A series of technological changes appear to have coalesced to transform the insurance landscape. From the use of artificial intelligence (AI) and data analytics to process claims to innovative tech-enabled products and changes in the kinds of cover that are demanded, there has been a sea change in the sector.
This has forced traditional players to remain on their heels, trying to match new-age, agile insurtech start-ups that are using vast troves of data to personalise cover, recognising risks unique to their customers, with simplified processes, faster claim settlements, and seamless online platforms.
The influx of new insurers such as Go Digit-Life Insurance, ACKO Life Insurance, and CreditAccess Life also means an expanded network of distributors, making insurance accessible to a larger portion of the country. This is much needed, considering the very low penetration of insurance in India. According to the Insurance Regulatory and Development Authority of India (Irdai), insurance penetration was just 4% in FY23, a minor dip from 4.2% in FY22. “Low insurance penetration and huge protection gap stemming from low awareness around insurance is one of the biggest challenges that the industry is facing. There is a need to create a long-term approach towards this product category in the minds of customers,” says Vibha Padalkar, MD & CEO of HDFC Life.
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