Q. What are the key strategies to drive the life insurance sector in this country going forward?

Pandemic has changed a lot in terms of the strategies insurers used in the past to carry out business operations. Almost all business functions in the value chain had to be realigned or strengthened due to the adverse effects of the pandemic. Pandemic proves to be the catalyst for innovation in insurance, unlocking greater levels of customer experience and personalization that has long been overdue. 

From my point of view, Innovation, Digitalization, Financial resilience are the key strategies that every insurer should adopt in order to gain a competitive advantage in moving forward in the new reality.

Digital and Mobile improvements and advances have raised the standard on transparency and service quality.  Customers can now file claim details, contact agents, get quotes and policy information with few tags on the screen. Covid 19 pandemic has recreated the need for protection. To meet the ever-increasing customer expectation, insurance companies should cater to every aspect of customers’ experience and develop flexible products to meet the need of a challenging regulatory and low-interest environment.