The pandemic and its repercussions for the economy affected many insurance brokers.The pandemic had a devastating impact on engineering insurance and workers’ compensation insurance companies.Due to the drop in revenues, small businesses were unable to take on insurance, and the motor insurance business was shut down because no one was willing to renew their policies during the lockdown.Vehicle renewals were postponed because there was no vehicle movement.The pandemic also affected the insurance broking industry, requiring them to reinvent themselves in order to adapt and improve their chances of survival in the market.
After the pandemic has subsided in 2022, certain broking trends are observed:
Totally embracing technology:The insurance broking firms have completely adopted technology and made the insurance purchasing process entirely online without the need for human interaction.For the convenience of their customers, many insurance brokers have developed their own online stores where customers can buy insurance products without having to speak with a person.A group health insurance software developed by Ethika insurance broking can be synchronized with any organization’s HR portal.
With the help of artificial intelligence, claim settlement has also undergone a complete transformation, with customers now able to directly determine the status of their claims.Even claims can be reported on insurance companies’ websites or mobile apps.
Products that are customized and personalized:
The protection agents have presented customized and modified protection items.When it comes to insurance products, customers’ preferences have changed.
Customers are demanding new insurance products that can be customized to meet their specific requirements rather than the older model insurance products.
Customers can customize their group health insurance policies to meet their specific requirements.Other insurance products, such as pet insurance and super top health insurance plans, can be tailored to meet individual customer requirements.
The sum insured, deductible, and other components of group super top up health insurance plans can be customized as an add-on for customers of group health insurance.
Keep compliance in mind:The Insurance Regulatory and Development Authority of India, which oversees insurance operations in India, is responsible for regulating the insurance industry in India.In order to avoid paying hefty fines, insurance players in the market must adhere to extremely stringent compliance requirements.In addition, insurance intermediaries are the only type of intermediary that is legally responsible for services that are lacking.Insurance brokers who don’t follow the rules and regulations set by the authority face significant fines from the IRDA.
In an effort to lessen their chances of having to pay the authority’s fines, insurance brokers have increased their focus on compliance.Malpractices could also be reduced to some extent in this manner.
Work models that combineThe hybrid working model, in which employees can work from home or the office, has been adopted by insurance brokers.The arrangement for this hybrid work model is made by brokerage firms with considerations for data security and work efficiency. It may continue for a few more days.
