| | SEPTEMBER 20234India has successfully leveraged the smartphone revolution by exponentially improving the network infrastructure and democratizing digital services in the country. The newfound convenience and trust significantly helped the financial industry infuse trust into a vastly untapped market. While financial literacy is still a work in progress in India, we have come a long way. According to an ASSOCHAM-PwC report, India's Fintech market is expected to expand at a CAGR of 31 percent till 2025.Delving deeper, insurance penetration in India is likely to climb significantly, with the market expected to reach a value of close to $ 222 billion by FY26 (according to a report by consultancy firm Redseer), 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.Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comHosting A Paradigm Shift EditorialVol 04 · Issue 5 - 1 · SEPTEMBER, 2023 Publisher Alok Chaturvedi Managing Editor Sujith Vasudevan Senior Designer Girisha M Visualizers ANTONY ARNOLD F ASOKAN SV NoidaRohit Raghubanshi Garima Anandadvertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comAdvertising ManagersAbhay Katiyar To subscribeVisit https://www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs. 150 per issuePublisher Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of Info Connect Web Technolo-gies India Pvt. Ltd., and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2023 Info Connect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.VP - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Keerthana Kantharaj Tejaswini P Roopalatha H Hima P. M.
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