How Insurance is going to get better for you in 2021
India is rising with business potential. With a population waiting to explore newer and more efficient technologies, various sectors were fast pacing to fulfil their expected potential just as the Coronavirus outbreak impacted their growth trajectory, dipping both the supply and demand. The insurance sector, too, was negatively impacted by the financial uncertainty brought on by the lockdown and loss of definite sources of income.
However, by the end of the year, the economy changed gears to enter the recovery phase, and the insurance sector witnessed a remarkable surge in demand. Assuming the economy’s V shape recovery, the insurance sector is poised to adopt new technologies that can be used to improve and streamline insurance products.
Looking Back: What happened in 2020?
Just like any other sector, 2020 was a year of turmoil and uncertainty for the insurance sector. Hugely reducing the disposable income around the economy, it garnered massive losses for insurers as the demand plunged to new lows. But it wasn’t all bad for the insurance sector. The pandemic increased the demand for life and health insurance. Furthermore, tackling lockdowns and quarantines resulted in large-scale digital embracement. Looking forward, we can foresee fast recovery and further benefits from delving into digital technologies and innovative methods. Either way, customer-centric products and services will continue to grow.
Looking Forward: The Insurance Trends for 2021
Looking Forward: The Insurance Trends for 2021
Here are the future trends that would allow insurers to better serve their customers in catering to their specific insurance needs:
Data-Driven Insurance:
The insurance industry has always been data-driven, but with Indians spending more time than ever on the internet, 2021 will see insurers utilising customer data to even higher extent. Larger datasets imply that insurers will be able to develop more suitable, along with minimising risk through a better underwriting process.
Tailored Products, fairer premium:
Millennials, being the most significant population group, are now mature enough to invest in a comprehensive insurance policy. They expect product specialisation and customer engagement through tech-savvy platforms. 2021 will see insurance brokers brush up their digital skills, invest more in R&D, AI, and other digital technologies to offer customised insurance products with affordable premium and flexible terms.
Specialised Products:
Since this fiscal marks the recovery phase for the Indian economy, consumers would want to be more financially secure, both personally and for their organisations. With higher disposable income, people would look to buy specialised insurance policies to better protect their interests, allowing insurance companies to introduce specialised products such as travel, cybersecurity, motor insurance, etc.
Post Sales Experience:
India added more internet users in 2020 than any other year. It is expected that along with the physical channels; more consumers will look to utilise the online channels to buy insurance products. Amid heightened competition, it would become vital for the insurance brokers to provide a comprehensive post-sales experience that is customer-centric in all aspects.
2021: What Should You Do?
At a personal level, 2020 came as a lesson, magnifying the need to be secure and live in peace - both financially and physically. Moving forward, it becomes critical for people to invest in an all-inclusive insurance policy for protecting various aspects of their lives against unforeseen eventualities. Furthermore, buy insurance policies only from insurance brokers after careful analysis of their post-sales experience and CSR.
The emerging trends for 2021 indicate the year as the rise of insurance. The trends highlight data-driven, technologically backed, tailored products poised to be successful in their goals, directly helping the customers in providing extensive coverage. PINC Insurance is an innovative insurance broker, visualising insurance policies through advanced data-backed technologies to ensure every product is specific to the customer’s need & interest. For knowing about the best insurance policies of 2021, you can visit us at pincinsurance.com.