As India’s life insurance sector continues to evolve, companies like Edelweiss Life Insurance are rethinking their distribution, technology adoption, and customer engagement strategies. The company’s Chief Operating Officer, Kayzad Hiramanek, emphasizes the importance of a digital-first approach, with over 75% of their applications, platforms, and data hosted on the cloud. This enables the company to provide a seamless customer experience, enhanced distributor experience, and superior customer service.
Hiramanek believes that the life insurance sector in India faces several barriers to adoption, including low financial literacy, complexity of insurance products, and limited awareness about the importance of insurance. However, he notes that regulatory support, product simplification, and innovations like Bima Sugam and Bima Vahak have improved access to insurance and increased trust in the ecosystem.
The government’s push to bring cooperatives under the insurance umbrella is also expected to increase insurance penetration, especially in rural areas. Hiramanek highlights the importance of group insurance and microfinance in expanding reach and notes that the government’s efforts, such as the PM Jeevan Jyoti Bima Yojana, have already brought many people under insurance coverage at a low cost.
Regarding regulatory initiatives, Hiramanek believes that the Insurance Regulatory and Development Authority of India (IRDAI) has taken a proactive approach with the goal of “Insurance for All by 2047.” Initiatives like the sandbox framework, voice-based application forms, and state-level financial literacy efforts are enhancing outreach and operational efficiency.
Edelweiss Life Insurance is differentiating itself through its technology-led approach, with a focus on customer-centric product design and operational agility. The company’s platform, U2, facilitates structured discussions between salespeople and customers to identify protection gaps and determine suitable products.
Hiramanek is cautious about the potential of Artificial Intelligence (AI) in underwriting and risk profiling, noting that while it holds promise, large-scale transformative applications are yet to be seen. However, he believes that conversational AI is likely to play a meaningful role in customer service in the near future. Over the next five years, he expects Agentic AI technology to have a significant impact on the sector, replicating or replacing human effort in routine tasks.
Ultimately, Hiramanek emphasizes the importance of democratizing information and empowerment, allowing people to take decisions, fail, and learn from their failures. As a leader, he focuses on hiring individuals with the right attitude, willingness to learn, and ability to work in a team, and believes that this approach is essential for driving growth and innovation in the life insurance sector.