Post COVID-19 ERA: CHANGES IN CONSUMER TRENDS IN INSURANCE SECTOR IN COVID-19

Industrial Insurance sector

Insurance is also impacted by the industry sectors it supports and hence industrial production, healthcare indices, and employment indices will also have an impact on its growth and recovery prospects.

Consumer trend shift- individual customers

In India, the penetration of Insurance was 3.69% but after COVID-19 increase the penetration of Insurance sector is expected due to the changed consumer trends in India. People are now interested to avail all the facilities while sitting at their homes.

Trend Shift in Insurance Industry

Increase in the amount of term plans
There is a surge in the amount of term plans. The pure life cover is likely to see a renewed interest, and since that is largely an online market, it should see a boost in demand.

Opportunities:

The economic downturn and resulting thriftiness has increased the demand for insurance solutions and price propositions that are simple, transparent and cost-efficient.

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