2020 brought standardization, digitization to insurance sector
The year 2020 was tough for the insurance industry but it also helped it reinvent itself like never before
The year 2020 was tough for the insurance industry but it also helped it reinvent itself like never before. For instance, the industry brought in many customer-facing features, which would have normally taken years to become functional. There were also many firsts this year. In health insurance, short-term policies (generally, insurance policies tenure is of one year) were launched, telemedicine (treating patients using telecommunication) was brought in and instalment option was introduced for premium payments. Life insurance business, which was predominantly done via offline channels, largely moved online.