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Updated on Jan 30, 2024
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The year 2023 for India’s insurance sector started with volatility, which eventually transformed into a fruitful journey throughout the year. Looking back, 2023 saw some significant developments and trends in the insurance sector. Overall, the sector observed a substantial transformation due to technological additions and promising policy reforms.
The collaboration between insurers and Insurtech companies is one such step that has set a positive trend and created a win-win situation for both. This resulted in easy online policies, reduced operating costs, and price flexibility, among other things, in the insurance sector. By exploring and resolving the challenges faced by traditional insurers and insurtech companies, they worked on areas of mutual interest.
Also Read: Union Budget 2023 – Old vs New Tax Regime
IRDAI, or the Insurance Regulatory and Development Authority of India, made some major decisions in 2023. The removal of the commission cap and limit of management expenses is one such decision that impacted the insurance sector greatly.
The rolling out of these policies is a significant component of bridging gaps between insurance products, pricing, and circulation. It is expected to serve as a stepping stone to achieving the ‘insurance for all by 2047’ vision of IRDAI.
In addition, the 100% Foreign Direct Investment (FDI) for the insurance sector announced by the Indian government in the 2022-23 budget is another significant achievement to support foreign investors, offering them new opportunities to invest in the Indian insurance market.
A flurry of activities was seen in the year 2023 in terms of IRDAI regulations. Many crucial announcements were made, including the withdrawal of tax-free status for the maturity proceeds of endowment products. The withdrawal of tax benefits on the maturity benefit of traditional endowment policies (except ULIPs) was done for proceeds with an aggregate annual premium of over INR 5 lakh.
The year that passed also emphasized the focus on customers to make insurance easily accessible and to enhance the user experience in the insurance sector. Many insurers gained from such a focused approach to customer experience, such as enhanced customer satisfaction, better customer retention, improved brand loyalty, and variation in the competitive market. All these positively impacted the overall business growth of the insurance business.
As per reports, India’s Insurtech industry will likely experience a boom with a $339 billion market opportunity by 2025 at a 57% CAGR. This implies that between 2021 and 2025, Insurtech investments are likely to experience a 57% compound ROI.
Looking forward to 2024, optimizing finances is the key to achieving financial goals. If you have been neglecting your finances, it is time to get into budgeting and ensuring emergency funds for better debt management.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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