In Insurance, The Only Thing That We Sell Is Claims: Parthanil Ghosh, Director, CBO, HDFC ERGO General Insurance

During a special session hosted by Outlook Money, Parthanil Ghosh, Director and CBO at HDFC ERGO General Insurance, said, in insurance, the only thing that we sell is claims. Where innovation, insurance, and customer-first thinking took centre stage. The event marked the launch of Techpruner, a competition aimed at attracting bold, tech-driven solutions from startups and InsurTech players.

He also shared the company’s focus on what truly matters to customers: fast, fair, and seamless claims.

India’s insurance market is on a steep growth trajectory, expected to become the sixth largest in the world by 2032. According to Ghosh, the shift in consumer behaviour, especially among Gen Z and millennials, requires insurers to rethink how they deliver value. “They are going to redefine the space on the customer centricity with a goal that the customer is at the centre,” he said.

He shared that HDFC ERGO has been laying the groundwork for this shift since 2016, developing AI and ML-driven platforms to give policyholders more control and a smoother experience. Last year’s launch of the Here App, described as “the first insurer-led ecosystem in India,” was a major step. It aimed to bring even non-policyholders into the insurance decision-making process with tools and insights tailored to their needs.

Fraud, in particular, remains a costly issue that affects genuine policyholders. Ghosh explained: “Genuine customers actually pay for the fraudsters that commit this fraud in the insurance industry.”