When we buy insurance, we simply transfer the cost of a potential loss to the insurance company in exchange for a premium. Insurance companies then invest the funds securely, so it can grow, and pay out when there’s a claim. These risks may result in financial losses. Insurance helps in transferring such risks to an insurance company offering coverage to individuals or companies in the case of a loss being suffered in the future, e.g. damage after a car crash, items stolen from the home, etc. Life insurance means that a specific beneficiary will receive a lump sum in the event of the policyholder’s death or terminal illness, whereas non-life insurance covers all other branches of insurance, including car insurance, property & casualty insurance, and homeowner insurance. The insurance sector includes companies that offer risk management in the form of insurance contracts. The basic concept of insurance is one party i.e. the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party i.e. the insured pays a smaller premium to the insurer in return gets the protection on that uncertain future occurrence. The insurance industry of India comprises 57 insurance companies 24 are in the life insurance business, while 34 are non-life insurers.Among the life insurers, Life Insurance Corporation (LIC) is the leading sole public sector company. The growth of the insurance market has always got support from the government subject to the authority and growth of the insurance business and reinsurance business.
The current situation of the COVID-19 pandemic proves how life is so unpredictable and provides lessons that will help reshape the future of insurance. Surprises, both good and bad, are inevitable. The recent pandemic has emphasized healthcare in the economy, and health insurance plays a critical role in the effort to strengthen the healthcare ecosystem. The increasing internet and mobile usage have a major influence on customer preferences, as the customers are switching to products online.While the traditional model of buying insurance is still the most sought everywhere, it was found that online research on life insurance has been observing an increasing trend. Consumers are re-evaluating their risk management and it can be hard to differentiate between insurance policies and financial services products. And with time you need to meet and exceed customer expectations, achieve customer-centricity and unlock new growth to reinvent the core of your business. Digital insurance and online channels are expected to face continued growth as the share of web aggregators within digital insurance have been constantly increasing and web-aggregators currently originate about 30-40% of digital insurance. The digital influence on insurance sales is 13% for life insurance, 15% for health insurance, 9% for motor insurance, and 21% for travel insurance. People are spending more time in the digital world.
Achieve customer-centricity and unlock new growth
Meet and exceed customer expectations
Transform with automation, insights, and intelligence
We help you to transform with automation, insights, and intelligence that helps in getting prepared for the future. This requires new skills, processes, technology, and culture. The insurance companies that become an essential part of their customers’ lives with seamless, secure, personalized engagement will win and IWCN helps you to do this through upgradation that this sector needs as it requires new technology to bring the change in the industry with the change in time.