The world we live in is full of risk and fears. Individuals, families,
businesses, possessions and assets are exposed to different types
and levels of risks. These include risk of losses of life, health,
properties, etc. While it is not always possible to prevent
untoward events from happening, financial world has developed
products that protect us, our businesses against such unexpected
situations and losses by compensating them with financial
What will drive the 2020s?
The insurance companies too have now started to craft products where such outbreaks could become the new normal and individual and businesses would need some financial protection. While these new pandemic-proof policies might not be cheap, they are likely to offer businesses the chance to insure against disruptions and losses should another pandemic strike. Both existing insurance companies, as well as new niche players, are targeting this opportunity by either adding this coverage to existing products or by creating something new to cater to such risks. Apart from services their clients, insurance companies need to focus on business continuity plans, task force for crisis management, employee well-being, cyber security and maintain proper communication with client in this new age of social distancing.
Recent News & Articles
Indian insurance aggregator and financial services firm Policybazaar.com’s co-founder and group CEO Yashish Dahiya has said that the nation’s burgeoning insurance sector will have to rapidly start adopting digital strategies in order to respond to the market demand.
There are many impediments in online insurance buying like consumers are unaware of risks throughout their life-stages of consumers are unaware of consequences of not paying premiums regularly, to prevent a policy from lapsing, there are many pre-conceived notions about the claims process
The Covid-19 pandemic has brought major transformation in all business sectors. Some sectors have fallen flat, some have thrived, and others are fighting to survive. Insurance as an industry is exceptionally positioned in the present scenario. Covid-19 has made life uncertain
Life insurance has been sold in the country for decades but there used to be very little life cover in the products as savings, pension, etc made up the bulk. The return of private players in the sector in the current century, however, changed the scenario a lot.