siliconindia | | JULY 20258At the very core of India's vibrant economy pulses a silent but powerful force its small and micro-enterprises. Like the quiet rhythm of a village loom or the gentle clang of a roadside blacksmith, these businesses hub with resilience and resourcefulness. Contributing nearly 30% to India's GDP and employing over 110 million people, they are the unacknowledged architects of a rising India.Yet, for decades, they've walked the economic tightrope without a net. Insurance a word often wrapped in paperwork and perceived as a luxury has remained elusive. But winds are shifting. Technology, like a monsoon breaking a dry spell, is democratizing insurance making it not just accessible but deeply personal, affordable, and relevant.A Digital AwakeningIndia's digital revolution, led by the spread of smartphones, low-cost data, and government initiatives like Digital India and Aadhaar, has reimagined how services reach the masses. Insurance is no exception.Ankit Agrawal, Founder & CEO of InsuranceDekho, captures this shift: "Initiatives such as the "Digital India' campaign and the introduction of Aadhaar-based e-KYC have facilitated the seamless onboarding of customers and enabled insurers to offer digital insurance products and services".From a turmeric farmer in Satara securing crop insurance over WhatsApp, to a food delivery worker in Bengaluru buying health cover on his tea break what once seemed alien is now a tap away. Technology has become the new village postman, carrying protection instead of letters.Smarter, Faster, PersonalizedBut access is just the beginning. Tech is weaving intelligence into every insurance interaction. AI-driven underwriting tools decode data to price risk precisely. Machine learning accelerates claims and sniffs out fraud like a vigilant hawk.Kamlesh Rao, MD & CEO of Aditya Birla Sun Life Insurance, shares: "Platforms like AUSIS provide holistic customer views, aiding in selecting the right customers at the right price".What once took weeks of paper shuffling now takes minutes. No more one-size-fits-all. A chai wala in Kanpur and a boutique owner in Kozhikode can now have plans tailored to their rhythm of life.EDITORIAL EXCLUSIVEM R Yuvatha, Senior Correspondent, SiliconindiaEMPOWERING SMALL BUSINESSES: THE ROLE OF TECHNOLOGY IN DEMOCRATIZING INSURANCE IN INDIA
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