Updated Dec 10, 2020 | 17:48 IST | TN Advertorial
Customer’s biggest complaint against the insurance sector is lack of transparency leading to trust issues. Add to this complicated products with equally complex brochures. Can technology & data provide answers? Insurance 2020 and Beyond: What’s Next?
An insurance company boss had once remarked that Indians are the world’s bravest people. The underlying indication in his sarcasm was the abysmally low insurance penetration in the country and the pace of its growth. Insurance penetration calculated as the rate of insurance premiums to GDP stood at around 3.7 per cent in 2019, according to a report by the Insurance Regulatory and Development Authority of India (IRDAI). The comparable global average is almost double that of India’s. So, why are Indians under-insured? Lack of awareness, trust and transparency in varying degrees, agreed the panellists at The Economic Times-IB