COVID-19 crises have underlined the role technology can play in underwriting insurance policies with telemedical emerging as a faster, safer and most secured way to issue insurance for the consumers considering the current environment.
The threat of getting infected with the COVID-19 or the novel coronavirus, has reinforced the importance of having adequate life insurance for everyone who have financial dependants.
In order to maintain social distancing and to keep customers off the medical centres for conducting a medical test before issuing a life insurance policy a mandatory norm – insurers have even relaxed norms and have adopted alternative evaluation methods instead of relying on medical tests.
Vaidyanathan Ramani, Head - Product & Innovations, Policybazaar.com said typically, a representative of the insurer visits the applicant to collect blood samples for the required medical tests.
However, during the nationwide lockdown, the insurance companies chose an alternative method to issue policies to the customers by evaluating their credit scores, using tele-underwriting or relying on health declarations by applicants themselves.