Q. How did the Life Insurance sector react to the pandemic?
The pandemic has made everyone aware of health risks, and this has brought in a sense of security and more awareness about the loss of income of the self-employed and also others. Insurers as an industry have spent significant amounts of resources to spread awareness, and the pandemic has uplifted the level of awareness of the risk that can be mitigated through life insurance.
The biggest challenge was to keep up the business operations with the. Most companies had to adopt work from home concepts along with other digitized policy serving mechanisms.
It is also true that COVID-19 is unlikely to be the only shock. There could be others in the future – another pandemic, a financial crisis, a major industry disruption. Insurers need to be agile and flexible to face such kinds of threats.