Digital Insurer

Ackos Varun dua is out to redefine the way insurance is sold.

- Anand Adhikari

TWO DECADES AGO when private insurance companies made their entry into India’s then under-penetrated insurance sector, there were many apprehensions as state-owned companies like Life Insurance Corporation of India (LIC), New India Assurance, Oriental Insurance and others ruled for decades. They were all big companies, backed by the government and were trusted brands in the market. “Who will trust private insurance players?” people would ask.

Today, things are different. ICICI Pru, ICICI Lombard, HDFC Standard Life, HDFC Ergo, Max, Max Bupa and Apollo Munich are big names in life, general and health insurance. However, they cannot rest on their laurels as the insurance industry is facing yet another disruption, from fully-digital insurers.