India’s 670 million Internet users would rise to 914 million by 2027 according to a Morgan Stanley report. In sync with this, the overall Indian Insurance market is expected to grow at an annual rate of 15-18% over the next five years and is expected to reach a market size of approximately US$ 200-250 billion by 2025.
Demographic factors such as growing middle class, young insurable population and growing awareness of the need for protection and retirement planning will support the growth of insurance in the country.
Synergy Strategic Solutions, a leading provider of insurtech solutions in the APAC region, announced plans to enter India’s fast-growing insurance market, which is expected to touch gross premiums of US$ 100 billion in 2020.
Synergy will launch its end-to-end technology solutions and services including application development, smart automation, cybersecurity and data analytics, which it has successfully deployed for leading insurance companies in the APAC region, enabling them to navigate their digital transformation journeys with speed and ease.
Synergy’s entry into the India market is in line with its overall expansion plans to strengthen its operational presence in the APAC region spread across Hong Kong, Singapore, Japan, Malaysia, Indonesia and Philippines at present.
The Hong Kong-based company set up its knowledge and development centre at Bengaluru in India in 2015, which has grown to over 100 engineers with a niche specialization in the BFSI domain and has been instrumental in developing its cutting edge solutions customized to the needs of the retail insurance sector, across life, health and property and casualty insurance segments.
Speaking on the company’s growth plans in India, Pradeep Satya, Co-Founder and CEO, Synergy Strategic Solutions said, “Since inception in 2011, Synergy has emerged as the preferred partner to some of the biggest names in the insurance market in the APAC region.
“Our model engages insurers to understand their pain points and limitations and thereby crafting tailor-made digital solutions that help them with quick digital growth. It was natural for us to expand our offerings to the Indian market, to not only strengthen our market leadership in the region but more importantly, to tap into one of the most promising markets. We are expecting the India market to contribute to almost 50% of our total revenues in the next 24 months.”
He also said that while traditionally insurers have predominantly adopted a ‘product push’ approach with a strong focus on distribution, the current landscape makes it imperative for them to keep customers at the core of their strategy, leveraging technology to create integrated products and personalized customer experiences.
“Automation coupled with low code solutions will help insurers reduce significant costs and in the current COVID-19 context, it will help them return to normalcy faster and build efficiencies. They can rapidly drive the adoption of digital channels not only for regular requests but new ones arising out of this crisis and our solutions are designed specifically to meet this objective,” he said.