Decoding Growth of Online Insurance Sector in India
Online Insurance Market in India is Growing Every Day, says HDFC Life CEO & MD Amitabh Chaudhry
In an interview with finance platform The MoneyMile, Amitabh Chaudhry, CEO & MD, HDFC Life, and Yashish Dahiya, CEO & Co-Founder, PolicyBazaar.com, discuss the state of online insurance in India, the change in consumer attitudes, the all-encompassing persona of health insurance, and the emergence of ULIPs as a beneficial long-term investment option.
The insurance industry in India has undergone a profound change since the global financial crisis of 2008. Of course, the new IRDAI guidelines that aimed to restructure the cost of insurance policies to make them more customer-friendly, also contributed to this transformation. But that is all in the past. To make sense of what is currently going on in the insurance space, including the challenges and opportunities, Amitabh Chaudhry, , and Yashish Dahiyashare their views in a live panel discussion with The MoneyMile Founder, Vivek Law.
State of the Online Insurance Market in India
As internet penetration continues to grow in India, more and more people are becoming increasingly comfortable with making transactions online, and a surge is evident in the e-commerce space in the country. According to Mr Chaudhry, the insurance space, especially the online insurance sector, is also a part of this growth story. He says, “The number of people who are buying insurance online is rising rapidly, day by day. Giving a push to the growth of online insurance is a host of benefits that insurance policies bought online offer.” For example,
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