Insurers Turn COVID-19 Disruptions Into Opportunity

The two decades of privatisation has shaped the life insurance industry for the better. This period witnessed a non-linear growth. Following a pause after the financial crisis, momentum picked up from 2014 aided by increased overall savings. The industry experienced growth in premiums, profitability and value creation. A slew of changes including regulatory guidelines, product innovations, new distribution channels, technological developments and a vastly improved customer proposition helped the industry become more customer-centric. India, however, still lags in insurance penetration. It is not just behind developed countries but also many Asian economies. Indian insurance players are aware of this opportunity and have aligned their strategies to tap this potential. In this quest, there are a few areas which insurers are likely to focus on in 2021-22. Awareness and increased share of...