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New Trends Emerge in Life Insurance Industry
Due to the COVID-19 pandemic Insurance Industries have developed new trends in 2020 they have never explored before.
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The life insurance industry has undergone several changes in its regulatory framework which has impacted the business sector and its engagement with its customers.
As per a report of the India Brand Equity Foundation, the insurance industry is expected to reach US$280 billion by 2020.
Due to the Covid-19 pandemic, the life insurance industry has become more technologically advanced and customer-oriented with better operational performance and efficiency.
Cover for COVID-19 pandemic:
The novel coronavirus outbreak in 2020 has led life insurance companies to provide prevention against such other diseases caused by viruses. Though the customer’s point of view has changed, insurance industries are pushed to re-imagine their product strategies during this pandemic. Insurance companies worldwide are offering various life-insurance policies and Covid-19 specific policies to ensure financial stability as well as health assistance.
Customer Segment Health and Wellness Initiative:
The insurance industry at its emerging state used to offer an overall approach (general approach) to policies, but as we move forward, customers are provided with advanced customized solutions for their current needs. Hence life insurance has made customer-specific plans which focus on the health and wellness of the customer and are flexible. It is one of the remarkable trends in 2020. By taking the initiative for the customer’s health and wellness, life insurers are open to broad market opportunities and an enhanced customer relationship.
Technological progress in the Industry:
As we are aware of how digitalization has impacted the different sectors worldwide in 2020, life insurance is also one of the industries that have yet to enfold full benefits of it. It has also created a more natural way to provide access to modified technology-based quick customer service and a new range of customers from remote locations. Digitalization has increased operational efficiency along with extensive distribution channels and customer engagement. Customers can also get a quick diagnosis along with the treatment in a small-sized mobile phone. Modern technologies like Augmented Reality (AR) and block-chain are also set to be used by insurers to give customers a more rational approach. This will make it possible for policyholders to ask insurance and medical questions without human assistance, making the process more accurate, cost-effective, and faster.
Development in the Customer Claim Settling:
Along with technological progress, the insurance industry is also focused on solving customer-oriented issues. Claims can be raised more swiftly in a shorter-time with online portal access to the customer.
Growing Benefits with Multiple Options:
In 2020 the Covid-19 pandemic has led various insurance industries to come up with embracing proposals and offers that have not been explored before. Accordingly, it has given rise to advanced and modified trends to suit the customer’s requirements. This has resulted in different kinds of policies with additional benefits.
Insurance being a significant investment and beneficial during a climacteric period like the Covid-19, the insurance industry has taken up strategic attempts by developing alternative products to manage the unforeseeable market environment. Other factors like the emerging middle class and young population along with protection against the unpredictable future and retirement planning have supported the development of the Indian life insurance industry.