As a society, penetration of insurance in India has been low, compared to other parts of the world. In the past decade, penetration of insurance in society has grown from 3.17% (in 2004) to x 3.4% currently. A large population, rising incomes and rapid urbanisation are creating an environment that is conducive for insurance. The insurance industry is fast adopting digital technologies that are expected to give a push to market penetration of insurance products and their efficient process management throughout their lifecycles. This report, published jointly by CII and PwC delves into the changing landscape in the insurance industry and how digital technologies can help this industry’s growth trajectory in its penetration and product innovation initiatives.
It was released at the 19 Insurance Summit held on 7 August 2017 at Mumbai.