Opinion

Every crisis presents an opportunity and covid-19 is no different. Like in many others, the pandemic has changed consumer behaviour in the life insurance industry as well, leading to greater interest in pure term insurance plans. Also, self-service usage has seen a sharp uptick in these times, as an increasing number of Gen X and Gen Y customers are adopting self-service options. Not long ago, on-boarding required customers to fill up application forms, a laborious process which involved a lot of paperwork and anxiety. Also, the fulfillment journey required multiple hand-offs and disparate systems leading to customer experience issues.