Pandemic changed perception of people about benefits of group health insurance: ICICI Lombard ED

Factors such as accelerated digital transformation, threat to business continuity, remote working and government regulations lead to the growth of group insurance business during pandemic

How can a corporate wellness program incorporate the needs of the hour?

In the past decade, a significant number of corporates have taken steps towards promoting holistic well-being among their employees. Organizations and employers have come to realize that a healthy and stress-free workforce is more productive and valuable than an overworked workforce that puts its health on the line. With the help of corporate wellness programs, employers can show their employees they value each employee and are committed to fostering the best working environment possible. Technology can also play a significant role in the successful implementation of corporate wellness programs. At ICICI Lombard, we realized that the best way to serve corporate wellness programs to all our clients is through technology, which led to the development of our 'IL Take Care' app, a one-stop solution for all health and wellness needs, integrating corporate wellness at its core. Our corporate wellness programs help employees reach their health goals by integrating clinical improvement initiatives around certain health measures, by providing employees quick access to connect to a virtual doctor and chat with expert in case of any concerns. We also host a set of features as part of the corporate wellness programs such as diet tracker, activity tracker and health awareness blog to ensure the complete healthy well-being of the employees.

What is its use in increasing employees' productivity?

An organizational wellness program helps employees develop mindfulness, improve their work environment, and result in overall greater productivity. Besides its inherent merits, I see several advantages of corporate wellness programs:

Corporate wellness program increases engagement by bringing all employees together: Social interaction and positive reinforcement associated with corporate wellness program can develop camaraderie among employees.

Corporate wellness program increases the cultural adaptability among employees:

The constant flow of information and the shifting responsibilities at work all contribute to greater adaptability.

It can inculcate a healthy lifestyle:

Corporate wellness programs can have a positive influence on employee health and promote long-term behaviour changes.

Boosts employee morale and productivity:

With corporate wellness programs, employees will feel appreciated at work, leading to greater enthusiasm and confidence at work. Therefore, it will increase work productivity and benefit the company and employees alike.

Which factors are responsible for the growth of group business during the pandemic?

As I speak, the Covid-19 pandemic is triggering unprecedented levels of concern. It has affected everyone, be it individuals, families, or businesses. Even for the insurance sector, this crisis was the most significant global insurance event, surpassing past risk events of multiple cyclones and even the global financial crash of 2008. While we come across different perspectives from industry leaders on how the pandemic has affected us. In my view, the pandemic changed the perception of people about the benefits of buying group health insurance. The following factors are responsible for the growth of group business during the pandemic.

Accelerated digital transformation:

The lockdown affected the physical movement of people and goods which led to accelerated digital adoption. Digital tools caused changes in consumer behaviour leading to the shift in business models in certain industries, for example, education and healthcare.

Threat to business continuity:

Pandemic affected the physical and mental health of people from all walks of life, leading even corporations with younger Gen X and Z workforces to reconsider health insurance to ensure business continuity and employee productivity.

Remote working lead to an increase in talent risk:

Working from anywhere has increased the emphasis on retaining employees within the company (talent retention), which is encouraging more and more firms to provide healthcare benefits.

Government regulations:

New rules and laws mandated that all manufacturing companies provide employees with health insurance coverage before resuming operations, which resulted in a surge in demand for health insurance.

Why are manufacturers taking more cybersecurity covers, and what are the Climate change risks post-pandemic?

Increase in cybersecurity covers

Cybersecurity has always been a major concern across the globe. Regardless of the sector, data breaches and email phishing have always been critical issues for any company. In recent years, there has been an unprecedented rise in the number of cyber crime incidents taking place across the globe. While firms have increased their investments in securing their data and IT systems, cybercrime incidents have continued to rise. With many employees currently working from remote locations and the rise of bring-your-own-device culture, cybercrime poses a greater challenge to firms. With cybersecurity risks increasing every day, more and more companies are getting cybersecurity insurance policies. The current global cyber insurance market of $7.8 billion is expected to grow multi-fold at a CAGR of more than 21 per cent to $20 billion by 2025.

Climate Change Risks Post Pandemic:

The post-Covid period could expose us to another pandemic in the form of climate change. Climate change is impacting places like Asia in many ways. Asia's low-lying coastal cities are susceptible to flooding and typhoons, as well as dramatic increases in heat and humidity. In the absence of adaptation and mitigation, Asian societies will become increasingly vulnerable to climate risks. Below mentioned are some of the aspects which could be seriously impacted by the climate change risks.

Liveability and workability:

GDP could be at risk annually due to low labour productivity affected by extreme heat and humidity

Physical assets/ infrastructure:

Capital stock that could be damaged from frequent riverine flooding

Food systems:

Increased risk of over 5 per cent grain yield decline

Natural capital:

Land area projected to experience biome shift, affecting ecosystems and livelihoods

What can corporate wellness programs do to ensure the mental hygiene of the workforce?

The global pandemic has not only impacted people's physical health but also their mental health. We at ICICI Lombard realized that employees were feeling more anxious than usual, which is why we have developed a technology-based mental health program. We host regular webinars on mental well-being through our IL Take Care App, where an expert from the industry gives tips on what employees can do to look after their minds, and we promote a wider discussion about overall mental well-being through our focused wellness sessions with our corporate clients. We realized, a virtual therapist could help us to recognize symptoms, improve mental health, and seek out outside help. The times are changing, and now is the perfect chance to use technology to provide mental health programs through corporate wellness programs. Throughout this pandemic, we have always placed a significant emphasis on mental health, both for our employees and corporate employees. The best thing leaders can do during this time is show compassion to employees and put their physical and mental well-being first. They might then be able to see their workforce remain healthy and productive.