Future of Insurance Distribution In The “New Normal”

‘New Normal’ is the buzzword of 2020, and industries across the world are trying to embrace it with the help of digitization. While the overall transition towards a digital ecosystem started a while back, the pandemic accelerated the adoption rate further. Almost all industries, from consumer durables and food to travel and the BFSI sector, have seen a gradual shift in customer expectations. Over the years, these companies have increasingly incorporated digital touchpoints with their offerings, with an aim to provide seamless customer experience. The Indian insurance industry too has taken on the path to digitization. However, being relatively traditional in its approach, the adoption has been gradual. The reason for this is the fact that Indians look forward to personal assurance and hence, prefer face-to-face interactions with agents before investing. The pandemic-driven...