What actions should be taken to overcome this situation? How do you deal with these new consumption patterns that may emerge?
By creating innovative bite-sized products. Certainly, as you look at it, you'll also see that in the short to medium term, the demand for term insurance is going to go up because people are worried and because people's incomes are going up. I don't know how much while their savings as a percentage will go up because people will want to save more. they're also going to have to preserve especially at the lower-income segments, preserve for more essential services and so on. So there's going to be a complete shift in product mix at least in the short term to medium term. And hence creating more bite-size products. Have annual term products. Going back to what LIC, they to have monthly payment products. I know it does create problems but then if you have more digital payments like the SIP equivalent you actually have even monthly payout of products. Just thinking through from a life insurance perspective very clearly a bite-sized product which keeps in mind the cash situation of clients, that should help. The same way in the motor in home products in SME products all of them there are very interesting bite-size products that can get created.
Example of how you could cover travel insurance. We said if you call for an Ola and Uber. You're at your home and you're going to the airport and they know you're doing a three-day trip or a two-day trip you actually get insurance and an integrated offer. f you actually do an integrated product that says Alpesh jumped in the car. You go to the airport to take a flight. You stay in the other city for two days and you take a flight back and you take the car. All of those five become one product. There's an integrated three-day travel product which I'm giving you. So there's going to be one like I said very simply a lot more innovation in products. The second one is clearly going to be already to be able to reach out and do it at a very cost-effective manner. An end to end the digital journey.