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India's self-employed: Bridging the insurance gap with tech-enabled solutions

  Copy link into your clipboard //business-finance.news-articles.net/content/202 .. e-insurance-gap-with-tech-enabled-solutions.html
  Print publication without navigation Published in Business and Finance on by Mint
          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Despite contributing significantly to the economy, India's 300 million self-employed face hurdles in accessing life insurance due to irregular incomes and lack of formal documentation. Leveraging technology and dynamic underwriting can unlock tailored solutions for this underserved segment.
The article from Livemint discusses the significant insurance gap among India's self-employed population, highlighting how technology is being leveraged to bridge this divide. It points out that traditional insurance models often overlook the self-employed due to their irregular income patterns and perceived higher risk. However, with the advent of InsurTech, innovative solutions are emerging. These include micro-insurance products tailored for low-income groups, usage-based insurance where premiums are based on actual usage, and digital platforms that simplify the insurance process from purchase to claims. Companies like Acko, Digit, and PolicyBazaar are using AI and machine learning to offer personalized insurance products, making insurance more accessible and affordable. The article also mentions the role of government initiatives like the Pradhan Mantri Suraksha Bima Yojana, which aims to provide affordable insurance to the masses, further supported by tech-driven distribution channels. This technological integration not only enhances customer experience but also helps in reducing fraud and improving risk assessment, thereby making insurance more inclusive for India's vast self-employed sector.

Read the Full Mint Article at:
[ https://www.livemint.com/money/personal-finance/indias-self-employed-bridging-the-insurance-gap-with-tech-enabled-solutions-11735191980980.html ]