We welcome you to our insight series – Riskcovry InsurTech Pulse, where we aim to deliver views and updates that encourage conversations among our colleagues and enthusiasts in the #InsurTech space.
This blog is an extension to this series where we elaborate on a topical insight and what more topical than the ongoing pandemic which has stuck to all of us since the beginning of this year?
It is common knowledge that the impact of COVID-19 on India, along with the rest of the world, is among the worst hit. With greater cognizance of especially health insurance, this also presents the insurance sector with an opportunity, paving the way for higher insurance penetration across the country.
In order to assess the impact of COVID on the non-life insurance industry, we analyzed IRDAI data from March 2020 to June 2020 with the corresponding period in the previous year. Here are our 5 key takeaways on the non-life side of the insurance industry:
We think this is the tip of the spear for the insurance industry in India in terms of a tailwind for the health side. Many sweeping changes across consumer awareness/consumption, product, distribution, technology, regulation/compliance, data privacy/security, capital, and other market forces, lie ahead of us. Organisations across the industry value chain are looking at an accelerated journey to adopt digital solutions to connect to their end users, for whom too social distancing is becoming an inevitable way of life for the foreseeable future.
With Riskcovry InsurTech Pulse, we believe that together, we can convey, enthuse and promote views around innovation with the potential to impact the collective ecosystem. We shall be back with more such interesting insights every month. Watch this space!
Have a burning topic or question that you’d like us to cover as part of this series? Please write to us at firstname.lastname@example.org