The Covid 19 impact is not over yet and no relief is expected soon. The process of vaccine approval, manufacturing and reaching to the ultimate beneficiary will also take time. SO practically most part of the next year will be affected too.
The insurance Industry had a mixed impact. Though in the initial period insurance business was heavily impacted, the insurance business picked up a bit due to sale of health insurance and coronavirus policies. Covid 19 policies also witnessed a good number of claims. Business is back on track but still it will take time to return to normal position unless all business activities are restored.
IRDAI is taking many proactive steps to launch standard life insurance policies, standard products for cyber insurance, establishment of a working group for Surety bonds, amendment in advertising regulations, allowing the Agents exam through remote proctoring etc.
As the insurance market matures and develops, it will witness innovation in products and services. Bite sized products hopefully will be of great demand in future. A time will come when most of the Insurers will offer standard products and the major differentiator will be their service quality, promptness in settlement of claims, attending to customer complaints quickly, reachout to the customers through various social media platforms and likewise.
A large part of the Insurance market in India is either uninsured or undercovered. There is an urgent need to reach out to the maximum people and get them covered.
