Pioneering a long-term, sustainable InsurTech ecosystem that served as a transformative force for social good, the Zopper NXT10 InsurTech Summit 2023, intricately braided together various layers of insurance with key stakeholders. The summit explored impactful outcomes to discover a growth-centric roadmap for the future of insurance in India to enable 'Insurance for all by 2047'. With technology at its core, this summit aimed to pave the way for transformative changes that redefined the sector.
The Zopper NXT10 InsurTech Summit 2023 endeavoured to examine consequential outcomes to discern a growth-centric roadmap for the future of the insurance industry in India. With technology as its focal point, this summit diligently laid the groundwork for transformative changes to redefine the sector.
The Zopper NXT10 InsurTech Summit 2023 showcased an exceptional lineup of distinguished speakers renowned for their expertise in the insurance domain. Each session was enriched with their valuable insights, spotlighting the diverse facets of insurance and its evolution in the Indian market.
The Phygital Model has surfaced as a strategic and efficient approach to augment insurance penetration in India. During the discussion, industry leaders deliberated on the challenges presented by conventional insurance models. They explored how the phygital model, harnessing both technology and physical infrastructure, can extend last-mile connectivity to every corner of India to make insurance accessible to everyone.
Two decades ago, private players were allowed to enter the insurance industry but even after that, no major change was noted in insurance penetration. In this Fireside Chat between Amol Dethe, Editor, ETBFSI, and Satishwar Balakrishnan, MD & CEO, Aegon Life Insurance, at the Zopper NXT10 InsurTech Summit 2023, the Aegon Life Chief responded to important questions such as “What is needed for life insurers to move from push to pull product?”
In today’s collaborative era, Bancassurance is popular in India due to its heightened insurance awareness and convenience. This approach involves financial institutions and insurers collaborating to expand insurance access, using banks’ established customer base for distribution. The panellists emphasised that the convergence of banking and insurance services creates a seamless, customer-centric model, fostering the growth and accessibility of insurance in the Indian market.
India’s financial landscape is enriched by an expansive network comprising approximately 8,000 Non-Banking Financial Companies (NBFCs). Technology integration within these institutions presents a transformative opportunity to extend the reach of insurance products to remote and underserved regions. By harnessing the power of technology, NBFCs can overcome geographical constraints and bridge the insurance gap in areas that traditionally face challenges in accessing financial services. Panellists expressed confidence that as NBFCs leverage technology to unlock their full potential, they would become instrumental in creating a more inclusive and accessible insurance landscape across the diverse terrain of India.
Renowned actor and philanthropist, Rahul Bose, delivered an inspiring leadership talk, drawing from his entertainment industry experiences and advocacy for social causes. He emphasised the importance of empathy, resilience, and adaptability in leadership, encouraging the audience to embrace social responsibility. Bose’s conversation with Surjendu conveyed that effective leadership extends beyond professional success, urging individuals to use their influence for positive societal change. His ability to blend personal anecdotes, industry insights, and social impact made his discourse a compelling source of inspiration for the audience at Zopper NXT10 InsurTech Summit 2023.
Embedded Insurance has transformed the insurance industry, offering a revolutionary potential to access previously untouched customer segments and enhance protection for policyholders through technology. The conversation delved into establishing a seamless, efficient, and transparent system supported by technology, making bite-sized insurance products easily accessible to today’s consumers.
In an exhilarating three-way conversation during the Zopper NX10 InsurTech Summit 2023, Virendra Somwanshi, President and Head of Wealth Management and Capital Markets at Bank of Baroda Group, Venkataraman RK, EVP & Head of Bancassurance & Investment at Equitas Small Finance Bank, and Karan Vashisht, Chief Product Officer at Zopper, discussed their collaborative efforts in developing a new product innovation paradigm within the insurance space.
Establishing trust in a ‘Digital First’ strategy is crucial for OEMs and Retailers. This session expanded on adopting technology-driven interventions to enhance the customer experience and ensure an additional layer of protection for asset usage. Integrating technological advancements, such as secure transaction mechanisms and real-time monitoring, streamlined processes and built a foundation of reliability and transparency. Leaders concluded that by prioritising innovative, technology-driven solutions, businesses can create a digital ecosystem that meets evolving consumer expectations and fosters lasting trust in the insurance sector.
India’s insurance sector is undergoing a digital-first transformation and is poised to become the world’s sixth-largest market by 2032. In an interview with ETBFSI, Surjendu Kuila, CEO of Zopper, discusses InsurTech’s seamless fusion of insurance and technology, providing end-to-end solutions. Highlighting Zopper’s role in innovating the insurance sector, Kuila highlighted the coexistence of traditional insurers and InsurTech companies. He explored the rise of the Phygital and Bancassurance models, addressed challenges and emphasised the collaborative nature of InsurTech and insurance companies. Kuila also discussed the future trends, including Bancassurance’s evolution, InsurTech in ‘Digital India', NBFCs' significance, data privacy concerns, and embedded insurance.
In an exclusive interview with ETBFSI, Mayank Gupta, Co-Founder and COO of Zopper, discussed the pivotal position of India’s InsurTech industry, ranking fifth globally and growing at 32%-34% annually. Gupta emphasized the transformative impact of a ‘Digital-First’ approach, integrating technology throughout the insurance lifecycle. He cited examples of innovations, including personalised telematic solutions and peer-to-peer insurance. Gupta highlighted the inseparable relationship between innovation, technology, and transparency in the complex insurance landscape. The discussion covered the evolving role of social media, the Insurance Regulatory and Development Authority of India (IRDAI) initiatives, and insights into key trends shaping India’s insurance sector over the next decade. In this candid discussion, Mayank reflected on the significant changes in the insurance landscape over the past three decades, emphasising a more transformative, personalised, and socially relevant industry.