By Satishwar B., MD & CEO, Aegon Life Insurance
The Economic Survey’s observation of the penetration of insurance in India, especially that of the life insurance sector, is a positive and encouraging sign that people have begun to understand the need and urgency of life insurance. Technology is revolutionising the way insurance is bought and sold, and the previous years have been crucial for this transformation. This could not have been possible without the conducive environment created by the regulator to boost innovation and partnerships in the sector, paving the way for it to become the fastest-growing sector. Various initiatives like ‘Use and file’ and Sandbox became crucial to swiftly meeting consumer demands through innovation. The Indian insurance sector will only see an upward trend of growth from hereon. We will see new technologies like AI and fully digital journeys opening up opportunities in underinsured segments, like self-employed individuals; buying journeys becoming simpler and more intuitive; and digital underwriting allowing digital insurers to scale rapidly. In the years to come, our focus should be on building on each other’s strengths to realise our collective dream of ensuring ‘Insurance for all by 2047’.
