Insurance Sector Adapting To Changes Amidst COVID-19 Outbreak

The Policy Bazaar Show is a series that decodes the grey areas of purchasing insurance. Through the 26-episode series, the show will highlight and discuss a magnitude of topics essential to everyone trying to secure their future. From purchasing the right cover to switching policies while shifting jobs, to ensuring a comprehensive child cover, insurance experts deliberate, simplify and, throw light on the complexities of purchasing insurance in India.

In this week's episode, our eminent host, Vivek Law will be talking to Sarbvir Singh, CEO, Policybazaar.com about the changes in the insurance sector amidst the corona outbreak. The insurance sector has been through many major accommodations to make the process of buying or claiming insurance policies easier for consumers.

The most major leap that the insurance sector has taken amidst the corona outbreak is the increase in penetration among Indian citizens. Despite the low costs involved in insurance, there has always been a dearth in the popularity of opting for a long term insurance plan. Now that the individuals realise the importance of insurance during a pandemic or any emergency situation, there is a steady rise in the demand for policies.

ALSO WATCH: COVID-19: Enabling Digital Transformation In The Insurance Sector

ALSO WATCH: #ProtectKarBefikar In The Times Of A Pandemic

Although a digital transformation has been in place for a long time, the COVID situation accelerated the transition to match up to the requirements of the present scenario. All the insurance-related processes on the digital platform are simple and convenient for the consumers and the insurer themselves. There are a lot of innovations like the Arogya Sanjeevani plans that are making health insurance more affordable and acceptable for the policy buyers.

ALSO WATCH: The Digital Journey Of The Health Insurance Sector

ALSO WATCH: Expert Speak: Health Insurance In Times Of Coronavirus

Arogya Sanjeevani also takes into consideration, the pre-existing ailments of an individual, which in many of the previous policies were supposed to be an add-on feature. However, the buyers have to ensure that they provide all the information related to the pre-existing ailments while buying covers, so as to ensure that there is no discrepancy in case of an emergency. The Arogya Sanjeevani plan is mandated by the IRDAI and it is an umbrella cover, a standard policy cover accessible from any insurer, with features for everyone irrespective of the insurer.

At present, there are over 2000 claims that are related to COVID-19. For consumers, who have been tested positive or have to be admitted in hospitals, the claims process has been prompt and they have been paid on time. This has significantly changed the outlook of people in regards to buying insurance. The consumers are looking at covers that have a higher sum insured, but the insurance has been made available for everyone with customable top-ups or add-ons. There are innumerable changes taking place in the insurance sector and the industry is still trying to adapt to all the technological advances that come their way.

Watch the episode for more insights on insurance during COVID-19