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5 new trends that will shape insurance industry in 2021

What a difference a year can make? 2020 may be the answer. The ongoing COVID-19 pandemic drastically shifted consumer needs, habits and expectations, while compelling virtualization of operations literally overnight. The tiny yet deadly novel coronavirus triggered a galore of structural changes across all sectors and the insurance industry was no exception. The year saw many important planning go awry with working from home and dealing with clients virtually becoming the new normal for an industry that traditionally relies on face-to-face communication. Fortunately, during these tough times, the Indian insurance industry buckled down efficiently. The industry made the best use of technology to provide the greatest possible support to customers in buying the right protection products. This year, the Indian insurance industry is mostly expected to search for growth through new service-based models, innovative products and better focus on prevention. Digitalisation In the months gone by, insurers have started to realise the fact that the traditional approach of selling insurance products to the customers will no longer be near enough for the insurers who wish to stay ahead of their competitors. The foundation of the entire insurance industry is based on offering products and services to the customers that help them stay protected against loss as a result of an unfortunate event. Read the full article