<p>The government’s drive for technology adoption and digitalization has spurred innovation in the insurance sector, which is encouraging for the sector’s development prospects. The CEO of InsuranceDekho, Ankit Agrawal, has emphasized.</p>
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<p>In an interview with IANS, he said that encouraging Insurtech innovation by the government is a step in the right direction for the creation of creative insurance products, distribution methods, and consumer engagement strategies.</p>
<p>The “Digital India” campaign and the implementation of Aadhaar-based e-KYC, according to Ankit Agrawal, “have facilitated the seamless onboarding of customers and enabled insurers to offer digital insurance products and services.”</p>
<p>In addition, the government has initiated the Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to extend health insurance coverage and provide millions of disadvantaged families financial security against medical costs. This initiative is intended to provide the industry with the much-needed boost.</p>
<p>Additionally, the Indian insurtech industry has developed microinsurance products that are especially designed to provide livelihood, health, and agricultural insurance to the population that is economically disadvantaged.</p>
<p>“The products have been designed to provide the most insurance possible for the social groups that would not otherwise have access to it,” Agrawal said.</p>
<p>Furthermore, the insurance business has been rapidly integrating technology with the aid of Insurtech entrepreneurs, using digital platforms to streamline distribution, handle claims, and communicate with customers in order to provide simple access to a range of insurance products.</p>
<p>Numerous studies have shown that higher insurance coverage expands the economy by lowering general financial hardship and enabling significant nation-building businesses to access long-term development financing.</p>
<p>“The government should think about the exemption of GST on insurance policies to bring down insurance premiums, working towards the larger goal of becoming a fully insured nation by 2047,” Agrawal said.</p>
<p>He went on to say that increasing the tax exemption levels under 80C would help prioritize savings and encourage insurance coverage while also providing the much-needed boost to economic development.</p>
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