The COVID-19 pandemic has brought about huge awareness in the Indian market of the need and benefits of protection plans, and the life insurance industry must take advantage of this, said speakers at webinar organised last week by the National Insurance Academy.
The annual CD Deshmukh memorial seminar with the theme “Life Insurance industry in the new normal”, looked at the opportunities and challenges facing life insurers amidst the current COVID-19 pandemic.
National Insurance Academy director G Srinivasan said that awareness of life insurance has expanded significantly over the past few months and insurers must tap into this huge opportunity. “In the midst of the current pandemic there were a huge opportunities created and the industry must bring in greater professionalism to the market.” he said.
He advised the industry to design simpler and innovative products and to deal with the issue of persistency, which has been a huge challenge for the life industry in India.
IRDAI chairman Dr. Subhash Khuntia said that in spite of the numerous challenges faced, the life insurance industry has risen to the occasion in the new normal. he called on companies to exploit the increased awareness of insurance created by the pandemic and to work together with different stakeholders to come out with simpler and standard products for the masses.
The COVID-19 pandemic has brought about huge awareness in the Indian market of the need and benefits of protection plans, and the life insurance industry must take advantage of this, said speakers at webinar organised last week by the National Insurance Academy.
The annual CD Deshmukh memorial seminar with the theme “Life Insurance industry in the new normal”, looked at the opportunities and challenges facing life insurers amidst the current COVID-19 pandemic.
National Insurance Academy director G Srinivasan said that awareness of life insurance has expanded significantly over the past few months and insurers must tap into this huge opportunity. “In the midst of the current pandemic there were a huge opportunities created and the industry must bring in greater professionalism to the market.” he said.
He advised the industry to design simpler and innovative products and to deal with the issue of persistency, which has been a huge challenge for the life industry in India.
IRDAI chairman Dr. Subhash Khuntia said that in spite of the numerous challenges faced, the life insurance industry has risen to the occasion in the new normal. he called on companies to exploit the increased awareness of insurance created by the pandemic and to work together with different stakeholders to come out with simpler and standard products for the masses.