1、November 2024Insurance PracticeSteering Indian insurance from growth to value in the upcoming techadeCopyright 2024 McKinsey&Company.All rights reserved.Cover image:blackdovfx/Getty Images All interior images:Getty ImagesIntroductionIndia is a nation of immense scale,boasting the worlds fifth-larges

2、t economy and a population exceeding 1.4 billion.1 Its youthful demographic,with a median age below 28,is a catalyst for transformative change.The country is undergoing a period of rapid financial inclusion and enhanced financial literacy,with more than 75 percent of citizens over age 152 enjoying a

3、ccess to formal financial services on the back of policy initiatives such as the Pradhan Mantri Jan-Dhan Yojana(National Mission for Financial Inclusion)and Pradhan Mantri Fasal Bima Yojana(Crop Insurance Scheme).In parallel,Indias digital landscape is expanding rapidly,with rising numbers of telco

4、subscribers and some 850 million internet users.3 India is embracing the digital age and has entered a decade of technology transformation,or“techade,”spurred by the governments 2022 initiative,“Digital India catalyzing New Indias techade.”4 The digital economy has grown 2.5 times faster than the ov

5、erall economy since 2016,propelled by a robust digital public infrastructure encompassing Aadhaar,the Account Aggregator framework,Bharat BillPay,DigiLocker,and Unified Payments Interface(UPI).5 Additionally,Indias micro,small,and medium-size enterprises(MSMEs)now employ more than 110million people,

6、contribute nearly 30 percent of the countrys GDP,and account for close to half of Indias total exports.6Meanwhile,the government aspires to an annual GDP growth rate of 8 percent over the next decade,with aims to expand Indias GDP to$19 trillion by 2047.7 The country is thus uniquely poised to build