saw widespread
provide relief to their citizens from the pandemic, The India vaccine deployment and easing of pandemic-related
government developed various health insurance policies and restrictions-important catalysts that helped rebuild
laws. Furthermore, the pandemic altered people's confidence among people and businesses alike, while fueling
perceptions of medical and health insurance programs, and economic recovery.
they began to understand the value of health insurance and
its advantages. But the battle with covid is far from over, and a level of
uncertainty still persists- perhaps indefinitely. Might this
Health insurance sector needs to be streamlined and undermine the insurance industry's outlook heading into next
simplified its tech experience to become more agile and year. Despite ongoing pandemic concerns, insurers in general
offered innovative digital propositions to enhance customer expect more rapid growth-although non pandemic challenges
journeys. Growth to continue, backed by increased around regulation, talent, sustainability, and evolving
awareness and demand. Pandemic firmed up the growing consumer preferences may present speed bumps.
customer confidence towards insurance as a safe financial
instrument especially in times of uncertainty. This mind-shift A lot will depend on how effectively insurers manage their
of people perceiving life insurance as one of the best investments in people and emerging technologies. Flexible
safeguards against risk. work models, balancing automation with the need to maintain
a human touch with customers and being more proactive in
Health Insurance Premium Underwritten bolstering stakeholders' trust should be among the industry's
strategic priorities.
by General and Health Insurers
(Rs. Crore) Premium (within India) Underwritten by

General and Health Insurers

Buckled up to accelerate growth
Customer engagement have taken centre stage. Omni-
channel sales and novel ways of interacting with the
customers through hyper-personalization and more intimate

28 May 2023 The Insurance Times