COVID-19 pandemic and the resultant lockdown imposed in multiple countries across the globe, along with the need for social distancing, has transformed consumer buying behaviors and expectations. The insurance industry is at the epicenter of a health pandemic, and it plays a crucial role in providing resilience and driving economic recovery. Insurers have quickly adapted to the changing lifestyles and the ‘new normal’ with innovative products to meet changing customer demands.
This publication focuses on an upcoming insurance product – ‘On-Demand Insurance’. This type of insurance allows consumers to buy insurance online with minimum interaction. The product is perfect for the current generation, for whom convenience, customization, and accessibility are significant factors in the decision-making process. Further, the publication deep dives into the growth of on-demand insurance, the advantages for customers and insurers and provides an overview from an Indian perspective on the initiatives the regulator (IRDAI) is taking through their sandbox guidelines.