Digitalizing Insurance: Indian End-Consumer Perspective

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Digitalizing Insurance: Indian End-Consumer Perspective

November 7, 2023 516 0 nasscom Insights Digital Transformation BFSI Product/Startups

As digital transformation continues to change the way businesses operate and offer products and services to their customers, insurance industry is also getting reshaped by technology. This study explores how insurtech is transforming the way people interact with insurance, from buying policies to managing claims and renewals. By dissecting the insurance customer profiles, the report highlights the perception of people across various demographics towards digital insurance platforms, and the way they buy and use various services on these platforms. The report also focuses on the reinvention of the traditional insurance value chain, where every stage, from product development to customer engagement, embraces innovation. In this dynamic ecosystem, all entities, including insurance aggregators/brokers, technology providers, traditional insurers, insurtech startups, and government bodies play key roles. Hence, nasscom has put forward a set of recommendations for these entity types to guide them in seizing opportunities, addressing challenges, and strengthening the digital insurance ecosystem. The data-backed insights in this report can offer a clear understanding of insurtech's future in India.

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Key Findings:

Global insurance gross written premiums (GWPs) are estimated to reach $7 Tn in 2023, at a projected 1.1% y-o-y growth rate in 2023, after a 1.1% degrowth in 2022.
- Discussion on how the global insurance landscape is evolving with respect to insurance penetration and insurance premium per capita
- Understanding how non-life insurance segment is outgrowing the life insurance segment globally
- Analysis of the macro-economic, micro-economic, and technology factors shaping the global insurance industry

Indian insurance industry has grown at nearly 8.4% p.a. since 2018, compared to the global 2.4% during the same time, with non-life insurance segment clocking between 15% - 20% growth.
- Capturing the growth of the overall Indian insurance industry with respect to insurance penetration and insurance premium per capita
- Understanding how non-life segment, despite still being small, is picking up pace in the Indian insurance space.
- Overview of the insurance market growth across key non-life insurance categories, and factors influencing the growth.
- Understanding the funding trends in the Indian Insurtech landscape
- Capturing the growth of insurtech companies in India along with some of their innovative business models/products which support this growth
- Analysing the trends around technology investments by traditional insurance companies in Insurtech
- Understanding the transformation of insurance value chain, current challenges,and the role of government and regulators in facilitating insurance market deepening and citizen inclusion in India

Digital insurance adoption varies less with customers’ age groups, gender, or city tier, and more with their nuanced life priorities
- Detailed analysis of the digital insurance customer profile by age, gender, and location, and how individual customers across the three demographic categories adopt digital insurance
- Understanding the impact of education, employment status, and income on customers’ digital insurance adoption
- Detailed analysis of the customers’ perception or attitude towards a wide range of services, which constitute their end-to-end journey with digital insurance platforms, and the trends pertaining to the usage of these services.
- Examining the attributes of digital insurance customers which indicate very high satisfaction levels with digital insurance services post policy purchase
- Analysing the customers who are somewhat or very likely to take favourable decisions on their usage or engagement with digital insurance platforms, and their recommendation of these platforms to their network.

With growing digital usage, basic data privacy, access to human guidance, and reliable online services are more important for consumers than new-age technology-backed features
- Understanding the preferences of customers for new and enhanced insurance services
- Understanding the nasscom’s recommendations to ecosystem players for expanding the penetration of non-life insurance in India

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