PriyaPatel
TLDR:
– Less than 5% of Indians have insurance
– Insurtech companies are leveraging technology to bring insurance to every corner of the nation
Key points in the article:
The insurance sector in India has low penetration, with only 4% of GDP as of 2023, compared to the global average of 6.8%. The potential of digitization and catalysts in the journey towards ‘Insurance for All’ were discussed at TechSparks Mumbai 2024 by prominent leaders in the insurtech space.
Digitization has become the mainstay in the insurance industry, with algorithms and data mining facilitating everything from customer onboarding to risk management. However, trust deficit among customers and insurers has been a roadblock, leading to challenges in adoption and claims processing.
Speakers highlighted the need for consistent efforts to achieve the target of ‘insurance for all’ by 2047. Affordability, awareness, and the younger generation’s inclination towards instant gratification were identified as key catalysts in accelerating digitization and improving insurance penetration.
