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Driving insurance transformation by helping insurers navigate complexity, strengthen resilience and unlock sustainable growth.
India’s vibrant and evolving insurance industry is a key driver of economic growth, strengthening the nation’s financial stability and resilience. With insurance penetration steadily rising and IRDAI’s mission of “Insurance for All by 2047” the sector is poised for significant expansion.
Despite challenges such as rising healthcare costs, shifting customer expectations, technological disruption, intensifying competition, and changing demographics, the industry benefits from supportive government initiatives, regulatory reforms, greater private sector participation, and a young insurable population.
At Grant Thornton Bharat, we work closely with government institutions, regulators, and industry associations, helping them achieve strategic priorities, accelerate growth, and create long‑term value.
A highly experienced team of professionals who have worked across the insurance ecosystem, spanning all types of insurance companies, government institutions, regulatory bodies, associations, and Global Capability Centres (GCCs).
A robust team of experts specialised in the insurance sector to help institutions in adhering to regulations, operate safely, and drive transformation.
Leveraging our deep insights into technological advancements, market dynamics, and product and operational intricacies, to deliver customised services and integrated solutions tailored to each client's unique needs.
From navigating regulatory complexity to accelerating digital transformation, strengthening risk resilience by managing cyber and other risks, and enabling sustainable, technology‑led growth, we support institutions in driving their overall strategic growth and transformation.
Insurers are facing growing challenges from rapidly evolving regulations, fragmented risk management, inefficient processes, and limited assurance capabilities, leading to gaps in compliance, operational efficiency, and decision‑making. Leveraging our regulatory experience and deep expertise in IT, cybersecurity, risk management, governance, and compliance, we offer a comprehensive, regulatory‑driven advisory solution that provides an integrated plan across multiple domains to strengthen controls, enhance compliance posture, and build sustainable governance frameworks.
With rising cyber, data privacy, and third‑party technology risks heightening operational vulnerabilities, organisations increasingly require stronger cyber resilience, IT governance, and vendor risk management capabilities. Our risk and governance experts collaborate closely with client teams to design and implement robust enterprise risk management frameworks, third‑party risk management frameworks, and cyber strategy and governance structures. We also streamline internal compliance monitoring including DFIR and DPDPA compliance and enhance governance practices by automating core compliance activities in alignment with RBI guidelines.
We help insurers address systemic challenges across compliance, finance, operations, technology, program execution, and growth by enabling holistic transformation. Our integrated solutions focus on automating regulatory compliance through RegTech tools, transforming finance functions, strengthening change and program management, to enable tech-led sustainable growth and deliver operational excellence.
Our digital and transformation solutions help insurers overcome challenges originating from fragmented data landscapes, legacy technology stacks, and disconnected digital initiatives. We empower them with scalable tools and platforms, enabling them to innovate faster, enhance operational agility, and respond more effectively to rapidly evolving customer expectations.
Insurance companies face increasing exposure to fraud risks due to economic pressures, technological advances, industry‑specific vulnerabilities, and increasingly sophisticated fraud tactics. We support financial institutions by conducting fraud risk assessments, undertaking forensic investigations, providing digital incident response support, deploying advanced fraud analytics, and performing resilience testing to strengthen their fraud detection and prevention mechanisms.
Insurers are facing increasing regulatory pressure to enhance financial transparency and comply with evolving global accounting standards. Challenges such as inconsistent reporting frameworks and limited readiness for GAAP and IFRS/Ind AS transitions add to further complexity. Our experts leverage deep technical knowledge to provide comprehensive solutions that help insurers meet regulatory requirements in a timely and efficient manner.
Grant Thornton Bharat combines deep financial services expertise with multidisciplinary consulting capabilities to help Insurers address complex regulatory, operational and strategic challenges.
Our teams work closely with leadership teams and boards to:
Through our integrated approach across consulting, risk advisory, tax and transaction services, we help financial institutions become more resilient and future-ready.
India's insurance sector witnessed several regulatory and industry developments during the first half of 2026.
Ind AS 117, Insurance Contracts, introduces a comprehensive principles-based framework for the recognition, measurement, presentation and disclosure of insurance contracts, establishing a globally consistent approach to accounting for insurance liabilities.
India’s financial services sector witnessed stable deal activity during Q2 2026 as investors prioritised quality, scale, profitability and regulatory resilience amid continuing global uncertainty and selective capital allocation.
IRDAI mandates insurers and intermediaries to empanel cyber forensics experts to ensure swift response and preparedness for cyber incidents.
Amendments proposed by Department of Financial Services (DFS)
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%.
Listed below are the regulatory updates to the insurance sector.
