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Insurance is likely to become more embedded in consumer lifestyles than ever before, marking a significant shift from insurance being purchased for mere compliance or tax-saving standpoint to the core purpose of protection that it serves, said Shanai Ghosh, Executive Director and CEO, Edelweiss General Insurance.
“ The Covid-19 pandemic has led to increased awareness and elevated the levels of conversations around insurance. As people come to terms with the unpredictability of the situation and its impact on well laid plans, financial or otherwise, insurance is clearly emerging one of the ways to financially protect themselves, their families and/or their businesses” she said in an email conversation with the BusinessLine.
“In the post-Covid-19 environment, we anticipate a clear change in consumer buying behaviour with respect to the adoption of digital technologies. While the transformation was already in progress, the current pandemic has accelerated the pace. We are seeing an increase in experimentation and adoption of emerging technologies, in the industry,” she added.
Ghosh said that India is an underpenetrated insurance market. In fact, the non-life industry penetration in India is only 0.93 per cent against the global average of 2.8 per cent. There is clearly significant headroom for growth.
“In the age of instant gratification, technology has enabled new business models through instant and seamless engagement with customers. Product constructs are being defined by the contextual needs of consumers, with the entire service ecosystem starting to evolve and expand, enabled by technology” said Ghosh adding that the advent of AI, ML and Big Data will only help insurers to optimally leverage these and build products that are relevant and made available to customers.
“As we work our way towards a new normal, data and digital, will be pivotal pillars for players to stay relevant . For us, this is the time to harness the power of change and define the future of insurance in India” she said.
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