Mr. Pankaj Chauhan B. Com from Delhi University, MBA from IMT Ghaziabad, an Associate member of Insurance Institute of India. I am in the field of insurance since June, 2003 and brings technical as well as management skills to the team. Had been instrumental in procurement of reinsurance for huge projects abroad especially in Africa and Asia.

Q .    Insurance companies are into stress how you think this will affect your business?

 We see this pandemic as the opportunity for all insurance companies to give the best products and services into the market and capture the maximum share.

As far as the life insurance companies are concerned, they have increased the price of their term insurances by upto 50%. Initially the life insurance companies had faced the problem of underwriting and issuance of policies but have overcome it through technology advancement like usage of tele underwriting etc. Ultimately, the same will help them to close the policies on a much faster basis

For Non-life insurance business, the effect was temporally because of cash crunch faced by the factories owners. However, things have now streamlined themselves

Q.    There is a lot of redemption pressure on life insurance companies, what is your experience?

 Its Primarily because of Market volatility and cash crunch. However, the post redemption customer is confused on reinvestment.

As in current time there is no better products than Insurance whether its Non Par For Guaranteed solution or ULiP for upswing on return both has its own superiority over current available investments options

Q.    What kind of challenges have you faced in the last 5 months?

The only challenge we are facing is acquiring new corporate customers in proportion our envisaged growth. The corporate business have a prime requirement of personalized meetings across the table so as to build up the required repo with customers. Such meetings have become far and few due to the pandemic scare. The other segment like retail – nonlife and life insurance business is growing at much better pace.

Q.    What are the challenges you anticipate for the next 7 months?

The biggest challenge would be that the corporates will remain non-receptive to new products because of the overall financial crunch and would prefer to buy only those policies which are mandatory and utmost necessary for them

Q.    Do you think online sales will take over traditional sales in the next 3 years? 1)     If Yes, Why? If No, Why?

Yes, definitely, as far as retail business is concerned.

For corporate business, we would await to see a more matured market to accept the online face to explore the commercial line of business.

We, as a company (Epoch) are creating to build a portal where corporate can understand the policies coverage, terms and conditions in lay man language and finally able to see a premium computation range for various commercial products. The same will help them to decide on the choice of product to finalize the buying decision at a much faster pace. Hopefully our website, would launched by mid OCT 2020.

Q.    Are you into Retail marketing, if yes what are your future plans?

 As mentioned above, we are coming up with our retail portal as well, where any one can buy all motor, health and life insurance products. We shall use the digital platform to market our retail products.

Q.    Do you have POS network, if yes how it’s doing and what are your future plans?

 It is in the process and will take another 2 to 3 months to be accomplished. We may positively create a good POS numbers in another 1 year. Our plan is to create a single platform for all our stakeholders

Q.    Where will the growth come from in your company?

 We do majority of business through corporate business line and going forward, retail will also contribute largely to our growth because of our online platform

Q.    How many Covid-related claims your company has received so far and how many have been paid?

 We have managed many number of COVID claims so far where the common challenge lies with the settlement amount. Most of the Covid – 19 claims are settled by the insurance companies so far as per their policy terms and conditions.

We have faced challenges like the KIT charges and post illness expenses / home quarantine expenses.

For Kit Charges, many hospitals are charging heavily which impacts the actual claim outgo. In given situation, where there are no prior agreements between Insurance company and hospitals, it is difficult to check this charges.

Q.    Which product do you think will do well in the next 2 years and why?

Definitely, we see the boom in the health and life insurance products. In case any company is able to offer loss of revenue cover during pandemic, it is going to be an instant hit

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