India’s insurance industry is undergoing a transformative phase, driven by rising consumer awareness of financial protection, increasing disposable incomes, and a wave of innovative and customer-centric product offerings.

However, this growth story is unfolding against a backdrop of significant challenges. Surging healthcare costs, regulatory uncertainties, evolving consumer expectations, and rapid technological disruptions are reshaping traditional business models. Additionally, intensifying competition and demographic shifts—such as an aging population and a growing digitally native youth—demand greater agility and innovation from insurers.

Despite these headwinds, the sector's future remains optimistic. Proactive government initiatives like PM-JAY and IRDAI's sandbox approach, coupled with increasing private sector participation and regulatory reforms, are laying the foundation for a more inclusive, tech-enabled, and resilient insurance ecosystem.

Emerging trends signal a decisive pivot toward sustainability, digitalisation, personalised offerings, and holistic well-being. From embedded insurance and usage-based policies to AI-driven underwriting and climate-conscious risk assessment, the industry is reimagining its role—not just as a financial safeguard, but as a catalyst for socio-economic progress in an increasingly volatile world.

Our solutions

Leveraging our expertise, strong regulatory affiliations, and extensive work on regulatory frameworks and guidelines, we can assist your organisation in cultivating a culture of compliance. Through our compliance solutions, we focus on regulatory reporting reviews, regulatory compliance evaluations, and dashboard development.

Our services encompass a broad spectrum of comprehensive governance solutions, including internal audits, process assessments, development and assessment of internal control over financial reporting (ICOFR) and internal financial controls (IFC), SOX audits, standard operating procedure (SOP) development, as well as specialised risk management reviews that concentrate on enterprise risk management (ERM), model validation, risk control self-assessment (RCSA) development and assessments, and risk analytics.

Our actuarial solutions cover life insurance, non-life insurance, pensions, and investments, to support your risk management, pricing optimisation, and decision-making requirements. Our offerings encompass pricing & reserving, product & system development, modeling & valuation, IFRS 17 modelling, measurement of impairment of financial assets, regulatory filings and reporting, and validation of risk management frameworks.

Delivering finance-related services and transformative change, we specialise in enterprise performance management (EPM) solutions, encompassing planning, budgeting, and consolidation. Our expertise extends to cost optimisation services. We also provide EUC solutions, emphasising governance and remediation for a comprehensive approach.

As industries undergo significant market shifts, organisations pursuing large-scale transformations prioritise success through a transformative approach. Emphasising clear vision, integrated strategies, and value-centric execution, our transformation office provides a comprehensive framework from initial strategy development to seamless technology implementation.

We conduct forensic review of equity, derivative and debt trades on 15+ fraud parameters to identify potential cases of front running and insider trading within the investment function. For cases where triggers are identified, enhanced investigation is carried out.

We conduct advanced analytics on high-risk areas susceptible to fraud by utilising over 100+ industry-specific fraud indicators. Subsequently, deploying enhanced investigation procedures in response to triggers identified during the analytics process.

Insurance (Amendment Act), 2024

Insurance (Amendment Act), 2024

Amendments proposed by Department of Financial Services (DFS)

Finance transformation: Innovate to elevate

Finance transformation: Innovate to elevate

Our financial transformation solution streamlines ops and automates finance with ERP, CRM and Zoho's AI-powered finance suite for real-time insights.

Redefining customer experience with Salesforce

Redefining customer experience with Salesforce

    100% FDI in insurance industry
    Union Budget 2025

    100% FDI in insurance industry

    The budget announcement brought a landmark reform for the Indian insurance sector, with the government’s decision to raise the FDI in insurance to 100%.

    Regulatory updates - Insurance - August to November 2024

    Regulatory updates - Insurance - August to November 2024

    Listed below are the regulatory updates to the insurance sector.

      Global transformation for a leading insurance company

      Global transformation for a leading insurance company

      1.
      Problem Statement
      The client initiated a global transformation programme and sought assistance in deploying specialised resources to handle specific roles such as project management, data analysis, business analysis, PMO, etc.
      2.
      Our solution
      Grant Thornton Bharat deployed a dedicated team to activate multiple channels for sourcing quality resources (within the practice, other practices within the firm and outside the firm).
      3.
      Impact
      We were able to deploy 9 resources within 9 months on the engagement and the client shared further roles to be serviced, indicating future growth potential.
      Risk Management for health insurers

      Risk Management for health insurers

      1.
      Problem statement
      A prominent standalone health insurance company embarked on a risk management transformation journey and sought our support in deploying specialised resources.
      2.
      Our solution
      We formulated Risk and Control Self-Assessment (RCSA) for 23 business functions. Our experts also conducted thorough walk-through with process owners to identify risks and understand existing control mitigants.
      3.
      Impact
      Our strategic approach enhanced the client's comprehension of potential risks and their organisational impact. By instilling industry best practices throughout processes, the RCSA revealed control weaknesses, and prompting improvements.
      Actuarial pricing review for general insurance company

      Actuarial pricing review for general insurance company

      1.
      The challenge
      The project involved reviewing the actuarial pricing of two general insurance products. One product was selected due to its unfavorable loss ratios, while the other was a flagship product.
      2.
      Our solution
      In response to the identified shortcomings, our recommendation was to revamp the pricing model, particularly for the product with poor loss ratios. We proposed implementing a more robust audit trail mechanism to track changes.
      3.
      Impact
      By addressing the issues in the pricing model for the product with unfavorable loss ratios, the company could transform it into a profitable product. The overall revamping of the pricing model aimed to create a foolproof system.