Prudential plc is reinforcing its strategic focus on India as a core market, with CEO Anil Wadhwani (pictured centre right) meeting key Indian government officials to align its regional business strategy with national insurance goals.
Wadhwani met with Union Finance Minister Nirmala Sitharaman (pictured centre left) and other senior policymakers in New Delhi last week.
The discussions centred on Prudential’s ongoing commitment to the Indian market and its plans to strengthen its presence through new business initiatives, particularly in health insurance.
Prudential operates in India through its joint ventures with ICICI Bank, which include ICICI Prudential Life Insurance and ICICI Prudential Asset Management. Both entities are key pillars of Prudential’s regional portfolio.
In early 2025, Prudential announced it would form a standalone health insurance joint venture with Vama Sundari Investments, associated with the HCL Group.
During the meeting, Wadhwani said India has always been an integral part of Prudential’s journey, with the company’s roots dating back to 1923.
He noted the country’s demographic profile and ongoing reforms present long-term opportunities in insurance and asset management.
“As the country advances towards its vision of ‘Insurance for All’ and continues to address the challenge of underinsurance, we see significant opportunities to bring our global expertise in protection, savings, and health solutions to serve the evolving needs of Indian consumers,” Wadhwani said.
Wadhwani also emphasised India’s value as a technology and innovation hub.
Prudential recently established a Global Capability Centre in Bengaluru, designed to drive operations in data science, AI, cybersecurity, and digital solutions across its international markets.
The CEO’s visit came amid continuing concerns about underinsurance in India.
According to data from Policybazaar’s “How India Buys Insurance 2.0” report, released in April, a significant portion of Indian consumers remains inadequately insured.
The study found that 48% of existing health insurance policyholders hold plans with coverage under ₹5 lakh, an amount seen as insufficient for most urban healthcare expenses.
In addition, nearly half of the survey respondents lacked awareness of term life insurance, a basic financial protection tool.
The knowledge gap is particularly pronounced among younger, less financially literate consumers.
Traditional influencers such as family and friends continue to drive insurance decisions, cited by 45% of consumers.
However, digital platforms are quickly gaining ground, with 42% of users opting to purchase policies online.
Physical branches and offline agents are now less prominent, used by only 13% of respondents.
Product design and claims experience remain pain points. About 68% of dissatisfied customers attributed their negative experience to complicated terms or poor claims service.
Transparency and simplified offerings, according to Policybazaar, are essential to improving consumer trust.
The same report also noted the growing use of public reviews and claims settlement data in provider selection. Around 31% of consumers evaluated insurers based on these criteria before purchasing a policy, indicating a trend toward more informed, data-driven decision-making.
Prudential’s renewed focus on India comes as the government targets universal insurance access by 2047.
Wadhwani expressed support for this goal, stating that Prudential would continue collaborating with policymakers and partners to help expand insurance accessibility and develop scalable, tech-driven solutions.
“India’s economic progress over the past decade has been remarkable," he said. "With sustained capital investment in infrastructure and proactive government economic measures to stimulate growth, we remain excited about India's long term growth prospects.”
Wadhwani’s visit also included meetings with officials from the Department for Promotion of Industry and Internal Trade and the Prime Minister’s Office, reflecting broader policy engagement from the company.
