Tech Revolution & Changing Needs At The Crux Of Indian Insurance & Banking Landscape's Evolution

By: Rachita Sharma, Managing Editor | Thursday, 25 May 2023

The Indian BFSI segment is fast transforming owing to technology and the evolving need of consumers. The segment is also home to women power that is playing a crucial role in the industry’s impending growth.

“The insurance industry has experienced a surge in growth in recent years due to heightened awareness post-COVID, with health insurance premiums increasing six-fold from 7 billion in 2002 to 582 billion in 2020, resulting in 21 new entrants in the last two decades and an 18 percent growth rate,” says Dr. Divneet Kaur, Managing Director, Safeway Insurance TPA while sharing her valueable insights in a conversation with Women Entrepreneur Magazine team.

Gracing the cover of the current edition of the magazine, Dr Divneet is an accomplished leader in the insurance industry and is currently the Managing Director of Safeway Insurance TPA. The firm has established itself as a leading player in the insurance sector under her leadership. Dr. Divneet Kaur has completed her MBBS degree from Deccan College of Medical Sciences and has done her Diploma in Health Insurance and Associate in Insurance from the Indian Institute of Insurance (III), Mumbai. She has also excelled in Executive Management at IIM Bangalore.

“As competition in the industry intensifies, insurance companies are being compelled to adopt strategies that cater to the digital economy. In this regard, the digitization laboratory will play a crucial role in facilitating the accelerated and rapid digitization of insurance companies, as they seek to remain relevant in the face of stiff competition,” she further adds.

Another industry leader shares her thoughts with the WE team in the current magazine edition. Dipali Padia, President, Neokred says, “The Indian insurance & banking landscape has been evolving over a period of years by outsourcing its technology to the Fintech which acts as a TSP but can also utilize its open development and Software-as-a-Service (SaaS) solutions to other third parties (prospective fintech) who can easily integrate and develop value-added solutions and features of the bank on its platforms and create more avenues for the banks in customer acquisition and cross-selling. By doing this bit, banks can tie-up with multiple Fintech at minimal cost against higher revenue.”

Having had an extensive professional experience in banking and finance, Dipali a fintech expert has been enabling the next generation of financial services to perform better by utilizing its new financial technology solutions through Neokred.

Giving her perspective on the rise of women leaders in the BFSI industry, Aruna Devi, Founder & Vice Chairman, Amaze Insurance Brokers says, “Today, more and more women are being employed and promoted to work for decision-making roles in many companies, this is because of their dedication and commitment levels which are high. As women are ready to take charge, this trend is here to stay while there’s more to conquer.”

Aruna holds eight years of industry experience before founding Amaze Insurance Brokers. Today, she has built an exceptional team of professionals with extensive experience in managing insurance portfolios of clients ranging from SMEs to big corporates, government departments, government undertakings, mega projects, and industries.

Do read through the magazine to hear what these women leaders from the Indian banking and insurance sector have to say about the industry’s rise and their inspirational professional journey.

Do let us know your thoughts.