Financial Institutions

MFIs face several challenges that are inherent to the industry. Read on to know how InsurTech can improve risk management and penetration rates by providing innovative solutions tailored to the unique needs of MFIs.

India boasts a diverse and expansive education landscape, with many schooling options available, including private schools, international schools, and specialised educational institutions.

One can’t ignore the low insurance penetration in India and the efforts made by the Insurance Regulatory and Development Authority of India (IRDAI) to promote innovation and digitisation in the insurance sector. The introduction of the BIMA SUGAM/BIMA VAHAK joint digital platform allows customers to directly transact with insurance companies, enhancing accessibility and convenience. Digitisation has become a necessity for traditional insurance distributors to remain competitive and relevant. Implementing relevant modules, such as digital portals for policy management and claims initiation, improves efficiency. Product innovation, including niche products targeted to specific customer bases and geography, and combo offerings, cater to evolving customer needs and strengthen relationships between financial institutions and customers.