The insurance sector of India has been suffering as the financial sector and the banking sector the nation is facing major issues. The frauds in banks and the financial firms have led to this situation where the nation of India is almost seeing the death of the insurance sector.
The Entry of the digital players in finance is changing this and there have been announcements of new policies for the revival of the sector that is essential to the growth of the nation. Indian Overseas Bank Health Care Plus Policy (IOB HCP), a co-branded Health Insurance is designed by Universal Sompo General Insurance company for the IOB Customers with a Sum Insured starting from Rs.50,000 to Rs.15 Lakhs. This new policy will help the sales of the policies in a time where the policies are failing and the major cause is that they are unable to cover the major diseases under their policies. This policy claims to cover major diseases and this will be marketed in a different way that will change the direction of the insurance sector. Very few Insurers have real-time integration with Bank’s Core system. This would be a Win-win situation for both Bank and Insurance Company this is the major strength of this policy and this will aid the insurance sector at its best.
Let’s see how this fares in the insurance world as we advance in the tech era where the fintech firms are taking over the major financial systems and this trend is soon coming to the insurances.