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.
This story is from the April 2023 edition of THE INSURANCE TIMES.
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This story is from the April 2023 edition of THE INSURANCE TIMES.
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