Panelists:
1. Suresh Sethi, Director, RIA Insurance Brokers
2. Falguni Desai, CEO, Sejal Insurance Broking
3. Syed Meraj Naqvi, CEO & Principal Officer, Riskbirbal Insurance Broker
4. Vidya Bhuta, Founder & Director, Mialtus Insurance Broking
5. Bahroze Kamdin, Partner at Deloitte (Moderator)
At the InsureNext Global Conclave & Awards 2025, the panel discussion on ‘Insurance Brokers: Digital Transformation’ addressed the seismic shifts reshaping insurance intermediation. As technology redefines customer expectations and industry practices, brokers face an urgent mandate: embrace digital transformation or risk irrelevance.
Redefining Digital Transformation
Setting the context, Bahroze Kamdin highlighted the paradox facing brokers today. While they account for a significant share in general and health insurance distribution, their role in life insurance remains peripheral limited largely to group life policies. She challenged the panel to consider how digital transformation could deepen brokers’ engagement, particularly in life insurance.
Falguni Desai articulated that digital transformation, for her, is about reinventing how we connect, operate, and innovate. She emphasized the integration of technology across the value chain from quotations and policy issuance to claims servicing creating an experience that is frictionless, transparent, and efficient.
Syed Meraj Naqvi defined it simply as opportunity. Technology, he asserted, allows brokers to broaden their scope, optimize processes, and remain indispensable to customers seeking guidance in complex risk landscapes.
Vidya Bhuta provided a vivid analogy, calling it ‘unleashing the dragon.’ She likened the power of AI and digital platforms to an untamed force immense in potential but requiring responsibility and strategic control.
Suresh Sethi added a pragmatic voice, emphasizing the need for simplifying regulatory complexities. He highlighted the duplication and inefficiencies in KYC processes, calling for a standardized mechanism to eliminate friction and deliver seamless customer experiences.
Navigating Resistance Phases
Falguni reflected on Sejal Insurance Broking’s transformation journey through 3 distinct phases: resistance, adoption, and acceptance. She candidly acknowledged the initial hesitation among clients, especially in smaller towns who preferred physical documents and manual processes. Overcoming this reluctance required sustained customer education, relationship-building, and empathetic support.
Today, Sejal’s digital platform extends coverage to remote geographies such as Jalgaon and Kolhapur without additional manpower. However, challenges persist, including discrepancies in CKYC data validations and occasional transaction delays due to payment gateway issues. Falguni emphasized that while technology streamlines, human intervention remains critical to ensure smooth resolutions.
Transforming from Within
Syed described Riskbirbal’s strategy of beginning their transformation journey by restructuring internal systems before scaling customer-facing technologies. “We first organized ourselves before organizing the customer experience,” he stated. The firm developed proprietary tools such as asset valuation and digital inspection systems, significantly enhancing their underwriting and claims management processes.
For Syed, embracing digital transformation is an existential necessity. “This is no longer about scaling operations it’s about survival,” he declared, highlighting the risk of obsolescence for brokers who delay modernization.
Balancing Human Intelligence
Suresh raised a crucial point about the future of the broker’s role. As technology enables seamless customer journeys, particularly with the advent of platforms like Bima Sugam, brokers risk becoming redundant if they fail to differentiate through value-added services. “If claims settlements and policy issuance become frictionless, why would customers need brokers?” he posed.
Bahroze argued that brokers remain irreplaceable as advisors and client advocates, especially in corporate and high-net-worth segments. Vidya Bhuta reinforced this, noting that while retail insurance may be commoditized through digital channels, bespoke coverage still demands human expertise and strategic input.
Partnering with InsurTechs
Falguni explained how Sejal Insurance’s partnerships have enabled AI-driven chatbots, automated claims registration, and round-the-clock customer service, thereby enhancing responsiveness and efficiency. Vidya described Mialtus’ adoption of AI-powered quotation engines, significantly accelerating response times and improving client satisfaction. Syed advocated for brokers to build proprietary InsurTech capabilities rather than relying solely on third-party vendors, asserting that ownership of technology is key to agility and innovation.
Suresh shared RIA Insurance’s experience integrating wellness programs into group health policies through an InsurTech partner. However, he pointed out the reluctance of client HR departments to share employee contact details, highlighting the challenges of balancing data privacy with personalized service delivery.
Harnessing Data Intelligence
The panelists agreed that data-driven insights are pivotal to the next phase of broking evolution. Vidya stressed the role of predictive analytics in anticipating client needs and delivering hyper-personalized solutions. “Being proactive rather than reactive is what will set brokers apart,” she remarked.
Syed elaborated on AI-driven underwriting, explaining how brokers can pre-emptively align customer risks with insurer appetite, thereby streamlining placements and improving outcomes. Falguni shared Sejal’s success in using AI to analyze fleet vehicle data and claims histories, allowing them to offer optimized coverage and pricing.
Preserving Human Touch
Despite embracing technology, the panel was unequivocal about the irreplaceable value of human interaction. Vidya emphasized that large corporate accounts and complex life insurance policies require personalized advisory and negotiation skills that machines cannot replicate. Kamdin concluded: “Brokers are not just facilitators they are the voice of the insured, ensuring fair treatment and advocating for their clients’ best interests.”
Addressing Regulatory Challenges
Turning to regulation, both Suresh and Falguni pointed out disparities that place brokers at a disadvantage relative to agents, particularly in life insurance distribution. Brokers receive lower commissions and have restricted distribution avenues. “Without regulatory reforms and a level playing field, brokers will remain marginalized in life insurance,” Suresh warned.
The panel called on regulators to recognize brokers as key players capable of driving deeper insurance penetration through their consultative approach.
Anticipating the Future
As the session drew to a close, the panelists shared their visions for the future. Suresh predicted a wave of consolidation among brokers, with increased IPOs and in-house InsurTech development to fund growth and enhance service capabilities. Syed envisioned brokers evolving into hybrid organizations that seamlessly integrate technology and advisory services.
Falguni and Vidya stressed that brokers who retain customer-centricity while embracing digital tools will be best positioned to lead the next chapter of insurance broking. “It’s about balancing scale with service, and technology with trust,” Vidya concluded.
The panel discussion at InsureNext Global Conclave & Awards 2025 underscored a fundamental truth: Digital transformation is no longer optional for insurance brokers it’s essential. However, true success will belong to those who blend technological innovation with empathy, insight, and unwavering client advocacy.