With rising incomes, tech-savvy consumers and an increased awareness of the need for financial security, India offers innumerable opportunities for life insurers. Technological disruption and new regulations are opening opportunities for enhanced digitalization and greater financial inclusion, and for creating a frictionless customer journey through simplifying insurer processes such as underwriting and claims management. Navigating this fast-evolving landscape will require strategic agility and a willingness to embrace change.

In this paper, we provide a comprehensive overview of the Indian life insurance market as it heads towards a significantly higher growth trajectory. We explore the key challenges facing life insurers, including improving customer engagement, evolving distribution channels, and building business model sustainability. We also offer recommendations on strategic, tactical, and technical fronts to help life insurers unlock growth, drive change, and take advantage of emerging opportunities while effectively mitigating potential risks.