Pandemic Preparedness: How Insurance Policies Adapt to Global Health Crises

A global pandemic that changed the way we work made many in- dustries go back to the drawing board to reimagine their offerings, too. While some moved on to market their health and hygiene practices to assure their customers that they can protect them, some began providing remote services to avoid or minimise contact. However, insurance companies had to re-adapt their offerings to provide more rounded and trustworthy assistance in case their client got affected by the pandemic.

Insurance companies choose to do one of two things. Either they updated the terms and conditions of the policyholder by adding the COVID-19 disease in their inclusions for decisions or chose to offer their customers a top-up plan that included coverage against COVID-19 health woe.

This included the term insurance policy. The term insurance policy is one of the policies most individuals apply for. The term insurance is aimed at individuals wanting to protect their family's financial and lifestyle interests in case of their accidental demise.

As we progress, the insurance policies are looking at a paradigm shift. The aim is to create a world where tailor-made policies would be leveraged for a better customer experience. This would allow the insurance service providers to provide you with the policies and plans that not only suit your needs better but also allow them to offer you better transparency and cohesive care. This would also make your term insurance plans, medical insurance and all the other insurances more affordable and open it to a broader audience.

The pandemic and such incidents pose a threat to the way in which we perceive the world today. Some of the prominent challenges faced by the insurance companies are:

• Awareness of insurance and its benefits
• In cases like a pandemic, awareness about the prevention and best tips to practice
• Educating users about how they can leverage insurance
• Implementing programs to reward active and healthy customers
• Providing practical customer experience in times of a pandemic

All of the above points are critical to create trust among you. Many insurance companies offer reduced policy premiums for individuals who maintain a daily habit of logging in 10K steps. This is a positive sign of wanting you to be fitter and healthier. In the times of pandemic when patient care was an issue, making sure that the insurance claim and its processes happen in a smooth way, self-service and WhatsApp Chatbots made it easy to interact and reach the right person.

The insurance companies are here to insure you. They will be able to do it better with your assistance. Think of it as a value system where you work with the insurance companies to create awareness about insurance, how one can stay active and fit and implement lifestyle changes and more. The insurance service providers then reward you by applying changes and including pandemic woes to their inclusions in term insurance and other such policies.