As we settle into the new normal, the insurance industry, which had seen much more challenges than other sectors during the period of the COVID-19 pandemic has begun to identify the opportunities emerging from the throes of the pandemic.
The prices that customers are required to pay are not risk-based and often, only corporate entities and governments can afford them; This means that buyers of insurance can review and compare rates of different insurers, which they could not do before now and payments are made seamlessly on the same platforms within seconds. The turnaround time for insurance transactions are drastically reducing as a result of this while both the insurers and policyholders are becoming more conscious of value as the critical determinant of their relationships than just the prices at which the products are sold.
Information about relevant insurance products have become more available and accessible to the insuring public and in formats that they can readily be read, watched, and circulated for the benefits of all. Some still argue that insurance offerings need to be publicized a lot more than is currently being done hence the anticipation of a new life, where communication will be more effective.