India has set itself a lofty goal of insurance for all by 2047. However, Statista reports that the country’s insurance penetration hovered at a mere 4% in 2023. How can digital innovation break the barriers and make insurance a reality for all Indians? Vishal Gupta, CEO, PhonePe Insurance, sat down with Ranjan Crasta, Consulting Editor, The CapTable, at TechSparks 2024 for an in-depth fireside chat on ‘Insuring India: Breaking barriers with digital innovation’.
The conversation covered how fintech platforms are revolutionising insurance through personalised products, microinsurance offerings, and enhanced consumer experience, making it more inclusive for Indians across the country.
Awareness, accessibility, affordability
Gupta began by offering a key insight: the fact that many Indians are not covered by insurance has a profound impact on India’s Gross Domestic Product (GDP) growth. He shared that each year with low health coverage results in a hit of around 6-7% to India’s GDP.
The PhonePe Insurance CEO cited three avenues to solve …