Digitalisation, Cyber focus, Insurtech - Ashish Lath decodes new insurance trends

Launched in 2017, in this short span InsuranceDekho today reaches the masses of India by covering 98% of the pincodes and is present in 1,300+ cities across the country, catering to a huge number of first-time insurers. Apart from insuring India, it is also generating jobs for almost 1,500 employees today.

Ashish Lath heads the Enterprise business at InsuranceDekho, where he has been bringing an innovative multi-disciplinary approach to scale new businesses that leverages technology, culture, partnerships and digital networks to drive performance.

In conversation Adgully, Ashish Lath, Business Head, InsuranceDekho, speaks about expansion ambitions for InsuranceDekho, the company’s USP and services, latest trends in the insurance industry, and more.

How does InsuranceDekho insure roughly 24 lakh Indians through Real Bharat each year at a rate of 10 Indians per minute?

InsuranceDekho is a leading Indian Insurtech, with a network of 80K+ partners in 98% pincodes across the country. By leveraging technology and a large team of professionals, InsuranceDekho has been able to streamline the insurance buying process and make it easier for people to find and purchase policies that meet their requirements. We make the right insurance products available to customers at the right place at the right time.

What are the company’s USP and services provided to customers?

InsuranceDekho is a tech-first company providing the fastest and best-in-class platform for a seamless selling experience with an end-to-end digital journey to our advisor partners.

We also provide the best post-policy support and claims experience to all our customers with an overall NPS of 90+.

InsuranceDekho has many industry-first innovations, some of our USPs include:

AI/ML-based proprietary platform for self-inspection of the vehicles.
MERN Stack microservices-based orchestrator to build low code platform for faster integrations with insurers.
Best-in-class partner onboarding platform through CKYC with minimal documentation due to strong API integrations and smart technological interventions.
Configurator to update underwriting rules engine and document engine as required by different products and insurers. ID is amongst the few Insurtechs who have been given underwriting approval rights by the insurers.
Automated post-policy endorsement and 24*7 dedicated claims support

What issues has InsuranceDekho already resolved?

InsuranceDekho’s vision is to insure every Indian. Through our robust technology platform, we have a presence in 98% pincodes in India enabled by our 80K+ partners. Today, InsuranceDekho is successfully insuring 10 Indians every minute. For our partners and customers, InsuranceDekho offers 400+ plans across the motor, health, life, and other general insurance products with 46 insurer integrations. Catering to the needs of our 80K partners, the company offers a full-stack digital platform that helps them unlock their efficiencies. InsuranceDekho is creating a tremendous impact at the grassroots level by not only providing income-generating opportunities for housewives, college students, and retired professionals, but also enabling them to lead independent lives. ID has built a scalable digital-first model to take insurance to the masses and we are moving comfortably toward achieving our vision.

What are the expansion ambitions for InsuranceDekho?

From a geographical perspective, we are currently present in 98% pincodes of India. We want to reach every town and village to enable every Indian to buy insurance conveniently. From a product perspective, we are expanding our offerings to include SME and embedded insurance.

What do you see as the dominating trends in the insurance industry in the year ahead?

The insurance industry is experiencing several new trends that are shaping the future of the sector. Digital transformation is a significant focus, with insurers investing in technologies such as artificial intelligence (AI), machine learning, blockchain, and data analytics to improve customer experience and streamline operations. Cyber insurance is also gaining traction as companies and individuals face an increasing threat from cyber-attacks.

Usage-based insurance is another upcoming area, with telematics and IoT technologies being leveraged to offer more personalised coverage.

Sustainability is also an important trend, with insurers incorporating sustainable practices into their underwriting and investment strategies.

Finally, collaboration is the key, with insurers forming strategic partnerships with Insurtechs and other companies to innovate and enhance their offerings.