Kotak Life positive about 15% growth for insurance industry

Mumbai: Private sector life insurer, Kotak Life positive about Insurance industry's growth at 15 per cent in the current fiscal. After the pandemic imposed new normal phase last year, Life insurance industry today is in the next normal phase. This phase has been accentuated by the fundamental shifts in behaviours, both by customers and insurers.

The industry had earlier successfully transited the new normal phase by re-inventing its operating models through digitalization and is now accelerating showing more promise than ever before.

Kotak Life Insurance continues to grow faster than the industry with a 37 per cent growth in its gross new business premiums compared to the industry growth of 8 per cent YoY as on YTD November 2021. Its individual business grew by 20 per cent YoY (APE 19 per cent) and the group business grew strongly by 55 per cent YoY.

From the current next normal phase, the industry will graduate towards a never normal phase where every customer's unique financial needs will be addressed by Insurers through a combination of hyper personalized offerings, simpler journeys and processes.

In anticipation, Kotak Life, which had already significantly strengthened its digital enablement and adoption last year, is aiming to leverage its digital assets to offer holistic solutions for its customers.

Our advice to customers is to primarily ensure adequate protection through a term cover of at least 10 times of annual income. In addition to this, we also recommend protection against any health emergencies as these are known to create great financial distress for the family. As a good practice, maintain a balanced portfolio of guaranteed plans, participating plans and unit-linked plans, with a long-term commitment. We also advise customer to plan for their retirement at an early stage and take benefit of annuity plans to lock the higher annuity rates offered by insurance companies.