The regulatory landscape is dynamic and keeps changing. Insurers will have to keep modifying their business models and products to comply with changing regulations. IRDAI has been engaging with the insurance industry stakeholders to set out a reform agenda. This is titled as IRDAI Vision 2047, which is made to increase insurance penetration and facilitate sustainable growth of this industry. The IRDAI is planning to unveil several new measures, including 100% cashless claim settlement in health cover, long-term products, flexible insurance plans for old people and new niche players, to deepen the insurance market.A lot of work has still to be done so that the insurance market in India can reach its full potential. The regulator has been acting proactively to protect the rights of policyholders. Further, to reach the last mile, a state-level insurance plan is being proposed, limits on subordinate debt have doubled and exposure to the BSFI sector has increased, which would help in achieving insurance for all by 2047.To enhance penetration, regulatoris also trying to do is to reach the last mile through state level insurance plans in line with State-Level Bankers’ Committee (SLBC) on the banking side.IRDAI will soon rollout insurance plans for all States along with identifying a lead insurer for each district.This will be a major initiative to improve the penetration of insurance by involving the insurers and State governments. The idea is to replicate financial inclusion drives including the lead bank scheme in the banking sector. The regulator has already taken up the matter with the States to be part of the programme, which is likely to be launched formally in the ensuing new financial year. Most of the States have already expressed their consent and the work is in progress.By doing this, IRDAI will be able to cater to the different geographies and different strata of the population. The regulator had also discussed the matter with the insurers, which is ‘eager’ to take part as it augurs well both for the social security of the people as well the business growth of the insurers.
India will attain 100 years of independence by 2047 and Insurance Regulatory and Development Authority of India (IRDAI) has taken several steps in the last 10-12 months to enhance penetration and density of life cover plans.Indian economy today is at an inflection point, he said, the country is among the fastest-growing economies in the world, with strong demographics, large domestic market size and a robust stock market, among others. Therefore, there is optimism about India, which is drawing investors who are keen to establish a footprint in the sector. India has the largest market as it has 1/5th of the world population. Hence in a world starved of opportunity, India is a beacon of hope and this is rightly termed as the India Century. Technology adoption is changing the insurance landscape in the country, adding, the use of big data, AI, ML are impacting the sector in more ways than one.The regulator is encouraging insurtech, regtech, and fintech to provide ease of insurance. The government is considering amendment of the Insurance Act and that will enable entry of new players in the form of micro, regional, captive and specialized insurance companies and even composite licences can be granted. Currently the intermediaries or the distributors are required to come and renew their licence of the registration after every two years. So the IRDAI has recommended one time registration or a perpetual licence can be provided.
List of Reforms Proposed Under IRDAI Vision 2047
The Regulator tends to make the regulations friendly to reduce the compliance burden on the insurance companies. IRDAI has addressed the insurance protection gap, the importance of engagement (for stakeholders), etc. There is also a proposal to revamp the role and functioning of life and general insurance councils to make them more vibrant and responsive to situations. The reforms put forward by the IRDAI include –
- Encourage new insurance companies by promoting ease of business
- Giving chances to capable companies in the insurance sector
- Easy to meet renewal norms for intermediaries
- Insurance product certification by the insurers
- Time-bound approvals for meeting everybody’s needs within a fixed period
- Administrative flexibility to reduce the burden of insurers
- Fast-track approvals for companies’ investment proposals
- Facilitation of InsurTech and distribution agility
- Need for risk-based capital and solvency
- Uniformity to Ind-AS
- Management expenses rationalization
- Talent pool development
- Investment norms update
- Sustainable growth of the insurance industry
- Changes to the grievance redressal mechanisms
The role of the Insurance Information Bureau of India (IIB) in supporting data and tech-driven insurance solutions is also part of the inclusion. Amendments to regulations follow a consultative process. IRDAI’s mission of protection of policyholders’ interest and orderly growth of the insurance sector is always a priority.
Inadequate Insurance Players
The Indian insurance sector has been recording double-digit growth in recent years and shows potential of maintaining this growth trajectory over the next decade. A score of factors has modernised the insurance sector in recent years and there is an unmistakable hunger for customer centricity, product innovation, and profitability.The Indian insurance sector, with around 70 players, is inadequate to serve its 1.4 billion population and the industry requires more insurance companies to meet the growing demand. Before the nationalization of the sector in the mid-1950, the country with much lower population (over 350 million), had as many as 245 life insurance and 145 non-life firms, 15 of them foreign-owned. There were also 75 provident funds at the time of nationalization.Catering to the needs of the biggest population on the planet “cannot be done with a handful of players or with a handful of products. This is “grossly inadequate” the number of service providers now operating in the country, there is scope for insurance proliferation in the traditional risk areas — life, health, property, motor or crops. Also, as the world becomes increasingly tech-based and digital, the emergence of cyber risks and potential losses create a significant market opportunity in the insurance sector.This is the time of enhancing products and services. Technology would have a central role in shaping this emerging era of insurance.
The next 10 years are of utmost importance for the insurance sector since the industry will see change in the nature of insurance products as well as the way that companies distribute it given the rise in level of awareness. More customized products will be required and all of this will necessitate more players, more opportunity, more expertise, and most importantly more capital to be infused in the sector. On the product innovation front, the need is to create flexible retirement plans. There is also a surge towards DIY (do it yourself) products or self service approach to determine the best personalised option, which has led to the rise of various advisory technologies and tools like digital assistants. The insurance regulator seeks to ease regulations to bring in more players and boost penetration of insurance products in the country.To boost insurance penetration the regulator is also changing the registration guidelines and bringing in more clarity. Besides, 20 odd companies are in the process of getting their insurance licences.Therefore, industry need more players, a much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047.To offer unique and more differentiated products and to achieve that industry need more and more differentiated players with deep pockets and also to drive awareness as insurance is still mostly sold with a lot of push, we should make it a pull-product,
Three pillars of Insurance eco system
The focus of IRDAI is to strengthen the three pillars of the entire insurance ecosystem viz. insurance customers (policyholders), insurance providers (insurers) and insurance distributers (intermediaries) by making available right products to right customers;
· Creating robust grievance redressal mechanism;
· Facilitating ease of doing business in the insurance sector;
· Ensuring the regulatory architecture is aligned with the market dynamics;
· Boosting innovation, competition and distribution efficiencies while mainstreaming
· Technology and moving towards principle based regulatory regime.
Towards this objective, amendments to various regulations were proposed and were placed for stakeholder comments. This was followed by a series of discussions and interactions with insurers, intermediaries (including individual agents, corporate agents, brokers, insurance marketing firms) and experts. A careful evaluation of comments and suggestions was carried out. The amendments to regulations were also placed before the Insurance Advisory Committee (an advisory committee for consultations formed under the IRDA Act 1999).
The insurance industry is moving towards a principle-based regulatory architecture. The adoption of Risk-Based Capital Framework (RBC) and Risk-Based Supervision Framework (RBSF) is expected to evolve, with insurers actively engaging in quantitative impact studies that are underway. A risk-based capital and supervision framework would mean that the extent of capital required and intensity of supervision would vary depending on the risk that a company undertakes. The State Insurance Plan (SIP) is positioned to play a pivotal role in extending insurance coverage across diverse regions. Insurance companies were also asked to collaborate with microfinance institutions and non-banking finance companies to promote financial inclusion. The regulator sought feedback from the industry on their geographical expansion and distribution strategies which are expected to contribute to increased insurance accessibility. Nearly half (47%) of insured individuals in India say that they did not renew their insurance policies in the last five years as they had invested in other financial assets or savings as a means to ensure financial security without giving due consideration to the expenses in case of financial and medical emergencies.
Strategic partnership plans to establish next-generation life insurer
Iowa-headquartered American Equity Investment Life Holding has formed a strategic partnership with Fintech Blue Solutions, a technology company that enables insurance distribution, and Agam Capital, a company that offers a global platform for insurance analytics, to launch a next-generation life insurance company in India.This collaboration harnesses Agam’s cutting-edge pALM analytical platform, American Equity’s strength in capital and retirement services and Fintech Blue’s tech-enabled distribution expertise in India. The result will be a new venture in India’s thriving and rapidly growing market for life insurance and retirement products.American Equity, which provides annuity and retirement products, will be the anchor investor in the strategic partnership. American Equity is known as the Financial Dignity Company of America with over $50bn of retail client assets under management. Company believes that the market has arrived on the global stage, and this is a pivotal time to enter the insurance and retirement space in India, in a differentiated manner.
The new insurance company will have a dynamic branding and product development strategy to bring innovative life, and retirement products to the Indian market efficiently and clearly. The partnership of AEL and Fintech Blue Solutions is a watershed moment enabling the founding partners the opportunity to combine their unique competitive skills to launch a next-generation life and retirement platform.Fintech Blue Solutions disrupted the $100bn insurance marketplace through its API-based platform. This partnership is a commitment to expanding the array of choices available to consumers. Agam Capital was founded in 2016 with the vision of creating a cutting-edge, differentiated insurance platform. The pursuit of realising this vision continued with the development of pALM, Agam’s proprietary asset and liability management system. Offering the only end-to-end enterprise-wide risk and capital analytics solution, pALM enables strategic decision-makers to reach their capital optimisation goals.American Equity is headquartered in West Des Moines, Iowa. Its policyholders work with over 40,000 independent agents and advisors affiliated with independent marketing organisations, banks and broker-dealers through its wholly-owned operating subsidiaries.Through the tech platform – Turtlefin, Fintech Blue Solutions enables insurance distribution for enterprise customers. Turtlefin is currently working with leading banks, insurers, brokers and tech-first organizations in India and the Middle East.
Insurance Bill 2023,
The Insurance Bill 2023, considered as a path breaking Bill, is unlikely to be passed anytime soon. Earlier, the government had decided repealThe Insurance Act 1938’ by passing ‘Insurance Bill 2023’ in the Parliament. The government decided to repeal the `Insurance Act 1938’ as it has undergone many changes since its inception and has become cumbersome and complex for common people. The Department of Financial Services (DFS) had extensively worked on preparing the ‘Insurance Bill 2023’ with the hope that it may be tabled in the next session. The government now wants that the entire legal code of the country should remain purely Indian and existing laws made by a legislature of the pre-Constitution era should be replaced with laws made by the legislature which is in place post-independence. The government had already dropped its earlier plans to amend the IRDAI Act 1999 that would have ensured major reforms for the Indian insurance sector.
There is a proposal that an applicant may apply for a composite license enabling any type of insurance business. This means an insurer can do both life and non-life business with a composite licence. A composite licence will allow insurers to undertake life and health insurance via a single entity. This means major reforms proposals like composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries’ and allowing insurers to distribute other financial products, earlier announced by the government for seeking public comments, will remain shelved. The proposed amendments suggest that the minimum paid-up capital can be different and specified by IRDAI considering the size and scale of operations, class or subclass of insurance business and the category or type of insurer. This means the paid-up capital required to start general, life or standalone health insurance business at Rs. 100 crore and for reinsurance business Rs 200 crore will go. To achieve greater penetration, there is a need for more distribution partners too who can hawk more differentiated products that suit the needs of the Gen next as well senior citizens who are more discerning and demanding now.
Guarantee gap for infrastructure construction
The unique capacity of the insurance industry to engender resilience and self-sufficiency, by underwriting risks and spurring the capital markets provides the foundation for the nation’s progress. The surety insurance bond market is yet to take off in India due to unaddressed risks and the absence of market makers. Yet, its potential is huge. The estimated maximum possible supply of bank guarantees over the next five years would be about INR35tn ($421bn) when infrastructure projects would require guarantees amounting to INR95tn over the period. This works out to be a shortfall of INR60tn ($722bn). India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%, which is pretty low compared to other nations. This also offers huge opportunities for insurance players to tap into a market that offers high potential. There is a need to cater to 1.4 billion people, their businesses, properties, health, and assets. And for this India need more players, more capital, more distribution channels, more products, innovation and healthy competition. The industry could connect with the last mile to spread awareness by working with government groups like ASHA workers, anganwadi workers, self-help groups and non-government organisations, who could be messengers to make people aware of insurance.
Nationwide cashless medical insurance settlement
Insurance regulator IRDAI has asked the Committee on Common Empanelment Process of Hospitals to submit a report on implementing fully cashless medical insurance settlement in hospitals across the country.The committee will provide weekly updates, with an aim to introduce nationwide cashless settlement soon.Currently, cashless settlement is available in 49% of the hospitals, numbering around 25,000. Around 400m medical insurance policyholders are likely to benefit once the plan is implemented.In the wake of recent clashes between insurance companies and hospitals, IRDAI has been exploring ways to resolve such incidents.The committee is headed by former managing director of Star Health and Allied Insurance Company. Recently based on information of fraud obtained through AI and ML anti-fraud initiative, India’s government run health insurance scheme Ayushman Bharat-Pradhan Mantri Jan ArogyaYojana (AB-PMJAY) has collected a penalty amount of INR95m ($1.15m) while 0.53m Ayushman cards have been disabled and 210 hospitals de-empanelled.
Surety insurance as an alternative
India is expected to spend about INR100tn ($1.2tn) on infrastructure through the National Infrastructure Pipeline in the next five years. This requires bank guarantees of about INR90tn in the next five years, which banks in India currently do not have the capacity to provide.The current regulatory framework for surety bonds presents the general insurance industry with a unique opportunity to diversify its portfolio and play an important role in nation-building. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are bond instruments that dealers break apart, or “strip”, to sell the principal payment and coupon rates separately. Those buying the principal get paid the principal amount on maturity, while those buying the coupons get paid the interest. Investors can choose to buy only the required long-term duration for a more efficient asset-liability matching leading to strong demand for these instruments generally private banks which used to typically undertake FRAs have reduced this activity. Investors from the ‘others’ category, which includes insurers, have bought bonds worth 214 billion rupees ($2.95 billion) on a net basis in the last five weeks, while primary dealers have sold bonds worth 578 billion rupees on a net basis during this period, data showed. ($1 = 82.9120 Indian rupees).
As per IRDAI guidelines, insurers can underwrite surety insurance policies of not more than 10% of their total gross written premium, subject to a maximum of INR5bn ($60.15m) in a financial year. Apart from this cap on surety business, insurers are required to maintain a solvency margin of 1.875 for the surety branch, compared to 1.5 for regular non-life insurance business. Going by the data as of 31 March 2022, twelve out of the 25 general insurers in India are ineligible to write surety business because their solvency margins are less than 1.875. This includes all public-sector insurers who do not meet the solvency requirements. Even the national reinsurer, GIC Re, will not be able to reinsure this business, according to a study by the Insurance Resource Group (IRG). Since most insurers cede out a major part of the values at risk to reinsurers, using GWP as a measure of risk to cap the business needs to be re-looked. The Ministry of Corporate Affairs is looking at making relevant changes to the Insolvency and Bankruptcy Code (IBC) to classify insurers as financial creditors in case of default of infrastructure projects, to grow the surety bond business.
All-in-one insurance policy plan
The IRDAI is working on an all-in-one policy plan to address the low insurance penetration in India. It will provide citizens with anaffordable single policy that covers health, life, property and accident Settling claims within a short timeframe (potentially within six to eight hours or a maximum of one day) This Will allow policyholders to easily access their policies and submit death certificates, enabling quick processing and transfer of funds.The current insurance laws in India do not allow the inclusion of value-added services along with insurance policies. For instance, insurance companies are restricted from offering additional benefits like an annual yoga membership or nursing services for policyholders’ parents who live far away. Also, in 2022, India’s life insurance penetration stood at around three percent, while the non-life insurance penetration was much lower at one percent. The Regulator aims:
- To offer an affordable bundled insurance product that covers health, life, property, and accident risks.
- To expedite claim settlements by linking death registries onto a common platform
- To create a “UPI-like moment” in insurance, similar to the Unified Payments Interface (UPI) in the banking sector.
Bima “Trinity” to be implemented soon
There is good news for distributors who want to expand their reach in real Bharat. The Bima Trinity which includes BimaVistaar, BimaVahak and BimaSugam will be a reality soon. There is an urgent need to step out from metro cities and focus more on the villages, blocks and districts to make insurance for all by 2047. In this endeavour, Bima Trinity has been conceptualized and it will play a key role. While BimaVistaar is a simple product which will have no ambiguity in terms of its benefits and exclusions, BimaVahaks are the insurance intermediaries who will sell and renew insurance policies and make claim requests completely online through BimaSugam platform.BimaVahaks will sell both life and general insurance policies in rural areas at gram panchayat level. The best part is that anyone can become corporate BimaVahak or individual BimaVahak to distribute insurance policies in rural areas. Further, corporate BimaVahaks can appoint individual BimaVahaks as sub distributors in these locations.Bima Trinity is:
1.BimaSugam: It is a unified platform that combines insurers and distributors. It simplifies policy purchases, service requests, and claims settlement for customers in one convenient portal.
2.BimaVistar: It is a comprehensive bundled policy that covers life, health, property, and accidents. It provides defined benefits for each risk category, ensuring quick claim payouts without surveyors.
- BimaVaahaks: It is a women-centric workforce operating at the Gram Sabha level. They will educate and convince women about the benefits of comprehensive insurance, particularly BimaVistar. By addressing concerns and emphasizing advantages, BimaVaahaks empower women and enhance their financial security.
BimaVahaks can sell insurance policies, do KYC and facilitate claim servicing. Individual BimaVahaks can tie up with one life insurancecompany, one non-life insurance company, one standalone health insurance and one agriculture insurance company. The regulator has rolled out a plan in which insurance companies have been assigned with a responsibility to increase insurance penetration at state/UT level. Each insurance company has to adopt a state for this purpose. The insurance regulator is working towards making health insurance claim completely cashless across the country. The Regulator is working with the councils of both life and general insurance to have a UPI-like moment for the insurance sector. A conceptual framework has been contemplated,’ this is being proposed through the Bima trinity — BimaSugam, BimaVistar, and the woman-centric BimaVahak.
Amendments to reinsurance regulations
A clutch of amendments to reinsurance regulations, including one halving minimum capital requirement for Foreign Reinsurance Branches (FRBs) from Rs. 100 crore to Rs. 50 crore with the provision to repatriate any excess assigned capital, has been approved by the IRDAI. The format for reinsurance programmes has been simplified and regulatory reporting requirements have been rationalised for increased clarity and effectiveness. The order of preference for insurers has been streamlined from the previous six levels to four.
The focus is to increase capacity of the reinsurance sector towards helping accommodate growing demand and manage larger risks as well as to enhance technical expertise within the industry. Reduction of compliance burden on various entities operating in the sector and allowing them to navigate the regulatory landscape more efficiently is another aspect of the amendments. The overarching objective is to harmonise and streamline existing regulations that apply to Indian insurers, Indian reinsurers, FRBs and International Financial Services Centre Insurance Offices (IIOs). The regulatory framework for IIOs has been aligned with IFSCA regulations with the intent to remove dual compliance. This comprehensive regulatory overhaul is strategically designed to position India as a prominent global reinsurance hub. By working in tandem with the International Financial Services Canters Authority (IFSCA), IRDAI aims to cultivate an environment conducive to the growth of reinsurance activities, both within and outside the conventional Indian market. As the amendments take effect and the reinsurance market in the country evolves, the insurance sector is poised to witness accelerated growth, increased international recognition and a more robust ecosystem,
Flexible, do-it-yourself insurance products
IRDAI is actively pursuing reforms in the insurance sector to enhance its adaptability and responsiveness. They are currently at a juncture marked by personalized offerings and shifting consumer preferences. To meet these changes, they are exploring flexible, do-it-yourself insurance products, leveraging advisory technologies and digital assistants. They anticipate a future where insurers can efficiently manage large and diverse data sources, harnessing quantum computing to revolutionize risk assessment and decision-making, thereby significantly improving the insurance lifecycle. AI algorithms combined with machine learning models and predictive analysis will be leveraged to make underwriting an essential process in the insurance industry. Process automation will help increase the speed of traditional processes that require manual intervention. Further, conversational AI will be harnessed in the insurance industry throughout the value chain and will help customers by assisting them during various stages of insurance procurement to claim process. It is safe to say that smart contracts, parametric triggers and decentralized insurance would be the future- Simple, fast, automated and efficient.
The booster doze
As part of the insurance regulator’s vision to promote spread of insurance through State-specific plans, all major life and non-life insurers have agreed to work together in Andhra Pradesh.The IRDAI has allotted states and union territories to every insurer to increase insurance penetration in India and take insurance to every nook and corner of the country. This decision is in line with the IRDAI Vision 2047 plan aimed at providing ‘Insurance for all’ by 2047 – the centenary year of India’s Independence. Insurance Industry needs:
- To improve the insurance sector in India, several steps can be taken to leverage technology, align with customer behavior, optimize data usage, simplify claims management, adopt hybrid distribution models, and tackle fraud.
- Digitalization should be a priority across the value chain to reduce costs, improve efficiency, and support ecosystem development. This involves using technology to enhance employee skills and productivity through upskilling programs.
- Insurers need to align with dynamic changes in customer behavior and preferences. By offering quick personalized products and prioritizing flexibility over mass offerings, insurers can better meet customer needs and manage perceptions.
The vision of the IRDAI is Insurance for All by 2047 and that every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions. It also aims to make the Indian insurance sector globally attractive. Under the initiative, Universal Sompo General Insurance Company, Star Health and Allied Insurance Company Limited, and Aegon Life Insurance Company Limited have been allocated the state of Andhra Pradesh, to operate as the lead insurers.This is a significant step towards fostering a culture of insurance in Andhra Pradesh. The insurers agreed to work cohesively – among other things to work towards enhancing motor insurance coverage, providing innovative health insurance covers, and affordable life insurance solutions to the citizens. The IRDAI is leaving no stone unturned in:
- Making available right products to right customers
- Creating robust grievance redressal mechanism
- Facilitating ease of doing business in the insurance sector
- Ensuring the regulatory architecture is aligned with the market dynamics
- Boosting innovation
- Competition and distribution efficiencies while mainstreaming technology and moving towards principle based regulatory regime.
The future of the insurance industry in India looks promising owing to several changes in the regulatory framework, technological advancements, government support, and increasing awareness. The insurance industry in India is likely to introduce new trends like product innovation, multi-distribution, better claims management, and regulatory trends in the Indian market as incomes rise and purchasing power and household savings grow exponentially. IRDAI has been introducing new measures on a regular basis to increase transparency in the sector which is touted to be rife with mis-selling. The new consumer protection measures notified in 2017 requires insurers to clearly state the terms and conditions for claims and coverage. Insurers also need to disclose policy exclusions upfront under three groupings — standard, policy-specific and waived under additional premium. The regulations further state that insurance companies will have to display board-approved service parameters and corresponding turnaround time on their websites.RDAI is moving from a rule-based approach to a principal-based approach, that the opportunity to invest in the insurance sector is immense given the size of the market, and low insurance penetration. A State level co-ordination committee consisting of insurers, State government officials and representatives of the regulator will monitor the implementation of the State insurance plans with monitoring by nodal officers. There will be two lead Insurers in each district for both life and non-life sectors.All we need is to look at insurance with a fresh pair of eyes. And the time has come to re-imagine insurance. Insurers must come together and make it happen before the 2047 target or much earlier,Our goal is to streamline the life insurance buying process with no/minimum documentation, thus making insurance accessible and hassle-free for everyone.
The authority introduced use and file system, stopped micro management of expenses, a lot of prior approvals done away with and reduction in regulations.As many as 70-odd regulations have been repealed, 1,000-odd circulars have been done away with and rationalized 79 returns. Such reforms have facilitated the ease of doing business, promoted healthy competition and encouraged the use of technology. To meet the distribution challenge, the authority has increased the number of tie-ups that insurance companies can undertake with banks.The IRDAI is emphasizing in bringing in “Enhanced Access and Service Excellence (EASE)” in delivery of insurance services. Regulator is also taking stock of industry’s progress under the State Insurance Plan; five-year plan to be formulated to expand footprints of lead insurers in their respective states. India’s resolve to emerge as a global economic powerhouse is anchored in the twin pillars of self-reliance and economic resilience. As macroeconomic conditions worldwide present newer risks and challenges.insure-tech, the Indian insurance industry has the potential to become a leader in technology adoption. This will lead to a large number of use cases of technology usage that may soon be exported to other countries for adoption by their insurance industries.The latest initiative, enhanced access and service excellence (EASE) has been brought to improve various insurance services which will provide the policyholders an easy access for purchasing, servicing, or receiving claims or lodging grievances, while maximizing customer satisfaction. The insurance industry is going to play an instrumental role in making India a $5 trillion economy as it will help insulate the economy from various risks and losses. Insurers need to strike a balance between digital adoption and human intervention that will not only help simplify the entire customer journey, right from search to purchase to claims to customer service, but it will also lead to building positive experiences