‘How’s the weather?’ is perhaps the most important question that affects every human being on the planet today. While science prepares us with detailed information on why certain weather events happen and how it is possible to grow food responsibly and use land and natural resources with care, InsurTechs use technology meaningfully to support businesses and households to power their dreams of financial resilience to a reliable terrain of fulfillment.
Rise of InsurTechs: Placing Insurance at the Forefront
In India, the rise of InsurTechs paves the way for readily available, tailored insurance solutions that are now the most affordable way to stay financially resilient, particularly in the wake of unexpected climate crises and extreme weather-related events. The entire onus is being taken forward by ecosystem players in the insurance industry to provide prompt solutions through digital journeys that are convenient and easy to access.
Placing health at the forefront of businesses and households in the country is integral to enabling a financially resilient economy. Spanning the last two decades, India has witnessed a tremendous rise in the number of unforeseen incidents that are related to climate change and natural disasters.
Across the country, there are rising incidents of unexpected floods, earthquakes, toxic air pollution, cyclones and extreme weather crises. Forecasts related to climate change indicate that these rising incidents are unlikely to slow down in the coming year. We explain why it is important to prepare ahead for unforeseen events.
India’s Climate Change Dilemma: Extreme Weather Related Events Peak in 2023
Based on a report titled “India 2023: An Assessment of Extreme Weather Events” by Down to Earth magazine in association with the Centre for Science and Environment, it is noted that India has witnessed a natural disaster almost every day of this year.
Natural disasters have not just been peripheral but have been increasing rapidly, almost claiming 2923 precious lives in the first nine months of the year 2023, besides affecting around 1.84 million hectares of crop area and causing the destruction of more than 80,000 houses and 92,000 livestock, among other things.
A grave concern is: How well are Indian businesses and households covered for these unforeseen extreme weather-related crises?
Are Indian Businesses Financially Prepared for Crises?
Most importantly, let’s not forget a universal truth: The current climate crisis is not merely about sustainability and greenhouse gas emissions; it is also about the unveiling of a grave public health crisis that is putting the spotlight on the unprecedented challenges that the planet is grappling with.
This poses an existential threat to every individual’s health security; more so, when easy and affordable solutions are not easy to come by.
How InsurTechs Offer Seamless Solutions
Prioritising health insurance and life insurance safeguards both immediate and long-term financial well-being of businesses. An all-encompassing focus by InsurTechs on tailoring and offering seamless insurance solutions through the Phygital model, Bancassurance, in close tie-ups with NBFCs and offering embedded solutions spanning myriad digital gateways, will contribute to economically prudent decision-making processes. These measures are strategically crucial for the overall effectiveness and sustainability of climate-centric insurance actionable in India.
We, at Zopper, are at the forefront of enabling last-mile coverage across the length and breadth of the country, propelling insurance as a force of social good that empowers households and organisations to a more financially resilient roadmap.
Summing up, one can say that integrating health into climate planning is the need of the hour. Not only is it an economically prudent measure but it is also an essential protocol that can help reduce healthcare costs and build a financially sustainable life.
