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Insurers to double down on tech, rural expansion for growth in '25
Business Standard
|January 03, 2025
Industry will also focus on strengthening distribution networks and human capital
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025. These initiatives are planned amid anticipation of policy-level changes, including potential increases in foreign direct investment (FDI), amendments to insurance regulations, and revisions in goods and services tax (GST) rates, industry insiders said.
The much-awaited launch of the Bima Sugam is also expected this year.
"Insurers will prioritize digital transformation by adopting cutting-edge tools like Generative AI (Gen AI) and machine learning (ML) to enhance underwriting, claims processing, and customer engagement; proactive support systems will replace reactive models, ensuring seamless customer interactions," said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.
Apart from technology, the industry insiders said the future growth of the sector will depend on the ability of insurers to penetrate the rural areas.
This story is from the January 03, 2025 edition of Business Standard.
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