The year 2020 was tough for the insurance industry but it also helped it reinvent itself like never before. For instance, the industry brought in many customer-facing features, which would have normally taken years to become functional. There were also many firsts this year. In health insurance, short-term policies (generally, insurance policies tenure is of one year) were launched, telemedicine (treating patients using telecommunication) was brought in and instalment option was introduced for premium payments. Life insurance business, which was predominantly done via offline channels, largely moved online.
The year, along with the pandemic, brought huge disruptions. Procedures in health insurance were digitized, which otherwise were quite traditional. Right from buying a policy to underwriting process and the claims settlement, everything is digitally available now, said Krishnan Ramachandran, MD and CEO, Max Bupa Health Insurance Co. Ltd. After the pandemic broke out, policyholders faced problems in getting their claims settled, while according to Ramachandran, insurers also faced challenges in managing customer grievances due to overcharging at hospitals and denial of cashless facilities in some instances. We look at the key developments in the insurance sector in 2020 and the challenges ahead.
Courtesyg: Google (photo)
