Insurtech Connect: Experts Discuss Need To Up Insurance Penetration, Improve Policyholder Confidence

In a step towards making insurance accessible to all and making policyholders more aware, the Insurance Brokers Association of India (IBAI) has urged its members to leverage technology and focus on under-penetrated segments. In discussions held at a closed-door event, Insurtech Connect, the association stressed rapid technological advancements in the insurance sector to achieve the Insurance Regulatory and Development Authority of India's (Irdai) vision of ‘Insurance for all by 2047.’

IBAI urged its stakeholders to work on under-penetrated areas of the insurance industry, primarily with customised business models to take insurance to the nook and corner of India.

Speaking at the event, Padmashri Sanjeev Bikhchandani, Founder and Executive Vice Chairman, Info Edge India Ltd. highlighted the importance of deep customer insights and acting on those as the key principles of building a successful business.

“Even in an environment where there are large businesses, there is room for niche formats to thrive that cater to unique customer segments and needs,” Bikhchandani stated. He further stressed the need to build trust with the policyholder as one of the crucial steps to increase insurance uptake.

In a panel discussion on ‘Future themes of investments in tech-enabled insurance distribution,’ senior leaders of the insurance industry noted that there is still immense untapped opportunity in insurance distribution, particularly for the SME segment. They also discussed the relevance of phygital models where technology is combined with human counselling.

The panel was moderated by Abhishek Bondia, co-founder of SecureNow Insurance Broker with leading investors as the panellist, namely, Gautam Gode, Co-Founder and MD, Samara Capital; Saravanan Nattanmai, Partner, Premji Invest; Praveen Sridharan, Partner, TVS Capital Funds; Vivek Chhachhi, Managing Partner, CX Partner; Ashish Wadhwani, Co-Founder and MD IvyCap Ventures Advisors Pvt Ltd.

In a panel discussion on ‘Future themes of investments in tech-enabled insurance distribution,’ senior leaders of the insurance industry noted that there is still immense untapped opportunity in insurance distribution, particularly for the SME segment. They also discussed the relevance of phygital models where technology is combined with human counselling.

The panel was moderated by Abhishek Bondia, co-founder of SecureNow Insurance Broker with leading investors as the panellist, namely, Gautam Gode, Co-Founder and MD, Samara Capital; Saravanan Nattanmai, Partner, Premji Invest; Praveen Sridharan, Partner, TVS Capital Funds; Vivek Chhachhi, Managing Partner, CX Partner; Ashish Wadhwani, Co-Founder and MD IvyCap Ventures Advisors Pvt Ltd.

In another panel moderated by Indraneel Chatterjee, co-founder of RenewBuy Insurance Brokers, veteran stakeholders from technology, insurers to OPD providers, such as Shanay Shroff, Founding team member, Alwrite; Vaibhav Singh, Co-Founder and MD, Visit Health; Narendra Kamath, VP & Head-Wholesale Product & Strategy, ICICI Lombard General Insurance Co. Ltd.; Kunal Popat, Co-Founder, IMT Care - threw light on the need for adoption of plug-and-play technologies that can help insurance brokers deliver superior policyholder servicing without upfront capital investment.

Summing up the key highlights of this event, Sumit Bohra, President, IBAI, stated that “Technology has become pervasive across the value chain for insurance.” Noting the success of such a dialogue, Bohra remarked that the association would continue to hold such discussions in the future.