While Digital Public Infrastructure (DPI) has driven increased penetration in payment and credit products, the adoption of protection and wealth products lags behind, particularly among India's 'missing middle' (income between $3,000-15,000 p.a.).
Wealthtechs and insurtechs are addressing challenges around awareness, trust, product fit, affordability, and ease of use. They're focusing on product simplicity and affordability in tech-led ways (Wave 1), with the next set of innovations expected to revolve around product personalization (Wave 2). The potential is immense: increased protection and wealth penetration in the 'missing middle' could unlock additional annual revenue of $30-40 billion by 2030.