Insurance Gazette: Need to retain the learnings and transform further

Industry leaders speak about the challenges the industry has faced over the past year, fintech, and how the pandemic is shaping consumer behaviour

Although life insurance players have shelled out thousands of crores in Covid-19 related death claims and seen their profitability dip due to the additional reserves they had to hold for excess claims, the heightened awareness of risk, the change in perception around insurance as not just being a savings product, and the uptick in demand for pure protection products have meant that insurers have a once in a lifetime opportunity to increase penetration of life insurance in India. Raj Kumar, managing director (MD), Life Insurance Corporation; Vibha Padalkar, managing director and chief executive officer (CEO), HDFC Life; N S Kannan,