Page 15 - Insurance Times April 2021

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

The Insurance Times, April 2021 15