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.
