Balancing Digital and Human Touch: New India Assurance's Vision for Expanding Insurance Reach

New India Assurance Company is adopting a hybrid strategy, combining digital technology with human interactions, to expand its insurance reach across India. Emphasizing the need for education among youth and maintaining natural catastrophe rates, the company seeks to integrate digital solutions with human value chains for broad national coverage.

At the 25th Global Conference of Actuaries in Mumbai, New India Assurance Company unveiled its strategic vision to blend digital advancements with human interactions. Chairman Girija Subramanian emphasized that while digital transformation is crucial, the human touch remains vital, especially in rural and semi-urban areas.

Subramanian articulated the necessity of retaining a 'human value chain' as the company strives to meet the national 'Insurance for All' goal by 2047. Seamless digital services cater to urban and educated customers, but human involvement is critical for reaching a broader demographic, including Tier 2 and Tier 3 cities.

Addressing future challenges, Subramanian highlighted the importance of maintaining 'Nat Cat' rates in insurance underwriting. She criticized the trend of some companies lowering these rates, warning that it jeopardizes long-term financial stability. By targeting younger demographics, the company aims to shift perceptions and secure a financially conscious future.

(With inputs from agencies.)