India Insurance: Going from Teens to Twenties
The Indian insurance industry has shown development across multiple dimensions over the last decade. In its ‘Teens’—the second decade after liberalization, the Indian insurance industry has been shaped by significant shifts in the distribution landscape, product mix, and changing competition landscape. Life insurance and non-life insurance segments have experienced different growth trajectories. While the non-life insurance segment grew at a nearly consistent growth rate, the life insurance segment spent the first half of this decade restructuring its model in response to the regulatory changes at the start of this period, with a return to growth only in the last few years.
Digital trends will be a key catalyst for growth and more importantly, will be at the core of the industry’s transformation. Insurers will need to drive digital-led transformation to unlock growth, improve business economics, and deliver superior customer, distributor, and partner experience.