India seeks to raise insurance coverage to 4.7% with AI
India's insurance coverage is pretty low, just 3.7%, and the government wants to bump it up to 4.7%.
Sanjeet Singh from NITI Aayog says AI can help, but it's not a magic fix; the real challenge is reaching the "missing middle," people who fall between government-supported insurance programs and the segment traditionally served by private insurers.
Sanjeet Singh urges public private collaboration
Sanjeet Singh, Programme Director, Economics and Finance-II, Trade & Commerce, Disinvestment and International Cooperation at NITI Aayog, stressed that public and private sectors need to work together so insurance becomes more accessible and trustworthy.
AI is useful, but only as part of a bigger effort.
SBI General Insurance Managing Director and CEO Naveen Chandra Jha pointed out privacy concerns with tech, while PB Fintech Joint Group CEO Sarbvir Singh suggested measuring progress by how much coverage people actually get, not just big numbers.
Everyone agreed: real change needs both tech and strong collaboration, especially for those who need coverage most.