- Shruti Pal
As
India moves towards its ambitious vision of becoming a developed economy by
2047, one question becomes increasingly important: what needs to change in the
country's financial ecosystem to make that journey possible?
To
explore that question, Why Not Mint Money and Policybazaar brought together
some of the most influential voices shaping India's financial future. The
series examined the structural challenges, opportunities and reforms needed to
build a more inclusive, trusted and resilient financial system.
The
first episode featured Monika Halan in conversation with Yashish Dahiya,
Chairman and Group CEO of PB Fintech, the parent company of Policybazaar and
Paisabazaar. What began as a discussion around insurance and financial services
quickly expanded into a larger conversation about trust, data, regulation,
healthcare and the road to Viksit Bharat.
India's
Financial Story And Its Missing Piece
One
of the central themes of the discussion was that India has made tremendous
strides in payments and mutual funds because they are relatively simple
products.Growth "gets stuck" when dealing with products involving
risk, specifically credit and insurance. Yashish mentioned that Regardless of
whether it is credit cards (fewer than 50 million), retail health insurance (60
million insured), or term insurance (15 million insured), the penetration
consistently sits at roughly 3% of the population at a family level.To become a
developed country, the next 30% of the population - representing half a billion
people - must be served.
Why
Data Will Define Financial Inclusion
A
recurring theme throughout the episode was the role of data in expanding
financial access. Yashish believes that India's next phase of financial
inclusion would depend on the ability to assess risk more accurately and
fairly. Better access to data can make loans, insurance and other financial
products available to millions who are currently excluded because institutions
lack sufficient information to evaluate them. The discussion also underscored a
broader shift that India may need to make from decisions based on institutional
capacity to decisions driven by data and risk assessment. As Yashish put it,
India must move from a "capacity approach" to a "data
approach", using information, transparency and scientific underwriting to
expand access at scale.
Building
Trust in Insurance
Despite
growing awareness of insurance, India's consumers continue to approach
financial products with caution, particularly insurance. While customers are
willing to pay premiums for years, many remain uncertain whether their claims
will be honoured when they need support the most."Claims are
non-negotiable," he said, once an insurer has assessed and accepted a
customer, the promise made to that customer must be honoured.
As
we went ahead in the conversation, the issue of mis-selling and product
suitability was also discussed. As per Yashish, financial products cannot be
sold using a one-size-fits-all approach. The right product depends on a
person's age, goals, risk appetite and financial circumstances. Instead of
focusing solely on distribution, the industry must place greater emphasis on
understanding customer needs before making recommendations.
PB
Health and the Next Phase of India's Healthcare Evolution
The
episode also touched upon PB Fintech’s foray into healthcare through PB HEALTH
and the role of technology, insurance and healthcare providers in improving
patient outcomes. He outlined his vision of creating more integrated healthcare
networks that align incentives between insurers, hospitals and patients,
reducing friction and improving outcomes. The discussion also highlighted the
scale of the healthcare opportunity that Policybazaar expects to serve nearly
40 million health insurance customers by 2030-31. At current healthcare
utilisation rates, the customer base would require access to approximately
32,000 hospital beds, underscoring the need for more efficient and coordinated
healthcare delivery models.
Looking
Beyond 2047
The
conversation with Yashish Dahiya raises questions that go well beyond insurance
and healthcare. It is ultimately about the kind of financial system India wants
to build over the next two decades, one that is driven by data rather than
discretion, suitability rather than sales, and long-term trust rather than
short-term transactions. As this five-episode series unfolds, those questions
will remain central to understanding what it will take to build a truly Viksit
Bharat.