Special Address: Shaping the Insurance Outlook for the Next Decade(NXT10)

At the Zopper NXT10 InsurTech Summit 2023, the former Chairman of LIC, MR Kumar, emphasised the enduring importance of physical interaction in the insurance sector. He advocated for a "phygital" approach, blending physical and digital elements, to achieve the ambitious goal of 'Insurance for all by 2047'. Kumar highlighted the need for bionic agents equipped with technology to effectively sell insurance products. Stressing that insurance is not merely a financial product but requires active selling, he acknowledged the irreplaceable role of human touch in life insurance. Kumar asserted that despite technological advancements, physical interaction will persist in the insurance industry for many years.