2022 Wrap: The Volte of Insurance Industry in India

Our MD & CEO, Satishwar B., offers his opinions on the insurance industry's performance in 2022 and the outlook for 2023.

While the black swan event, Covid-19 pandemic induced demand for insurance gave a much needed boost to the industry, Insurance watchdog IRDAI along with companies and other stakeholders have made it absolute to revolutionize and reinvent the sector in India. Here's what Insurance Leaders think about 2022 wrap and what lies ahead in 2023.

Although, last couple of years had been impacted due to Covid, the Insurance industry in India has witnessed a volte-face in 2022. It recorded a 16% growth in premiums as on YTD November, 2022 as compared to the year ago period and according to the Insurance leaders, the momentum is expected to be maintained during the remainder of this financial year.

Satishwar B.'s excepts...

Technology changing how Insurance is bought and sold

Technology is revolutionising the way insurance is bought and sold, and the year 2022 has been crucial for this transformation, said Satishwar B, MD & CEO, Aegon Life Insurance, while highlighting Initiatives like ‘Use and file’ which are especially beneficial to digital insurers to swiftly meet consumer demands through innovation. The amendments to the ‘Regulatory Sandbox’ will also enable them to try out and optimise new products more easily, he added.

"In future, with the support of 5G internet connectivity, and more cross-industry tech partnerships, the AI engines will become smarter at understanding the needs of the customers, making buying insurance as easy as buying a T-shirt online. The uptake of life insurance products is increasing. I am sure that more people will include insurance products in their financial portfolios in 2023," Balakrishnan said.