Insurance companies globally have faced major disruption due to pandemic in life, general and health insurance. The loss ratio and combined ratio of most firms have witnessed sizeable rise. Associated with the pandemic challenges, the insurance companies have also faced issues associated with the work from home and new technology adoption. These issues have compelled the insurance companies to strengthen their products, pricing, distribution and more significantly policyholder servicing. In the health insurance sector, the policyholder have far more expectations from their insurers.
Insurance companies are reshaping their approaches in different lines of businesses, transforming their processes and have a higher technology adoption and acceptance not only from the employees but also from customers.
The financial performance of various insurance companies in India establish a material fact – the agile companies have not only survived but have done well and risen above the others. Those who have considered the challenge as an opportunity have demonstrated noticeable change in their performance.
In addition to the disruption arising out the above the policy framework and the regulatory changes have also had a large share in offering more challenges and opportunities to the insurance companies. The reforms associated with foreign investments in the sector from both strategic and financial investors have changed the shareholding structure of many companies.
The insurance companies have to think afresh their distribution approaches including a search for new distribution partners with digital capability and ability to connect with existing and potential policyholders for both selling as well as servicing them.
APAS has been in the forefront in the areas assisting clients with fresh strategy and planning approaches, identifying strategic and financial investors, identification and selection of distribution partners and alliances and varied services to our clients.
The various services offered to premier insurance clients include :
• Reshaping Strategy and Planning. Assisting clients with their business approaches, identification of new geographies, evaluating efficacy of distribution partners and all areas of growth and strengthening.
• Merger and Acquisition Opportunities. APAS has assisted several overseas and domestic insurance companies in selling or acquiring equity in existing insurance companies.
• Registration of New Companies and Ventures. APAS has market leader position in the area assisting new promoters with their application to the regulator for registration. APAS enjoys a leading position in assisting re-insurance companies with their branch approval for setting up operations in India.