McKinsey: AI and partnerships reshaping India's insurance, rural reach lags
Big changes are coming to India's insurance world, with AI and smart partnerships leading the charge.
According to a McKinsey report, insurers are moving away from old-school selling tactics and turning to tech-powered systems to connect better with customers and lower costs.
Still, reaching people in smaller towns and rural areas remains tough because products don't always fit their needs.
Indian insurers shift to AI platforms
Insurers are shifting from direct sales to AI-driven platforms that guide significant parts of the customer journey: think smoother sign-ups and faster service.
Partnerships across the industry will help keep customers engaged for the long haul.
Plus, upcoming rule changes from India's insurance regulator (IRDAI) could include lower expense limits, changes to commission structures, and stronger safeguards aimed at preventing mis-selling.