NAICOM noted that the sector’s premium dipped during the COVID-19 lockdown as many insurance companies could not drive sales electronically.
“This has necessitated the need for a robust online automated marketing and feedback system in order to reduce the dependence on in-person sales and marketing.” Considering that most losses arising from the pandemic were not adequately covered by existing insurance policies, he said, it had become obvious that current insurance product offerings were not adequate to respond to emergent risks and needs of our society.
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