By-Mr. Dilip Modi, Founder & CEO of Spice Money
“2024 has been a landmark year for the fintech industry, achieving unprecedented milestones in innovation and financial inclusion. India now boasts 26 fintech unicorns, including one decacorn, with registered startups surging from 2,100 in 2021 to 10,200 in 2024 and a combined valuation of $125 billion. Payments and lending categories attracted the maximum amount of funding, accounting for 85% of capital raised, while UPI surpassed 10 billion transactions in August, underscoring its transformative impact.
Spice Money is proud to contribute to this remarkable growth with offerings like biometric banking through AEPS, assisted bill payments, cash collection, and the rollout of UPI for rural India. Our foray into MSME lending and a robust 14-lakh-strong Adhikari network has extended essential financial services to 95% of rural pin codes and 2.39 lakh villages. In 2024, we impacted over 2.5 crore rural customers monthly, fostering trust, financial accessibility, and economic empowerment across Bharat.
Looking ahead to 2025, India is on track to have approximately 150 fintech unicorns with a combined valuation projected to reach $500 billion by 2030. The industry’s future lies in driving scalable and inclusive solutions through collaboration with policymakers and public partners, fostering sustainable and impactful growth for millions across the country.
At Spice Money, we remain committed to advancing Bharat’s financial inclusion through tech-driven solutions, ensuring compliance, and enhancing fraud risk management while prioritizing sustainable and profitable growth. A supportive regulatory framework and robust public-private collaboration are essential to addressing the unique needs of rural India. With rural fintech leading India’s digital revolution, Spice Money aims to build a resilient, inclusive financial ecosystem that uplifts communities and accelerates economic progress.”
By-Mr. Pankaj Gupta, MD and CEO of Pramerica Life Insurance
“The year 2024 has been a defining period for the life insurance industry, marked by a strong emphasis on customer centricity. Regulatory advancements have not only enhanced transparency and trust but have also created avenues for sustainable growth, making the industry more robust and resilient. The revised PPHI (Protection of Policyholders’ Interests) guidelines and new surrender value regulations underscore the sector’s commitment to improving customer experience and fostering policyholder confidence.
Product preferences also saw a notable shift, with Unit-Linked Insurance Plans (ULIPs) emerging as the top choice for policyholders. This was driven by robust equity markets and the growing appeal of wealth creation through insurance. Industry has witnessed rise in New Business Premium from ticket size INR100K & above from 40% in Q1FY24 to 45% in Q1FY25. The growth is largely driven by private insurers whose share of new business from ticket size above 100K has gone up from 55% in Q1FY24 to 60% in Q1FY25 as business mix moves more towards ULIPs, highlighting a rising inclination towards products that blend financial protection with investment benefits. Improved 13-month persistency metrics further reflect the industry’s focus on offering the right products and strengthening collection mechanisms.
At Pramerica Life Insurance, 2024 has been a year of meaningful strides, marked by our commitment to sustainable growth and excellence in serving our customers and stakeholders. We have made significant strides in expanding our reach, particularly in underserved segments, supported by our strong MFI business. This aligns with our commitment to championing the regulator’s vision of ‘Insurance for All by 2047’. Looking ahead, we see immense opportunities in addressing India’s underpenetrated pensions market, currently at just 3% of GDP. With the elderly population projected to grow 2.4 times by 2050, the demand for retirement-focused solutions is expected to rise steadily. Life insurers have a critical role in bridging this gap with innovative and tailored products. As we continue to empower customers with transparent, accessible and innovative solutions, we remain steadfast in our focus on ULIPs as a key component of our product mix. Meanwhile , Bima Trinity is set to revolutionise the sector for customers and distributors alike. By leveraging these opportunities, Pramerica Life Insurance is well-positioned to enter into a new era of growth, supporting India’s journey towards comprehensive financial protection by 2047.”