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September 18, 2025
In India, insurance awareness has grown significantly over the last decade but penetration levels still lag behind. At the UBS Forums Pvt. Ltd. Future of Insurnace event, a panel discussion on “Tapping the Untapped Segments for Insurance Market” shed light on how insurers must rethink products, distribution, and customer engagement.
Thank you Shammi Kapoor, Gaurav Saxena, Jackson Jacob, Gurumurthy Ramachandran, Nikhil Apte, Aditya Kulkarni, and Jagjeet Singh Siddhu for sharing your insights and views on the topic.
Here is summary of my observations and learning of 2nd panel discussion in the series of 3.
1. Awareness is the First Step: Industry bodies like the Life Insurance Council and General Insurance Council have launched multiple campaigns campaingns like Sabse Pehle Life Insurance, Accha Kiya Insurance liye and Fayade ki Baat. While it has it's own needs and outcomes, according to the panel the grassroots education at schools, panchayats, and taluka levels—will be key to shifting perceptions. Insurance cannot remain a product discussed only at banks and urban branches; it needs to become part of everyday conversations, especially to realize the “Insurance for All by 2047” vision.
2. Distribution Needs a Phygital Balance: Digital tools have transformed customer acquisition and experience, yet India’s Tier 2 and Tier 3 cities rely heavily on physical touchpoints. A digital strategy needs to be complemented by a human touch to reach to the large population of India. The winning model will be phygital, marrying digital solutions (simplified onboarding, AI-driven sales pitches, seamless claims) with local human presence. Banks, regional partners, and agents will continue to play a central role in trust-building, while digital infrastructure makes their work faster and more efficient.
3. The Untapped Youth Segment (25–35 Years): One of the most striking insights was around young Indians, a demographic often overlooked by insurers. Today’s youth don’t see value in traditional health insurance designed for families and seniors. Their priorities are different:
4. Data, AI, and Hyper-Personalization: Technology is playing critical role never than before. Generative AI and behavioral analytics are reshaping distribution. Instead of generic policies, insurers can now design solutions that reflect individual lifestyles—financial habits, wellness patterns, even social behaviors. This shift from product selling to solution selling is transformative. Imagine insurance that adapts to your life stage—whether you’re a student, a freelancer, or a young professional. With AI-driven insights, insurers can deliver hyper-personalized pitches, simplified documentation, and instant recommendations that customers actually relate to.
5. Agents: The Human Face of Insurance: Even in the age of AI and apps, the panel unanimously agreed that agents remain irreplaceable, the critical segment of phygital that we discussed earlier. Why? Because they are more than distributors. They are educators, trust-builders, grievance handlers, and community advocates. From awareness creation to claims support to renewals, agents remain embedded in the customer’s financial journey. Educating the educators is a key aspect for this channel to be successful.
In fact, the future of distribution will be about empowering agents with digital tools, so they can combine human empathy with data-driven precision.
6. The Next Big Segments to Watch: The discussion spotlighted untapped groups that could redefine the future of Indian insurance:
In conclusion, the future is inclusive, flexible, and digital-first insurance in India is no longer about selling one-size-fits-all products. There are untapped sgements are the great opportunity for the industry and the "Insurance for all by 2047" Vision.
I’d love to hear your perspective. Do comment.
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