Introduction
Propelled by the Digital India initiative and with the Covid19 pandemic acting as a catalyst, India is undergoing a digital revolution. This trend has been best reflected by the widespread adoption of the Unified Payments Interface (UPI) for digital payments. With the spread of use of smartphones and more than 600 million active Internet users it is becoming easier and convenient for businesses to access potential customers.
The domestic insurance sector has also been impacted by digitisation. Not only Insurtechs but established insurers are also taking recourse to new and innovative technologies such as Al, loT, APIs and Big Data to ramp up their offerings.
India's insurance market is valued at USD 131 billion as of now. It is also expanding at a CAGR of 17 per cent. The current trends indicate that digital penetration in India is growing and it is contributing to growth and innovation in the insurance sector. It would not be incorrect to expect that Insurtech will play a significant role in the future development of the domestic insurance sector.
The Bima Sugam
Initiative Reports indicate that very soon, the Insurance Regulator, IRDAI, will be unveiling a one-stop online platform for policy sales, renewals and also claims settlements for both life and non-life insurance. This on-line portal is in the making and will be referred to as Bima Sugam. The intention of the Regulator appears to be utilizing the trend of increasing digital penetration to make it convenient for customers all over the country to purchase insurance through the online mode. This tech-driven portal is also expected to boost insurance penetration in the country, which is now 4.2 per cent as compared to a global metric of 7.40 percent. Thus, Bima Sugam will not only be a web aggregator with government backing but also provide many additional facilities.
この記事は THE INSURANCE TIMES の April 2023 版に掲載されています。
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この記事は THE INSURANCE TIMES の April 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
International News
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Life Insurance News
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Health Insurance News
Star Health Launches 'Star Arogya Digi Seva' to Enhance Rural Healthcare - In a bid to revolutionize rural healthcare, Star Health Insurance unveiled its latest Corporate Social Responsibility (CSR) initiative, 'Star Arogya Digi Seva,' in collaboration with the Center for Chronic Disease and Control (CCDC). The initiative aims to provide essential healthcare services to underserved rural areas by leveraging telemedicine technology and Mobile Health Units (MHUS).
Insurance Regulator Update
IRDAI Calls for More Players in the Insurance Sector - IRDAI Chairman Debasish Panda has called for more conglomerates to enter the insurance space, emphasizing the immense opportunities offered by India's vast population of 1.4 billion. Panda urged private equity funds, institutional investors, venture capitalists, and family offices to explore the insurance market, highlighting that the current 70 insurers in the country are insufficient to meet growing demands.
General Insurance News
Tier 2 and 3 Cities Propel Growth in Motor Insurance - The rise in private consumption in India has positioned tier 2 and 3 cities as key drivers of growth in the motor insurance segment. Increasing vehicle ownership and heightened awareness of insurance have fueled this expansion, according to a report by InsurTech platform Turtlemint. These cities accounted for over 90% of motor insurance policies sold and the premium volume during the festive season this year.
"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
IRDAI Corner
The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad
International Conference on Inclusive Insurance (ICII) 2024
The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.
How to choose a Health Insurance Plan that fits your evolving needs
When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.
My View on #20SIRC Conference
The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.
