‘Increase in demand for life insurance products post lockdown’

Chennai: Stemming from the need to stay protected and keep loved ones secure, there has been a record change in customer perception and buying patterns in life insurance post the Covid-19 outbreak.

In a press release here, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited, said, “The insurance industry noticed a slowdown post the outbreak. However, the rise in pure protection policies for some key life insurance players has been noteworthy. Statistics of online insurance web aggregators reveal that there has been around 20 per cent increase in the demand for life insurance products in March 2020. Most of these digital-savvy, salaried customers fall in the millennial and Gen Z categories. They have been busy doing what they do best – buying online! Life and term insurance products have been researched, compared and we can see an upward climb in the number of policies purchased online.”

“Most new-age insurance players like us were able to seamlessly transition to an online working business model; ensuring almost minimal business disruption. At IndiaFirst Life, we enabled e-KYC and tele-medical consults as a norm even before the Covid-19 outbreak. Our agents have been encouraged to sell policies online as much as offline. Our AI enabled; multilingual website is another customer touchpoint, which has evolved with our digi-selling effort. As a result, we have leveraged top notch insure-technology to ensure 90 per cent proven work efficiency as well as 4x times the overall industry growth rate last year,” he said.

 

NT Bureau