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Posted by Micheal Alexander on April 26, 2024 at 9:08am 0 Comments 0 Likes
Posted by Prajakta on April 26, 2024 at 9:07am 0 Comments 0 Likes
Insurance is a word that buzzes around in society. It is an essential investment that anyone should make in order to protect themselves, their families, or their assets from unforeseen circumstances. In India insurance is of two types – life insurance and general insurance. While life insurance protects the individual, general insurance will protect different non-life aspects like health, house, vehicle, and travels.
Innovation and Insurance Sector
A general insurance company in India provides insurance for one’s heath, home, motor vehicles, and in travel plans. Insurance is one field where innovation is not much discussed. The global pandemic, however, showed us that a disruption on global scope is no longer within the scope of science fiction. With a changing world the industry should also embrace change. Globally general insurance companies are ushering changes. General insurance companies in India should improve their innovativeness to help the insurance industry further.
Innovation Ideas for Insurance Companies
Innovation in insurance sector is a wide spectrum topic which needs consideration of several factors, parameters, and identification of the needs and preferences of the various target demographics. Nonetheless, there are many innovatory steps the insurance companies can take up, some of which are discussed here -
Innovation ensures progress. Insurance is and will remain relevant in our society. It is the duty of a general insurance company to embrace innovations. By following the above points, a general insurance company in India can improve the scope of innovation in the insurance sector.
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