06/08/2020
COVID-19: Insurance innovation to cater to consumer needs
Increasing Demand in Insurance Buying
Expectedly, amidst the ongoing coronavirus pandemic, the demand for health insurance and life term policies has seen a huge rise over the last couple of weeks. With the growing number of COVID- 19 positive cases in the country, it seems that people have become more aware of the unforeseen risks triggering this sharp demand. As per insurers and web aggregators, there has been a growth of 20-30 per cent in the sale of health and term insurances in the last few weeks. In order to buy a policy online, customers can now also avail e-KYC services. e-KYC helps in the completion of KYC (know your customer) process digitally and thus eliminates the need for filling up physical forms as well as submission of physical documents. The main objective of e-KYC is to register the customer with the least amount of paperwork and in the shortest possible time. The service has thus turned to be a game-changer in times like these when the entire country is on a lockdown.
Source: World Finance Informs
https://www.worldfinanceinforms.com/news/covid-19-insurance-innovation-to-cater-to-consumer-needs
