It’s no secret that the pandemic-ridden yesteryears have fundamentally transformed the insurance sector in India and accelerated the pace of change across the stakeholders, including the insurers, the healthcare ecosystem, consumers, and the regulator. This watershed moment could well have a long-lasting positive impact on positive insurance penetration, product and process innovations,and most importantly, customer experience.

According to a report by consultancy firm Redseer, insurance penetration in India is likely to climb signifi

cantly, with the market expected to reach a value of close to $ 222 billion by FY26, driven by the growing middle class and increasing internet connectivity. However, the insurance industry faces its own challenges, including rising medical inflation. Medical inflation has triggered many insurance companies to increase the premium on health insurance products this year. This could adversely affect the adoption curve.

The insurance sector and the regulators have been undertaking initiatives to promote transparency and efficiency in the non-life insurance market and improve customer experience. The insurance watch body, IRDAI,has also encouraged insurers to build innovative products with the right interventions.Many initiatives are being taken to advance technological integration within the industry. For example, concepts like ‘use and file’ have helped insurance companies launch products into the market faster. On the other hand, the growth of the FinTech industry is helping the insurance sector to outreach underserved segments of society as well. Through this issue, let’s indulge in some of the inspiring stories from the FinTech world.