COVID-19 has swept the length, breadth and depth of the Indian and global economy, permeating, and affecting every industry to varying degrees. The Insurance industry has not remained immune to the impact of covid-19 on the national economy. Indeed, the extended lockdown in the wake of covid-19 and the consequent slowdown has thrown up unprecedented challenges for Insurers. For one, the crisis has pushed insurance companies to depend heavily on their digital architecture. Additionally, the volume, nature & composition of insurance demand and claims have undergone a structural change. Claims from motor vehicle insurance and health insurance have gone down, due to decreased vehicle usage and postponement of planned surgeries and treatments respectively. This has more than offset the increased anticipation of claims from COVID patients for treatment.

The issues of concern can be consolidated into the following broad areas:
▪  Potential long-term changes to the industry.
▪  Structural change in the volume, nature and composition of insurance demand and claims.
▪  Increased dependence on Digital infrastructure for demand and claims servicing.
▪  Changed behaviour of customers.
▪  Inadequacy of existing digital architecture and processes.
▪  Inadequacy of Data analytics, Predictive Analytics and key algorithmic data interpretation.
▪  Assessing impact of Insurtech on industry.

With these key challenges in focus, The Bengal Chamber of Commerce and Industry and Intueri Consulting LLP organised a webinar titled "General Insurance in a change paradigm: Reassessing strategies for the new normal" on 18th July, 2020.

The webinar was moderated by Mr. Tamal Bandyopadhyay, Consulting Editor, Business Standard and Mentor, Banking & Finance Committee, BCC&I. The eminent panellists were Mr. Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance Co Ltd.; Mr. Mayank Bathwal, CEO, Aditya Birla Health Insurance Co Ltd. and Mr. Mahesh Balasubramanian, MD & CEO, Kotak General Insurance Co. Ltd.