The COVID-19 pandemic has put a spotlight on protection. While the focus is primarily on health protection, increasingly we are seeing traction in the general insurance space as well. What kind of new products has the industry introduced in this space?
The pandemic has certainly been a catalyst in encouraging product innovation for the insurance industry. For example, the pandemic and lockdown meant that movement was restricted and hence vehicles were not used as frequently as they were earlier. This then gave rise to usage-based products like ‘Pay as you go’ which meant that customers can opt for motor insurance as per their motor vehicle usage. During the pandemic, we saw many standardized products from the regulator like Arogya Sanjeevani, Corona Kavach, Corona Rakshak, Saral Suraksha Bima, Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, Bharat Laghu Udyam Suraksha etc. which are insurance policies with standard coverages and policy wordings across all insurers. This meant that insurers need to emphasize in providing best in class services to their customer and enhance their experience.
The pandemic also saw introduction of sachet products like Corona Kavach and Corona Rakshak which are typically need-based products that address a specific need of a person for a specified time frame and in this case, it was Covid-19. These products saw a good response especially from first-time insurance buyers. Modular health insurance policies were also introduced which provide customers the freedom to structure their policies as per their needs.
Q Can you share some unique initiatives that have been launched by the company, both in terms of product side innovation and customer engagement over the last few years?
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