Page 29 - Insurance Times November 2020

HOPE AND HYPE

IS DRIVING

ONLINE SALE OF

INSURANCE

PRODUCTS

G eneral insurance companies are tweaking their mobile usage has a major influence on changing customer

processes to show the difference in pricing for
preferences, as the customers are getting used to
buying its products online. During the year 2020,
researching products online. While the traditional model of
the global spread of the coronavirus disease
(COVID-19) has created a new set of challenges buying insurance is still the most sought in India, it was found
that online research on insurance has been observing an
for the global economy. India has managed to contain the increasing trend. Digital insurance in India is set to become
spread of the disease to a certain extent with the massive, supported by developments like mobility to drive
enforcement of large-scale lockdowns and restrictions on Internet growth, move over natives, the migrants are in full
the movement of its citizens. However, the pandemic is force and move over metros.
causing a severe economic impact in the country.
The number of internet users in India is expected to grow
This has created some new challenges for the insurance rapidly in coming years, thanks to improving infrastructure,
industry in India. The insurance industry in India has begun the spread of mobile phones to the most far-flung rural areas
to push its sales towards the online sales channel directly and affordable internet facilities. Today, the overall influence
from the websites of insurance companies and through third of internet on insurance product purchase in India is already
party online sales platforms. The increasing internet and 6x and growing rapidly. Insurance companies in India are
still lagging behind the consumers and have not invested
About the author enough to create digital assets to engage the mature
consumers online.
Jagendra Kumar
Ex. CEO, Though the traditional channels, like agency and third-party
Pearl Insurance Brokers distribution, have a market share of more than 80%, the
JAIPUR online distribution channel is evolving as the preferred mode

The Insurance Times, November 2020 29