IMPACT OF COVID-19 PANDEMIC ON LIFE INSURANCE BUSINESS IN INDIA

Uma Tripathi Research Scholar, Department: Institute of Management, Commerce, and Economics, Shri Ramswaroop Memorial University, Lucknow-Deva Road, U.P. (India) umatripathi.mr@gmail.com
Dr. Madhu Dixit Associate Professor Department: Institute of Management, Commerce, and Economics, Shri Ramswaroop Memorial University, Lucknow-Deva Road, U.P. (India)

Abstract

The COVID-19 Crisis has established astonishing encounters for businesses across the sphere. Indian Life Insurance Business seems to be no different. They have been through Roller coaster ride too. 2018-19 was promising there was Dip in New Business for the year 2019-2020, Industry seems to be back in the game in the financial year 2020-2021.Companies endured the crisis in good health and are now relishing a heady recover. The underlying study focuses on understanding the trend of New business during this pandemic situation for the life insurance companies in India. Here we are going to study new Business figures for the Period 2018-2019 ,2019-2020 and 2020-2021 to understand the trend in the new Business, we are going to compare the new business data for all the life Insurance Companies in India do a comparison and analyze it. Due to the pandemic, many now consider insurance to be a necessary safeguard against unforeseen circumstances. So, while life insurance may still be some way from a pull product, it has achieved the status of a nudge product. Also, life insurance companies have been quick to adapt to the synero and have introduced specific covers for pandemics, policies tailor-made to customer expectations and requirements, digital access to services.

 

 

 

Keywords:

Life Insurance, Pandemic, New Business, new product, digital media

 

 

 


Full Text:

PDF


References


1. Arthur D. Little has published paper “A bright future for life insurance in India in a post-pandemic world “ Retrieved from www.adlittle.com/en/insights/report/bright-future-life-insurance-india-post-pandemic-world/.
2. 2019. Deloitte paper "Impact of COVID-19 on the Insurance Sector “Retrieved from www2.deloitte.com/content/dam/Deloitte/uk/Documents/financial-services/deloitte-uk-insurance-trends-2019.pdf/.
3. Report By KPMG “COVID-19: customer and digitization in insurance “Retrieved from home.kpmg/xx/en/home/insights/2020/05/covid-19-customer-and-digitization-in-insurance.html/.
4. Report By KPMG “COVID-19 puts insurers on the fast-track to technology adoption “Retrieved from home.kpmg/xx/en/home/insights/2020/04/covid-19-puts-insurers-on-fast-track-to-technology-adoption.html/.
5. Report By KPMG “COVID-19 insurance operations challenges “Retrieved from home.kpmg/xx/en/home/insights/2020/04/covid-19-insurance-operations-challenges.html
6. Business Standard article a. Retrieved from 2020:https://www.business-standard.com/article/companies/new-business-premium-of-life-insurance-companies-declines-25-in-may-120060900999_1.html/.
7. March 2021 Financial Express article “Life insurance companies see 21% rise in new business premium to Rs 22,425 cr in February “ Retrieved from https://www.financialexpress.com/money/insurance/life-insurance-companies-see-21-rise-in-new-business-premium-to-rs-22425-cr-in-february/2209223/.
9. Business Line Article dated 2020:” Covid-19 pandemic, slowdown impact life insurers” Retrieved from www.thehindubusinessline.com/money-and-banking/covid-19-pandemic-slowdown-impact-life-insurers/article32325066.ece/.
10. IRDA reports Business Figures - Life – IRDAI Retrieved from www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo4123/.

Refbacks

  • There are currently no refbacks.