Insurance in India: Bridging the Gap
As I reflect on the state of insurance in India, I am reminded of a stark reality. Despite being one of the fastest-growing economies in the world, India still lags behind in terms of insurance penetration. The numbers are staggering - only about 3% of Indians have any form of insurance, leaving a massive 97% of the population vulnerable to unforeseen events.
The insurance gap in India is a pressing concern
However, there is hope on the horizon. Insurtech companies like InsuranceDekho are leveraging advanced technology to make insurance more accessible and affordable for the masses. With over 8 million customers already insured, InsuranceDekho is leading the charge in bridging the insurance gap in India.
The Power of Technology
InsuranceDekho’s success can be attributed to its seamless integration of technology throughout the insurance process. By employing AI-based video verification, AI-driven vehicle inspection modules, and real-time verification with institutions like CERSAI and banks, InsuranceDekho has drastically streamlined agent onboarding and reduced fraud.
AI is revolutionizing the insurance industry
This efficiency allows partners to offer a wide range of over 600 plans from 48 insurers with a swift 60-second CKYC process. The company’s partner network, with more than 85% operating in tier 2, 3, and 4 cities, is said to have ensured broad accessibility to insurance products.
Simplifying Insurance
InsuranceDekho’s digital platform supports this network by simplifying the distribution and management of various insurance categories, including motor, life, health, travel, pet, and SME insurance.
InsuranceDekho offers a wide range of insurance products
The company also claims to use smart technology in its renewal management system, which sends policy renewal nudges to agents, improving customer convenience and satisfaction.
A Mission to Simplify Insurance
“Insurance has historically been seen as complex and inaccessible, particularly in rural areas. Our mission is to simplify insurance and make it as essential as food and shelter in every household. By leveraging technology and empowering our partner network, we aim to bridge this gap and ensure universal insurance coverage,” said Ankit Agrawal, Founder and CEO of InsuranceDekho.
Ankit Agrawal, Founder and CEO of InsuranceDekho
As I conclude, I am reminded of the immense potential that lies in the Indian insurance market. With companies like InsuranceDekho leading the charge, I am optimistic that the insurance gap in India will soon be a thing of the past.
