Page 23 - Insurance Times October 2020

Cover Story

PANDEMIC A

BOON FOR

HEALTH, BANE

FOR MOTOR

INSURANCE

I nsurance has always been a recommended commonly known as work from home environment. The

COVID-19 pandemic has pushed the insurance sector to
instrument in financial planning. However, with the
phygital from physical. It can't be denied that the lockdown
ensuing global pandemic, the importance of insurance
is even more pronounced. Especially a health
for the sector that never existed before. However, to thrive
insurance plan is paramount when it comes to protection paved the way for multiple innovations and opportunities
and financial security As the Covid-19 pandemic has and survive in this new landscape, insurers will have to take
disrupted almost all sectors it has had its effects on the a structured approach to digital strategy and talent, to deal
insurance industry, too. While India remains to be an under with customers empathetically in the new frontier of the
penetrated country when it comes to insurance coverage, touchless.
insurers did lose a good amount of business in the month of
March as the pandemic had set in creating a large uncertain General insurance business in India is expected to contract
environment. by 9% in 2020 due to COVID-19, a sharp decline from the
10% growth witnessed in 2019. The current crisis has had a
The lockdowns to curtail the spread of the infection had strong impact on the financial planning priorities of
aggravated the challenges as the entire workforce had to customers placing insurance at the forefront. The
be transitioned to a remote working environment or perceptions, needs and concerns of customers with regard
to insurance have also undergone a change with more
About the author sensitivity towards stability for themselves and their families.
Jagendra Kumar The insurance industry in India has been changing fast over
Ex. CEO, the last couple of years. The current crisis has further
Pearl Insurance Brokers provided a 'digital-first' push. The industry that was for years
JAIPUR driven by traditional business models has evolved driven by
The Insurance Times, October 2020