Speaking at the Silver Jubilee Conclave of the Insurance Brokers Association of India (IBAI) in New Delhi, Seth highlighted the growing role of insurance brokers in the sector. He said brokers now contribute around 42% of the general insurance business, compared with nearly 30% seven to eight years ago.
The IBAI marked 25 years of India’s insurance broking industry at the conclave, which brought together policymakers, regulators and industry representatives to discuss the sector’s future growth and the goal of achieving “Insurance for All” by 2047.
Seth said brokers would play a key role in expanding insurance penetration and encouraged them to focus on affordability, transparency, risk management and policyholder protection.
Over the last two decades, insurance brokers have moved beyond facilitating policies and have increasingly taken up the role of risk advisors, helping customers assess their insurance needs and access suitable products, IBAI said.
Narendra Bharindwal, President, IBAI, said the industry’s next phase of growth would depend on improving accessibility, awareness and relevance of insurance products for customers. He added that the association would focus on technology adoption, skill development and supporting small and medium-sized brokers.
“The future of insurance will be shaped by collaboration, innovation and a continued focus on policyholder interests,” said Nirmal Bazaz, Honorary Secretary, IBAI. He added that the industry would need to strengthen professional capabilities, adopt technology responsibly and improve insurance awareness as risks and customer expectations evolve.
The two-day conclave discussed key issues including artificial intelligence and insurtech, health insurance affordability, life insurance distribution, reinsurance opportunities through GIFT City, cyber risks, geopolitical risks, rural insurance and regulatory changes.
Industry participants emphasised that wider financial awareness, responsible use of technology and collaboration among stakeholders would be critical to improving insurance penetration and building customer trust.
