Blog

Saturday, July 26, 2025

The Future of Insurance in India: Insights Ahead of Insurance Summit 2025

India’s insurance sector, valued at over USD 140 billion, is undergoing significant transformation. Ranked among the top ten insurance markets in the world, the sector is witnessing momentum fueled by regulatory reforms, digital innovation, and a growing demand for customer-first solutions.

While the life insurance segment continues to experience steady growth, the non-life insurance sectors—including health, motor, property, and liability—are now poised for rapid expansion. This shift reflects India’s evolving risk landscape, changing consumer expectations, and stronger public-private policy alignment.

At the centre of this evolution lies a vital question:

Is India’s insurance industry actively preparing for this transformation, or merely hoping it will unfold on its own?

Catalysts for Sectoral Change

The government’s “Insurance for All by 2047” vision, championed by the Insurance Regulatory and Development Authority of India (IRDAI), has placed the insurance sector on an ambitious course. Several recent and upcoming developments will play a decisive role in shaping this path forward:

The Insurance Bill Amendment 2025 is set to redefine how insurers raise capital, handle solvency requirements, and operate under a modernised regulatory structure. This could have far-reaching implications for IPO-readiness and governance transparency across the industry.
The Ayushman Bharat Digital Mission aims to launch a national health claims exchange, designed to digitise and simplify the claims settlement process across insurers, third-party administrators, and hospitals. This move is expected to drastically reduce paperwork, speed up approvals, and improve the policyholder experience.
Insurtech firms and legacy insurers are collaborating to co-develop products that meet the specific needs of diverse populations — from urban centres to semi-urban and rural markets. These collaborations are also enabling the expansion of microinsurance and embedded insurance services.
Today’s insurance consumers are demanding more than just coverage. They are seeking transparency, trust, and personalised service. This behavioural shift is compelling insurers to rethink their models — from transaction-driven to relationship-based.

Introducing Insurance Summit India 2025

To address these developments, the Banking, Financial Services & Insurance (BFSI) Committee of the Bombay Chamber of Commerce & Industry will host:

Insurance Summit India 2025 – Viksit Bharat: Catalysing Insurance for a Resilient Future

Date: August 8, 2025

Time: 1:00 PM Onwards
Venue: Hotel Taj Santacruz, Mumbai
Organiser: Bombay Chamber of Commerce & Industry, BFSI Committee

This high-impact summit will convene key stakeholders from across the insurance ecosystem — including senior regulators, CEOs, actuaries, underwriters, legal experts, technology leaders, brokers, TPAs, and insurtech founders.

🤝 Supported by Industry Leaders

The Insurance Summit India 2025 is supported by some of the most respected names in the insurance and financial services industry:

Title Sponsor: New India Assurance
Premium Sponsors: Axis Max Life Insurance | Lockton
Co-Sponsors: Beacon Insurance Brokers Pvt. Ltd. | Aditya Birla Capital Health Insurance
Knowledge Partner: PwC India

Their collaboration reflects the shared commitment toward building a more resilient, inclusive, and tech-enabled insurance ecosystem. To explore the full agenda and speaker lineup, visit the official event page.

What to Expect at the Summit

The Summit will open with a high-impact plenary session featuring a keynote address by Mr. Deepak Sood, Member (Non-Life), IRDAI, who will share the regulator’s vision and roadmap for driving innovation while upholding consumer protection and financial stability. The session will also include special addresses by Mr. Nilesh Sathe, Former Whole-time Member, IRDAI, and Ms. Girija Subramanian, CMD, New India Assurance.

Participants can look forward to three high-value panel discussions:

Panel 1: Opportunities and Impact of the Proposed Insurance Bill Amendment 2025 — featuring leaders from Zuno Insurance, Universal Sompo, and Future Generali.
Panel 2: Enhancing Customer-Centricity — featuring experts from Lockton and Beacon Insurance Brokers, among others.
Panel 3: Tech-Driven Innovation, Inclusion and Trust — with insights from Aditya Birla and Axis Max Life Insurance, among others.

Each session is designed to foster actionable dialogue on how innovation, regulation, and consumer engagement can jointly enable India’s transition into a resilient insurance economy.

The Summit also offers structured networking opportunities, including a curated networking lunch and post-event dinner with cocktails — allowing professionals to connect meaningfully across domains.

Why This Summit Matters

Insurance has evolved from being a financial product to becoming a pillar of economic resilience. In today’s India, it is a critical lever for inclusive growth, social stability, and institutional trust.

The Insurance Summit India 2025 is not just another industry event — it is a strategic forum for collaborative problem-solving, innovation sharing, and long-term ecosystem building.

If you are involved in insurance, fintech, legal advisory, regulatory policy, health administration, or capital markets, this Summit offers unparalleled insights and access.