Insurance Sector Thrives on Customer-Centric Innovation and Digital Transformation: PwC India

The Indian insurance sector is witnessing growth driven by investments in customer-centric innovation, digital transformation and talent development initiatives.

According to industry experts, these factors have created a solid foundation for sustainable growth over the past few years.

Amit Roy, mPartner, PwC India shared the key strategies that have played a pivotal role in shaping the industry landscape since the onset of the COVID-19 pandemic.

“It’s not just about quarterly results; it’s about sustained efforts around value-driven transactions, digital transformation, customer-centric innovation, real-time data engagement and talent development,” he said.

These initiatives have enabled insurers to move towards more agile and responsive ways of operating, moving away from the traditional top-down approach.

Roy also pointed out that the compound annual growth rate (CAGR) of this sector has exceeded 10% over the last five years.

“India, currently the world’s tenth largest insurance market, has the potential to climb to sixth position if double-digit growth is maintained,” he added.

The optimism surrounding the Indian insurance market is based on three key pillars: government initiatives to ensure universal insurance coverage by 2047, favourable regulatory reforms and the adoption of data-driven decision-making.

“Regulatory changes in recent years have been particularly supportive, creating an environment in which new players can thrive and innovate,” Roy noted.

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The availability of vast amounts of data has also streamlined risk assessment processes and improved the quality of customer service.

Reflecting on the demographic dividend, Roy noted that “India’s young population presents a significant growth opportunity for insurers, ensuring steady demand for a variety of insurance products.”

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