The insurance industry has grown from the 13th largest insurance market to the 5th largest. According to IRDAI, the Indian general insurance premium will rise to 2.52% of GDP by 2032. By 2022, global insurance premiums will have surpassed $7 trillion. The insurance technology space is buzzing with innovation. The sandboxes are expanding the possibilities for experimentation. The regulator has simplified product launches by allowing them to take place without the need for initial permissions. Companies are being kept on their toes by IRDA’s policy of allocating regions to exponentially expand into underserved areas.
There are 24 life and 34 non-life insurance companies in India, and these numbers are much smaller as compared to those in many developed economies. India also has 29 TPAs, thousands of brokers, 25 lakh agents, and numerous underwriters. In India, the non-life insurance segment is still less than 1%. There is a need for the industry to strategize growth with better tools and techniques.
Banking Frontiers is launching the second edition of its Insurance Conclave and Awards titled The Banking Frontiers INSURENEXT Summit (BFINS). This summit will serve as a powerful forum for discussing the major challenges confronting the insurance industry, technology companies, and allied sectors, and for finding the desired solutions.
