Page 36 - Insurance Times February 2024

Overall, these crucial reforms are set to expand the realm set to be profoundly influenced by a rapidly changing
of innovation in the insurance industry while aiding speedy landscape, emerging risks, and an increased emphasis on risk
product, making insurance a more appealing proposition. mitigation and innovation. As the business environment
develops, corporations are faced with new and complex
The GI industry delivered a GDPI growth of 17.9% for Q1
FY2024. The commercial segment of the general insurance risks, including cybersecurity threats, climate change
industry is also undergoing a significant transformation impacts, and geopolitical uncertainties. To address these
fuelled by new opportunities for insurers and other challenges, insures have to constantly evolve their
stakeholders. underwriting practices to offer tailored solutions that cater
to the unique risk profiles of corporate clients.
Insurers need to position itself as a Risk
Solution partner for Corporates Digitisation is playing a pivotal role in transforming the
The evolving risk solution landscape demands an equally insurance landscape, enabling insurers to streamline
evolving approach. Forward looking insurers need to processes, enhance data analytics, and offer real-time risk
establish itself in areas of risk management, wellness, monitoring and management solutions. Product innovation
technology, and claims settlement initiatives, and set new is another critical aspect, with insurers working to develop
standards in the insurance industry. A robust risk flexible and customisable policies that align with the specific
management practices ensures that Insurers understand and needs of businesses.
effectively mitigate potential risks, providing customers with
comprehensive coverage tailored to their specific needs. In recent years, industry has evolved from being a service
Wellness initiatives, can empower policyholders to take provider to being a strategic advisor and consultant for
charge of their health and well-being, promoting preventive corporate businesses. Recognising the complexities of
healthcare and encouraging healthy lifestyle choices. modern-day risks and the critical role risk management plays
in an organisation's growth; insurers will need to step
Technology plays an important role by enabling seamless
digital experiences. The insurers have initiated GPS tracking forward to support businesses in their Enterprise Risk
services, which enable real-time monitoring and location Management (ERM) and Project Risk Management (PRM)
tracking of cargo shipments, ensuring enhanced security and endeavours. Through a process of handholding and
timely delivery. This technology-driven approach not only partnership, insurers have to collaborate closely with
minimizes the risk of theft or damage to goods in transit corporate clients to identify potential risks, analyse their
but also promotes cost minimisation by optimising route impact, and devise tailored risk management solutions.
planning and reducing operational inefficiencies. Property
Risk solutions provides a safety net against fire, natural Corporate India is set to play a pivotal role in driving
disasters, and other unforeseen events that could lead to economic expansion. Leading General insurance providers
financial losses. are very well positioned to contribute to this upward
economic trajectory. With the commitment to innovation,
Commercial Segment to drive growth in
customer-centricity, digitisation, and risk management
GI Industry focus, we are well positioned to complement and support
The future of corporate insurance and corporate business is Corporate India's growth journey.

Insurtech opens up new sachet-sized markets

Technology is enabling insurance companies to emulate the model of mutual funds managed through digital subscrip-
tions, selling sachet products with low premiums that remain profitable for the industry. The increasing penetration of
these products might not always be apparent to consumers, as they are often sold as warranties by manufacturers and
retailers or as low-value insurance covers by lenders.
New-age insuretech platforms like Zopper play a pivotal role in this distribution, facilitating the issuance of low-value
covers and streamlining claims servicing. Zopper - having raised $100 million since its inception - connects companies with
insurers, embedding insurance seamlessly into the core systems of distribution partners. Co-founder and chief operating
officer Mayank Gupta envisions Zopper achieving an annualised recurring revenue (ARR) growth of 100% to $300 million
by March 2024, with a sustained 50- 60% annual growth rate thereafter.

34 February 2024 The Insurance Times