Insurance takes on a new cover

Online channels have demonstrated exponential growth over the last few years, especially after the pandemic

Ever since InsurTechs set a digital footprint in the insurance industry, technology has greatly equalised barriers and accelerated the crucial metric of penetration. Traditionally, insurance has been perceived to run on a feet-on-street kind of model. But the advent of digitisation has made the consumer’s journey a lot easier and is propelling a more holistic view of long-term value creation. 

While this transition continues to transform insurance, stakeholders view this as an opportunity to provide consumers with the best of both worlds. New-age insurance is about marrying tech with tradition — the “phygital model”. While digitisation has changed the insurance