Companies need to forcefully sell insurance as it is no longer an option but a necessity: IRDAI Member

Several insurance companies in the country are offering various insurance covers to their customers like health insurance, vehicle insurance, etc. These insurance covers help the customers to get financial assistance as per the insurance policy they have opted for.

After the outbreak of the coronavirus pandemic across the world people have realised how important it is to have insurance cover in order to protect themselves from the financial drain at the time of an emergency.

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Speaking at ASSOCHAM's annual insurance summit, TL Alamelu, member of insurance regulator Insurance Regulatory and Development Authority (IRDAI) said that now insurance companies need to forcefully sell insurance policies as it is no longer an option but a necessity.

She further added that if everything settles down then in the next five years the insurance industry can easily grow at the rate of 40 to 50 percent otherwise it may grow at a rate of 25-30 percent.

Saurabh Mishra, Joint Secretary, Department of Financial Services, Ministry of Finance said that digitalization has proved to be a game-changer for the insurance sector across all segments during the coronavirus pandemic.

He added that no work of the insurance sector has stalled during the pandemic and now with the help of digitalization the customer experience can further be enhanced.

As per the information around 4 percent of the claims have been rejected in health insurance while 0.6 percent in life insurance.