CAMSRep releases report on 'Why India isn't claiming its Insurance?' at CIFIL Symposium on The Path to Insure a Billion at IIT Madras

CAMSRep (CAMS Insurance Repository Services Limited), a leading insurance repository regulated by the Insurance Regulatory Development Authority of India (IRDAI), and a wholly owned subsidiary of CAMS, released a report on 'Why India isn't claiming its Insurance?' as part of the symposium hosted by CAMS IIT-M Fintech Innovation Lab (CIFIL) at the Indian Institute of Technology Madras (IIT-M). The lab is part of CAMS CSR initiative to focus on ushering innovation & unravelling unique possibilities in the Fintech arena and aims to be a world-class hub for research and applied technologies in financial technology space to address the needs of the capital markets and BFSI sector.

CIFIL's first symposium to address fintech challenges focused on the Insurance industry under the theme "The Path to Insure a Billion: Challenges and Opportunities", brought together industry leaders, experts across the industry and members of academia to discuss the challenges and opportunities encountered by the insurance industry. The symposium was inaugurated with an address from Prof. Kamakoti, Director, Indian Institute of Technology Madras (IIT-M) and Mr. Anuj Kumar, Managing Director of CAMS. Mr. Srinivasan Gopalan, Ex-Director, National Insurance Academy, Ex-CMD, The New India Assurance was the chief guest for the symposium while Mr. Naveen Tahilyani, CEO & MD of TATA Digital (formerly CEO-TATA AIA) delivered the keynote address.

Mr. Anuj Kumar and Mr. Srinivasan Gopalan unveiled the report on 'Why India isn't claiming its insurance?' as part of the inauguration ceremony of the symposium. The report focuses on mapping the post-purchase journey of the Indian policyholder and provides a comprehensive analysis of the factors contributing to low insurance penetration and the persistent protection gap in India.

Key findings from the report: Why India isn't claiming its Insurance?

1. Policyholders view insurance primarily as a necessary documentary requirement rather than an essential tool to mitigate risks.

2. Lack of awareness and understanding about insurance benefits contribute to low uptake and underutilization of insurance products.

3. Policyholders face challenges in realizing the full value of their insurance policies, particularly during the claims process.

4. The role of intermediaries in the insurance journey is crucial but often lead to misinterpretation, mis-selling, and delays in benefit realization.

The report underscores the need for collaborative efforts among stakeholders to enhance the policyholder experience, improve benefit delivery realization, and increase insurance penetration in India to achieve the IRDAI's vision of 'Insurance for All' by 2047.

The CIFIL symposium was designed to discuss the challenges the industry faces and propose solutions in the areas of customer experience, distribution, product design, and risk management which was articulated by insurance industry veterans. Low insurance penetration, high pension gaps, high health coverage gaps, low awareness on insurance and its products, complex claims procedures, insurance not accepted as a risk mitigation tool, affordability, ill-trained front line, stagnant agency growth, were some of the key challenges highlighted by the eminent speakers. IIT academia showcased how these challenges can be addressed through application of cutting-edge technology such as artificial intelligence, blockchain, game theory, cybersecurity, and data analytics in finance.

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