Volume 20 No 22 (2022)
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SEEJA R.G,Dr R. Mabel Sulochana
The development of the economy depends upon the financial system. After the implementation of the New Economic policy in India, the insurance sector is one of the major players in the financial system. At present, In India at the end of March 2021, there are 67 insurers operating in India; of which 24 are life insurers, 27 are general insurers, five are stand-alone health insurers and 11 are reinsurers including foreign reinsurance branches and Lloyd’s India. The ongoing pandemic has accentuated the importance of life insurance among consumers. A considerable section of consumers is beginning to perceive insurance as an indispensable safeguard against unforeseen scenarios. Hence, the insurance industry is witnessing a positive shift in awareness about life insurance products and their benefits. Due to the impact of the pandemic, consumers have realized the importance of life insurance products and the recent trend shows that they have increased research for life insurance plans online. It is the need of the hour for the insurance sector to understand the customer’s attitude towards digitalization. This study explores the customer’s perception of online insurance. The objective of the study is to identify the factors that influenced the customers to purchase insurance products digitally and the level of satisfaction.
Online insurance, Customer satisfaction, New Economic Policy, perception
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