Page 37 - The Insurance Times September 2025

Flexible repayment tenures that suit varied income pro- man touch to an otherwise digital product. This seamless
files blend of technology and personal support is why insurance
agents increasingly view this platform as a vital partner,
Unlike traditional financing, which may demand credit his- rather than a competitor, in growing their business.
tory or long processing times, BNPL models are frictionless
and inclusive, designed to fit the needs of today's digital- A Human-Centric Solution with Real Im-
first, aspiration-driven consumers.
pact

Fibe: Driving Healthcare Affordability at At its core, Fibe's offering goes beyond financial utility-it
delivers peace of mind. By making it easier for families to
Scale afford high-quality healthcare services, Fibe ensures that no
At the forefront of this transformation is Fibe, one of India's one has to choose between finances and their health.
leading digital consumer lending platforms. Over the last four Parents can now opt for premium policies that offer
years, the company has built a category-defining offering in broader coverage for children.
insurance premium financing, enabling salaried professionals Young professionals can secure multi-year plans with af-
and families to access high-value insurance and quality fordable monthly instalments.
healthcare services without the stress of lump-sum payments.
Households no longer need to delay treatment or bor-
row from informal sources in emergencies.
Some impact-driven milestones:
Over Rs. 2,200 crore in premiums financed
This democratization of access is particularly crucial in tier
5+ lakh families enabled to access better health pro- 2 and 3 cities, where health insurance penetration has tra-
tection ditionally been low. With regional teams deployed across the
Partnerships with 15+ top health insurance companies, country, Fibe ensures that the benefits of digital lending
including SAHIs and GIs aren't more than just urban luxuries, they are a pan-India
reality.
These partnerships aren't just transactions; they are evi-
dence to the trust that India's largest and most respected Why Health Insurance Still Needs a Fi-
insurers place in Fibe's platform. While many fintechs oper-
ate in niche spaces, this one stands out as the only lender nancial Backup
actively supporting the entire retail health insurance eco- India's health insurance market grew to Rs. 1.3 trillion in
system-a claim few can make. 2024 and is projected to reach Rs. 2 trillion by 2028, reflect-
ing the country's socio-economic growth. Yet, many remain
Empowering Agents, Not Replacing uninsured or underinsured, highlighting a critical gap. Pre-
mium costs have risen sharply-over the past decade, 52%
Them of policyholders experienced a CAGR of 5-10%, with premi-
Fibe's model not only benefits the end consumer but also ums doubling or tripling over ten years. Furthermore, policy
significantly empowers insurance agents, who are the back- exclusions, delays in pre-authorization, and co-pay clauses
bone of India's insurance distribution network. Instead of often leave families financially exposed during emergencies.
adding extra responsibilities, it acts as an enabler, allowing
agents to offer financing as a value-added service to their Fibe addresses these structural limitations by offering tai-
clients. This approach drives higher policy conversions, en- lored financing solutions that make high-premium retail
hances customer satisfaction, and strengthens agent-client policies accessible to a broader population. It provides credit
relationships. even when insurers cannot process cashless claims immedi-
ately, helping families upgrade from basic to more compre-
Agents receive daily backend support for quick loan process- hensive plans without delay. Quick loan approvals ensure
ing, while dedicated regional sales teams provide on-ground that treatment decisions are not held back by financial stress.
visibility and comprehensive training. As a result, conversion
rates for multi-year policies have surged from 40% to 70%. Additionally, Fibe's technology stack incorporates AI-driven
Additionally, Fibe's support staff handles thousands of agents underwriting, enabling faster approvals without the need
queries and chats every month, delivering a real-time, hu- for extensive credit history. This is a crucial advantage in

34 September 2025 The Insurance Times