Request a demo for a perfect solution apt for your business. Take this journey with us to improved growth!


Download Link Sent to Your Inbox

Leader's View: Insuring India Phygitally: From Vision to Action


Parvez Mulla
Blume Ventures


Neelesh Garg
MD and CEO,
Tata AIG General Insurance Co. Ltd.
Hitesh Kotak
CEO And Chief Executive - India, Middle East and Africa,
Munich Re
Anand Pejawar
Deputy Managing Director,
SBI General Insurance Co. Ltd.
Ramganesh Iyer
Bain & Co.

India’s unique combination of a vast population and diverse cultural and geographical landscapes presents challenges and opportunities in insurance accessibility. Despite the notable success of flagship government insurance programs in recent years, the Insurance Regulatory and Development Authority of India (IRDAI) envisions achieving “Insurance for all by 2047.” To realize this ambitious goal, the insurance ecosystem must accelerate digitization and distribution on an unprecedented scale.

One noteworthy strategy that has emerged in this pursuit is the adoption of the Phygital Model. This innovative approach combines the strengths of both physical and digital channels to create a seamless and efficient insurance experience. Recognizing the need to bridge gaps in insurance access, the Phygital Model is designed to cater to a diverse customer base while offering a personalized touch. Its implementation is crucial in extending insurance coverage to every nook and corner of the country.

During a panel discussion, industry leaders delved into the challenges posed by traditional insurance models. These challenges often include limited outreach, bureaucratic processes, and a need for personalized customer engagement. The emergence of the Phygital Model addresses these issues by leveraging technology and existing physical infrastructure. This combination allows for the establishment of last-mile connectivity, ensuring that even the remotest areas of India are not left untouched by insurance benefits.

By integrating digital tools with physical touchpoints, the Phygital Model enhances accessibility and engagement. It enables customers to interact with insurance providers through multiple channels, including online platforms and brick-and-mortar offices. This flexibility is crucial in a country as diverse as India, where consumers’ preferences and comfort levels vary significantly.

Moreover, the Phygital Model facilitates a more nuanced understanding of customer needs. Through data analytics and artificial intelligence, insurers can tailor their offerings to suit individual requirements, fostering a sense of trust and reliability. This personalized approach is instrumental in overcoming the scepticism surrounding insurance, particularly in regions where traditional models have struggled to gain traction.

As the insurance industry embraces the Phygital Model, the emphasis on rapid scaling up becomes apparent. The goal is not just to reach urban centres but to extend coverage to rural and underserved areas. This requires a concerted effort to build infrastructure, train personnel, and create awareness about the benefits of insurance.

In essence, the Phygital Model represents a paradigm shift in the way insurance is conceived and delivered in India. It aligns with the broader vision of “Insurance for all by 2047” by addressing the specific challenges posed by the country’s demographics and geographical spread. By seamlessly blending the digital and physical realms, the insurance industry can unlock new possibilities and truly make insurance accessible to every segment of India’s diverse population.


Be the first one to know about latest happenings in the InsurTech sector. Click below to subscribe to our newsletter!