AI a tremendous opportunity for insurance brokers - Debasish Panda

Debasish Panda, Chairman, IRDAI & Sumit Bohra, President, IBAI share the details about the changing roles of the brokers in the insurance industry:

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As per the EV Vision 2025 report, insurance brokers are driving customer-centric growth. It expects insurance broking to contribute close to 40% of gross direct premium in non-life insurance in the progressive scenario. As per the report, non-life insurance market in 2025 is expected to be at ₹400 billion and the brokers market is likely to be around ₹160 billion.

Insurance brokers are the fastest growing distribution channels in India contributing to about ₹42.3 billion of gross direct premium in FY20-21 resulting in around 31% of the non-life insurance premium.

In the last financial years, India has experienced a surge in demand for insurance products and services, leading to a substantial increase in insurance penetration by insurance brokers. Brokers, while playing a bigger role in the distribution of non-life insurance in India, have doubled their share of premiums to over 35% from 17% over the last 10 years, and further plan to have a market share of 45% by 2030.

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