The regulator, Insurance Regulatory and Development Authority of India (IRDAI) has made significant progress in making insurance more accessible. Every distribution channel has its strengths. Agents bring trust and personalised advice. Digital platforms offer convenience, speed and transparency. Bancassurance provides reach by integrating insurance into existing banking relationships. Yet, despite wider access, many policyholders still struggle to choose the right cover, understand policy terms and navigate claims.
Industry experts say the next phase of insurance growth will depend less on expanding distribution and more on improving the policy buyer/customer journey.
Why experts say insurance is treated like a product
“The biggest gap is that insurance is still treated as a product, not as a complete risk management journey. Most people don’t start by asking, “What risks do I need to protect myself and my family from?” Instead, they start by comparing premiums or looking for tax benefits. This often leads to buying the wrong cover, inadequate protection or multiple policies that don’t work together,” said Ram Patrudu, Co-Founder, Trovity & Mad Over Insurance.
Experts say this product-centric approach often leaves customers underinsured or with multiple policies that fail to provide comprehensive protection. They argue that insurance advice should begin with identifying financial risks rather than comparing premiums or tax benefits.
Insurance should be simpler and more customer-focused
The industry needs to move towards simplifying insurance. Customers shouldn’t have to decode technical terms, compare dozens of policies or struggle to understand exclusions. Instead, insurers and distributors should explain policies in plain language and recommend coverage based on an individual’s life stage, financial goals and family responsibilities.
“The bigger conversation is about making insurance distribution more customer-focused and encouraging advisors to stay engaged with policyholders beyond the point of sale. That’s something we have always believed in. Insurance isn’t something you just buy once and forget about. You need someone to guide you when you’re choosing it, remind you when it’s time to renew, and most importantly, be right there next to you to help when a claim actually happens,” said Rakesh Goyal, Director of Probus.
Why the insurance journey shouldn’t end after purchase
The second big shift is integration. Today, different parts of the journey often happen in isolation—risk assessment, policy selection, buying, renewals and claims. For the policy buyers, however, it’s one continuous journey.
Industry experts believe customers should experience a seamless process, from identifying risks and selecting the right cover to renewals and claims support.
A better approach is to bring all these stages together. “Start by understanding the buyer’s overall risk profile, identify protection gaps, recommend the right solutions, and continue to support them through policy servicing and claims. The relationship shouldn’t end once the policy is issued,” said Patrudu.
Technology can improve insurance, but trust remains essential
Technology can make this journey faster and more personalised, but trust will always come from clear advice and dependable support. At the end of the day, customers don’t just want someone to help them buy insurance; they want someone who helps them understand their risks, simplify their choices and stand by them when they need to make a claim.
Experts say digital tools can simplify policy comparisons and speed up servicing, but long-term trust will continue to depend on transparent advice and dependable claim support.
“As a digital-first insurance broker working with PoSPs across the country, we have seen that long-term trust is built through consistent service, not a one-time transaction. If the regulatory framework encourages stronger customer engagement and better policyholder outcomes, it will be a positive step for the industry as a whole,” said Goyal.
