The Indian insurance sector is undergoing a rapid transformation, driven by technological advancements, regulatory reforms, and evolving customer expectations. At Insurance Summit 2025, students of the International Master in Business program gained valuable insights from industry leaders on fostering sustainable growth, building customer trust, and creating long-term value in a dynamic market. The summit opened with insights from Alessandro Giuliani, Managing Director of SDA Bocconi Asia Center, setting the stage for engaging discussions.
The event featured two panel discussions, each focusing on a critical pillar of India’s insurance industry—General Insurance and Life Insurance—delving into the challenges and opportunities shaping the future of the sector
General Insurance: The Evolution of Risk Coverage
The general insurance panel explored how insurers are adapting to new risks and creating innovative solutions. Anup Rau, MD & CEO, Future Generali India Insurance Company Limited, highlighted the need to go beyond traditional offerings, stating, “Innovation is no longer enough; we need true invention. From pet insurance to DIY health plans, the industry must evolve to meet dynamic consumer needs.”
India’s digital push was a key focus, with Siva Prasath B, MD & Head of Knowledge Services (India), Marsh McLennan, emphasizing Bima Sugam, a digital insurance marketplace, and Bima Vistaar, a comprehensive insurance product. He noted that “Cyber insurance is set to surpass motor insurance in importance as digital risks increase.” The discussion also covered the growing role of insurers as financial consultants rather than mere sellers, addressing evolving customer expectations. Personalized health insurance, including fitness-linked premium refunds, was identified as a major trend.
Life Insurance: A Shift Towards Personalization and Financial Security
The life insurance panel focused on its transition from a push-based product to one driven by consumer awareness and financial planning. Panelists emphasized the need for seamless onboarding and value-driven policies, ensuring accessibility for a broader audience. Privatization and the impact of COVID-19 have further accelerated life and health insurance adoption, making financial security a top priority.
Abhijit Gulanikar, President, Business Strategy, SBI Life Insurance Co. Ltd., debunked the notion that insurance is dull, emphasizing its critical role in financial planning. He stated, “People underestimate the financial impact of insurance. It’s not just about protection but about long-term financial planning.”
The discussion also explored how digital transformation is making insurance more accessible and personalized, shifting the industry towards a smarter, customer-focused approach. Consumers are now more aware of the need for financial protection, and insurers are leveraging technology to offer tailored solutions.
The insurance industry in India is shifting towards a smarter, tech-driven, and highly personalized approach, ensuring customers receive more value, flexibility, and financial security. The future is not just about coverage—it’s about innovation, education, and empowerment.
As the summit concluded, students had the opportunity to engage with panelists, asking insightful questions about the industry and their careers. They also gained valuable perspective from Prof. Anjana Grewal’s closing remarks. As Senior Professor and Senior Director of Centers of Excellence, she emphasized the industry’s year-over-year growth and its significant impact on the Indian populace.