Page 15 - Insurance Times April 2021
P. 15

International                                                              News

         Pricing up of average              the airline's health and hygiene   in the country over the recent past,
                                            programme. It's an added benefit   especially after the demonetization
         global commercial insurance        automatically provided to all guests -  and during the COVID-19 pandemic. It
         across lines in Q4                 no exceptions."                    can also simplify the entire customer
         According to the Global Insurance  He also added, "As Etihad continues to  journey in insurance, from purchases to
         Market Index by Marsh, the average  gradually expand its services to up to  claims.’’
         worldwide prices of commercial     60 destinations this spring, the airline  An analysis of GlobalData’s Disruptor
         insurance have been increased 22%  wants to instill confidence to travel and  Intelligence Center reveals how the
         during the final quarter of 2020. The  hopes this additional cover will  concerted efforts of insurers have been
         index also reported that this was the  reassure guests Etihad is doing  acting in their favor in India to expand
         largest year-on-year increase since the  everything it can to keep them safe and  customer base and build their brands.
         index began tracking the data in 2012.  protected."                   For instance, ICICI Prudential
         As per the report of Marsh, while the                                 partnered with India’s online
         fourth quarter saw pricing hit a record, Insurers partner with        payments company PhonePe in
         the gains were in line with preceding  paytechs     to     widen      January 2021 to sell term life insurance
         periods, with the third quarter seeing                                plans. Individuals can avail the
         a 20% gain and 19% growth in Q2 distribution in India                 insurance instantly through PhonePe
         2020.                              Amid the COVID-19 pandemic induced  app with zero paperwork and without
                                            push towards digitization, there are  the need to go through traditional
         Etihad Airways extends             opportunities for insurance companies  health check-up. The partnership is
                                            to identify new distribution channels.  backed by the convenience and
         global COVID-19 insurance
                                            Insurers in India, for instance, are  seamless experiences that mobile
         until autumn                       increasingly collaborating with    technology can offer to customers.
         Etihad Airways has extended its    payment tech companies (paytechs) to  Bharti AXA tied up with digital
         COVID-19 global wellness insurance  sell their policies and sustain growth,  payments company Airtel Payments to
         cover until 1 October 2021. Guests  says GlobalData, a leading data and  offer health insurance plans related to
         who are diagnosed with COVID-19    analytics company.                 the pandemic. The deep distribution
         during their trip will not have to worry  Ayushi Tandon, Senior Fintech Analyst  reach of Airtel in Tier-2 and Tier-3
         about medical expenses or quarantine  at GlobalData, comments, “Insurance  regions of India can help the insurer to
         costs when they fly with Etihad.   companies in India that have       offer its insurance products available
         Martin Drew, Senior Vice President,  collaborated with paytechs are likely to  for millions of customers digitally.
         Sales and Cargo, Etihad Airways,   reach a large customer base in a fast  During the onset of the pandemic,
         remarked, "Extending Etihad's COVID-  and inexpensive way. The strategy can  Reliance  General  Insurance
         19 global wellness insurance reinforces  work well as the use of payment  collaborated with Paytm to launch its
         the effectiveness of Etihad Wellness,  platforms has dramatically increased  COVID-19 benefit insurance policy. The

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