Page 41 - Insurance Times November 2023

The Changing

Landscape of the

Insurance Sector

in India Dr. Ashok Kumar Patnaik

Associate Professor
IIRM-Hyderabad

The distribution landscape is shifting towards digitization, and adopting technological integration
and assimilation of innovative practices like Artificial Intelligence (AI), Machine Learning (ML), Cloud
Computing, and Data Analytics will enable insurers to become more efficient and spread their
reach.

T he Indian Insurance sector has witnessed an Five Lakhs have carved out paths for new entrants such as

enormous transformation during and after the
existing web aggregators to enter the insurance business
and enhance the touch points for insurance explorers.
recovery from the great pandemic. The insurance
sector has embodied several reformative
measures to make insurance services emerge as a basic Insurance Product innovations and curation of usage-based
need of all Indian citizens. According to the Insurance products like Pay-As-You-Drive (PAYD), on-demand insurance,
Regulatory and Development Authority of India (IRDAI) has Out-of-pocket (deductibles), coinsurance, and copayments
galvanized its efforts and committed to providing 'Insurance for insurance covered have taken the insurance market to
for All' by the year 2047 on the occasion of the 100th year explore and cater to serve new segments. It created
of India's Independence celebration, where every citizen of competition, offered differentiated products and benefitted
the India, every Industry and business enterprise will be millions of customers.
supported by appropriate insurance protection/solutions and
aims to make Indian insurance sector globally attractive. The distribution landscape is shifting towards digitization,
and adopting technological integration and assimilation of
Taking more futuristic and forward-looking ingenuities, innovative practices like Artificial Intelligence (AI), Machine
IRDAI has focused on insurance inclusion with an emphasis Learning (ML), Cloud Computing, and Data Analytics will
on accelerating new sectoral reforms and amending its enable insurers to become more efficient and spread their
regulations and policies. These reforms have fused to create reach. The technology-led operational efficiency should
a vibrant exceptional insurance ecosystem by changing its eventually reflect in affordable premiums for insurance
dynamics by benefitting the customers, insurers, clients.
intermediaries, and insurance distribution architecture.
These liberal amendments like reducing the minimum paid- The Open Network for Digital Commerce (ONDC) is an
up capital for Insurance Web Aggregators to Rupees Twenty- evolution in distribution management and the digital

The Insurance Times November 2023 37