SOCIO-ECONOMIC ACCELERATION DURING CRISIS THROUGH INSURANCE AWARENESS & LITERACY: CUSTOMER SERVICE APPROACH
The Management Accountant|September 2020
The cover story of the present paper moves on to examine the different aspects of insurance literacy through education, its needs and applicability; and to evaluate the present status of initiatives taken in this regard for future success in India; because, the socio-economic transformation led to the delegation of responsibility in the financial security of individuals and institutions. Particularly, insurance is one of the financial services, which provide financial security of life and properties of individuals and institutions. There exists a gap in the awareness level of insurance benefits in Indian Society. That is why, insurance education is imperative to enhance the understanding and communication about risk issues which may be protected through insurance.
Dr. Pooja
SOCIO-ECONOMIC ACCELERATION DURING CRISIS THROUGH INSURANCE AWARENESS & LITERACY: CUSTOMER SERVICE APPROACH

Background

The economic empowerment has three basic components viz. financial literacy, economic self- sufficiency and economic self-efficiency. At present, the world economy is facing the socio-economic crisis due to COVID-19 pandemic including Indian economy in particular. To combat such kind of issues, insurance may be proved as a financial safeguard against any risk and uncertainty. Moreover, there is still room for growth of insurance industry because the majority of masses are still not aware about the need of insurance policies in a diverse area of livelihood. But, it can be done through insurance awareness, literacy and education. Presently, substantial strategies and policies are regularly framed and implemented by IRDAI and industry to bring economic stability and to improve the awareness and literacy of insurance among the general public and industry members, as well through the opening of educational institutions, training & development programmes, awareness campaign, communication networking, and media services etc.

Research Gap:

This story is from the September 2020 edition of The Management Accountant.

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