10 Best Leaders in Insurance Companies - 2021

Factors like harsh market conditions, demanding customers and innovative new market entrants are transforming insurance industry. Traditional business model of insurance firms are disrupted by both internal and external forces. Today it is impossible to imagine insurance business without AI, IoT and big data. Digital first insurers and tech giants are entering the industry rapidly changing its reputation of conservative industry. Along with the evolving changes, the insurance industry in India is witnessing impressive growth. India's insurance penetration was pegged at 4.2 percent in FY21, with life insurance penetration at 3.2 percent and non-life insurance penetration at 1percent. In terms of insurance density, India's overall density stood at $78 in FY21. India offers $78 billion of annual additional life insurance premium opportunity over 2020-30.

The government schemes and financial inclusion plans have helped in increased penetration of insurance in all sectors. The government’s flagship initiative for crop insurance (PMFBY) has led to significant growth in the premium income for crop insurance, and now covers over 55 million farmer applications year-on-year. AB PMJAY is an entitlement based scheme under Ayushman Bharat and is fully funded by the Government is the largest health assurance scheme in the world. Various initiatives taken by IRDAI like permitting insurers to conduct video based KYC, launching standardized insurance products and allowing insurers to offer rewards for low risk behavior have also helped in boosting insurance penetration.

Insurance is always a decision of emotion and care for loved ones. It is a reserve for future and is a base on belief. In this issue of CEO Insights, we brings you a list of '10 Best Leaders in Insurance Companies-2021'. The following list has been prepared after being closely scrutinized by a distinguished panel of judges including CXOs, analysts and our editorial board.