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Top 5 Life Insurance industry Trends in 2020

Top 5 Life Insurance industry Trends in 2020

Insurance is one of the most important investments you can make in the interest of your family’s bright future. The industry has seen many changes over the years in an effort to become more relevant in the changing times. As insurance is something people usually purchase right from the time they begin working, it has to stay relevant for different age groups.

A life insurance policy is often the first investment made by a working professional. Even as this person ages, their responsibilities increase and their requirements from their life insurance plan also significantly changes. The insurer, thus, has to ensure that the policy still can cater to these changing demographics, while also staying relevant for the new working professionals entering the workforce.

The iSelect+ Term Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, can cater to different demographics for its flexibility. This life insurance policy is a term insurance plan which offers flexibility to policyholders in terms of their premium payments and also in the manner of payouts.

Similar to the iSelect+ Term Plan, many insurers are evolving to meet changing requirements by policyholders. Several new trends are becoming visible as more insurers adapt to these changes. Read on to learn about the most prominent trends in the insurance industry in 2020.

  • Cover for Pandemics: The year 2020 began on an uncertain note, with the corona virus resulting in a pandemic. To ensure coverage for policyholders, more and more insurers have begun offering protection against such diseases caused by viruses which may result in an epidemic or a pandemic. Insurers all over the world have now taken steps to ensure they are not caught off-guard again by a pandemic resulting in a high number of deaths.
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  • Customer-Focused Solutions In its nascent stage, the insurance industry used to provide policies that were more geared towards a one-size-fits-all approach, but that is no longer the case. Customers today are more aware than ever and expect customized solutions for their requirements. As a result, insurers are steadily moving towards tailoring their solutions and policies exactly in line with customer requirements. This is set to emerge as one of the largest trends in 2020, with customers having the flexibility to choose between different sections of their policy.
  • Digital Access: Technology has long proved a game-changer for most industries, but life insurance plans are yet to embrace the full benefits of it. However, the year 2020 looks set to change that with technology quickly being embraced to provide customers with more flexible solutions which are also easier for them to interact with. For instance, the iSelect+ Term Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, offers customers the ability to apply for the policy from the comfort of their own homes through the internet and also lets them connect with relevant stakeholders who can advise them on the best policies for their requirement. Additionally, policyholders can upload documents and start making their premium payments as well, all at their leisure through online mechanisms. This ensures that customers are more comfortable and have greater say in how they’d like the policy to be designed according to their needs. Newer technologies such as Augmented Reality (AR) and block-chain are also set to be used by insurers to give customers a more realistic approach even without leaving their homes.
  • Enhanced Claim Settling: In line with digitalization as well as increasing focus on customer-centered solutions, 2020 will see insurers enhancing their claim settlement mechanisms as well. For instance, claims can now be raised more quickly with the policyholder having access to online portals. Insurers can use this increased access efficiently and also leverage it for settling claims more efficiently and in a shorter timeline.
  • Increased Options & Benefits: As the pool of potential policyholders increase, insurers are also going to become more competitive in terms of servicing these customers. This will result in different kinds of policies diversifying and accounting for additional factors. While riders have always been an additional component to every life insurance plan, 2020 will see an increasing number of riders being added with regular life insurance policies. This will allow insurers to beat out the competition by offering solutions to policyholders to retain their business.

The year 2020, having started on a grim note owing to the pandemic, has led to different industries embracing solutions they may have never explored before. Accordingly, even the insurance industry is set to take measures which will give rise to advanced trends this year. The iSelect+ Term Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, is set to get the first-mover advantage owing to the plan already offering several of the advantages that insurers are set to begin offering in 2020.

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