SHAPING THE FUTURE OF Insurance

Banking Frontiers organized its annual insurance conclave "InsureNext Global 2025" in Mumbai on February 12, 2025. The key attraction at the conference was 4 panel discussions. Here are the highlights of the panel discussions:

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Accelerating the Revenue Engine with Personalization, Technology & Trust

The insurance industry stands at an inflection point, where evolving customer expectations, technological innovation, and regulatory pressures are reshaping the landscape. At the InsureNext Global Conclave & Awards 2025, an esteemed panel of industry leaders convened to explore strategies for accelerating the insurance revenue engine through personalization, digital transformation, and collaborative ecosystems.

THE NEW GOLD STANDARD

Opening the discussion, Manoj Agrawal, Group Editor at Banking Frontiers, emphasized the increasing demand for hyper-personalized services. Drawing parallels with digital giants like Amazon and Uber, he noted that modern consumers expect financial products and services to reflect their individual lifestyles and preferences. "No customer has time to sift through dozens of policies," Agrawal remarked. "They expect us to understand them and offer what's relevant." Suresh Sethi, Managing Director, RIA Insurance Brokers, highlighted the importance of continuity in customer relationships. He cited the modus of familyowned jewellers, where long-standing personal ties foster trust, contrasting this with the high attrition of relationship managers in insurance. "Frequent changes erode customer confidence. Continuity is essential for fostering meaningful personalization," he said.

DRAWING THE LINE

Amit Solanki, CEO of Howden Insurance Brokers, drew a clear distinction between customization and personalization.

"Customization adapts a product to a segment's needs, while personalization tailors it to an individual," he explained.