The pandemic has pushed businesses across sectors to change the way they operate and the insurance industry is no exception. From selling new policies to settling claims, the extended lockdown in the wake of covid-19 has pushed insurance companies to depend heavily on their digital architecture.
A report by professional services firm PwC, titled Covid-19: Impact on the Indian Insurance Industry, says that the two productive months for the insurance industry—March for life insurance and April for non-life corporate renewals—have been hit by around 30% and 15%, respectively. It further emphasizes the changes insurers will have to bring about in terms of their product categories.
