Nipun Grover

The much awaited decision on the GST exemption on health insurance premiums is finally out! In a nation, where a large section of population does not have any health insurance or is underinsured, this move is expected to encourage the individuals to prioritise health insurance as a necessary financial protection tool. Aligned with the broader ambition of the regulator of 'Insurance for All by 2047,' this reflects positive intent of the Government to make health insurance affordable and accessible for every Indian. Although it is anticipated that reduction of the tax element will translate into lower premiums, the actual benefit can only be assessed after clarity on the input tax credit, which we will come to know over the coming days. https://lnkd.in/gcQGXVDB #GeneralInsurance #HealthInsurance #GSTExemption

484

5 Comments

As AI, automation, and data redefine the boundaries of what’s possible, we’re witnessing a fundamental shift, not just in how insurance is delivered, but in what people expect from it.     India is uniquely placed at the centre of this transformation. With its depth of digital talent and a growing ecosystem of innovation, the country is fast becoming a global hub for designing the next generation of insurance solutions that are intelligent, intuitive, and inclusive.     At MetLife Global Capability Centre (MGCC), we’ve had the opportunity to help shape this journey, by embedding advanced technologies across the value chain while staying grounded in a human-first approach.     In this article, I share reflections on where the industry is headed—and how the confluence of tech, talent, and purpose is creating an inflection point for InsurTech globally. https://lnkd.in/gWYrfUiS     #InsurTech #AI #DigitalTransformation #MetLife #FutureOfInsurance #GCCs #MGCC #CustomerExperience #MetLifeGCC #TechAtMGCC #InnovationAtScale #MGCCLeadership 

362

22 Comments

Life Insurance Half Year 2025-26 ( Individual Non-single Premium) Data Highlights: LIC's Declining Market Share 11 % premium de-growth and 21 % de-growth of LIC pulled down the whole industry- As compared to last year H1 -22% de-growth of clients acquired by Industry in individual cases is serious concern. LIC Market share is left with only 27% of new Business in Premium though it still captures 63% market share in No of policies, Average premium size is abnormally low. As LIC is not much into term insurance- such trend is not an achievement flaunt about wider coverage among mass but providing incomplete insurance to the loyal client base. Lack of innovation, de-growth of agency force and poor think tank to take corrective measures is concern for the industry. New BUSINESS Retail client count de-growth of #BhartiAxa #Bajajlife #PNBmetlife #RelianceNipponlife #SRLI shows a serious intent issue to drive real growth- Tweaking products & acquisition cost can't be sustainable path. Bigger players like #SBILIFE de-growing in NOP, #ICICIPRU de-growing in premium, #TATAAIA and #AxisMAX doing better in both the aspects New players growing but still not enough to pull up industry Primary Reasons for de-growth of Sept and H1 1) Government's skewed decision to implement GST withdrawal w.e.f future dates 2) Companies having change in nomenclature and ownership could not sustain the demand of the market trend; leadership to be blamed 3) Slowing down of Agency additions, those could do- maintained the positive trend. Corporate sales through Banks could show fault lines now 4) Last fiscal's product guidelines changes and Insurers going too cautious in acts without having any simulations of actuals restricted freedom act 5) A typical mob like push of early income plans by almost all insurers killed the basic concept of Insurance ( Risk) at large. The companies who could innovate- showing the strength & others showing saturations 6) Distribution DNA gradually making Insurance a "untouchable" for normal people- apprehensions of mis-selling, lesser liquidity, low coverage, too much of on-boarding formalities ( Solicitation, PLVC, PIVC... OTP) making people wary of going for Insurance readily. Practically - the data security & privacy part in insurance domain being flouted day in day out officially Expected that some good sense prevails sooner to revive the domain through actual realisation of factors !! Insurance for all by 2047 seems real distant with retail growth going stagnant. #insurance #Growth #IRDAI #GDP #penetration #LICI #Zopper

787

2 Comments

LIC will not cut agent commissions despite ITC loss, unlike many private insurers trimming payouts by ~15%. It will offset losses via higher sales & new product pricing, while passing full GST relief to policyholders. With 95% of business driven by 15 lakh agents, LIC holds a strong 63.51% Q1 FY26 market share; PSU general insurers too are absorbing ITC losses without commission cuts. This comes after last year’s cut in 1st-year agent payout post surrender value revision that had hurt policy sales of LIC. #LIC #GSTFreeInsurance #InsuranceForAll #AgentNetwork #PolicyholderBenefit #PSUInsurers #CustomerFirst #LifeInsurance #InsuranceReforms #MarketLeadership

112

8 Comments

🚨 ZERO GST on Retail Health Insurance – Game Changer Alert! From 22nd Sept 2025, retail health insurance premiums will be GST-free! Not just a tax cut—this is a transformational step for India’s healthcare. 💡 Why it matters: • Nearly 90 crore Indians still remain uninsured • Only 37% of the population is covered under health schemes • 47% of health spending comes directly from people’s pockets • Medical inflation ~14% per year is pushing families into debt ⚡ Impact of ZERO GST: ✅ Lower premiums → more affordability ✅ Encourages first-time buyers ✅ Expands protection for the “missing middle” ✅ Offsets rising medical costs 🚀 Opportunities Ahead: • Consumers: Affordable health security, less financial stress • Insurers: Wider reach & competitive product design • Advisors: Easier conversations with reduced price resistance • Nation: Lower out-of-pocket burden, stronger healthcare safety net 🔭 Next Steps: • Educate & communicate the change clearly • Promote transparent, customer-friendly products • Focus on easy claims & better awareness 💪 Big Picture: • ZERO GST removes the biggest barrier—cost • Can bring millions of families under health protection • Sparks a new wave of insurance adoption • Significantly strengthens India’s healthcare ecosystem #ZeroGST #HealthInsuranceForAll #AffordableHealthcare #FinancialProtection

57

2 Comments