Keynote Address: Expanding Insurance with Technology

Ajay Prakash Sawhney, Former Secretary, Ministry of Electronics and IT, dwelt upon how Aadhar set the foundational stack for the country, enabling the government to invest in a core database and technologies. Citing UIDAI as an example, he articulated how it has open APIs and services offered by an ecosystem that has been built around the core database of public digital platforms. “All of us have used UPI again and again, multiple times - has it shattered the banking sector? Not at all,” the former Secretary, Ministry of Electronics and IT quipped. Terming this technology stack as a ‘Kamadhenu, which gives results year after year’, Mr. Sawhney highlighted the following as part of the Keynote Address ‘Expanding Insurance with Technology: A Digital Public Infrastructure Perspective’ at the Zopper NXT10 InsurTech Summit in Mumbai: - UPI has grown exponentially and strengthened the country’s banking system - UPI has brought low-cost services for a large number of people - UPI brings absolutely convenient service to our pockets, our mobile phones - Simpler, frictionless engagement for stakeholders through UPI - Zero cost transaction for merchants, convenience for customers - Cost of acquisition of customer in the insurance sector is high - Open Network of Digital Commerce represents the next generation of nationwide initiatives and stems from the core idea of networks