Q. How do you perceive the life insurance sector today? What are the main growth avenues, in your assessment?
Current pandemic situations have accelerated insurance awareness in the world. Subsequently, customers’ interest towards health & life insurance is now higher than ever. A couple of years ago, people were thinking only about the investment/savings portion of life insurance, but now they are thinking about the risk & protection portion also. They have identified that life insurance is the most significant financial planning tool for them.
Compared to the previous year, industry Gross written premium is growing. Insurers had developed their internal processes, introducing concepts such as auto underwriting, cashless claim settlement, and an electronic wallet. And always companies add innovation to new product development in order to achieve competitive advantage. The industry is growing with information technology & concepts like smart office, smart salesperson & E-selling being implemented.