Amidst global uncertainties, Insurtechs lead India’s insurance sector

By Surjendu Kuila, Co-founder and CEO, Zopper

The year 2025 is poised to usher in an ‘unwarrantable year’ for the world economy, per the GDP forecast and Economist’s predictions. Global warming, wars, economic crises, fear for jobs, plummeting insurance growth—undoubtedly, we are living in difficult times. But there is always a ray of hope. Crisis is often said to be the best teacher as it forces us to confront difficult situations with problem-solving measures to help society grow.

If you take the example of insurance, India is pegged to be the world’s sixth-largest insurance market by 2032, according to various business news reports, but the penetration level/understanding of insurance remains low (less than 4% as per Global standards). In the insurance distribution parlance, there is a concept called Combined Operating Ratio, which measures the insurer’s underwriting profitability. Unfortunately, most of the channels ...