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Insurance &
Risk
Markets.

Deep sector expertise across life insurance, health insurance, general insurance, reinsurance, InsurTech, and specialty risk — for insurers, reinsurers, brokers, InsurTech disruptors, and investors competing in South Asia's fundamentally under-penetrated insurance markets.

85+
Insurance engagements completed
15yr
Sector experience
9
Insurance markets covered
$900M
Decisions supported
Coverage Areas

Every line of
the insurance market.

01 · Life Insurance

Life & Protection Insurance

Consumer life insurance awareness and willingness-to-pay research, agent channel productivity benchmarking, term vs ULIP preference dynamics, and competitive positioning for life insurers competing in India's evolving protection gap market.

Protection WTPAgent productivityTerm vs ULIP dynamics
02 · Health Insurance

Health Insurance & Benefits

Individual and group health insurance demand, employer benefit design benchmarking, claims behaviour research, and distribution channel analysis for health insurers and benefits platforms in India's rapidly formalising health insurance market.

Group health demandClaims behaviourChannel analysis
03 · General Insurance

Motor, Property & General Lines

Motor insurance pricing dynamics, property insurance penetration research, commercial lines customer behaviour, and competitive benchmarking for general insurance companies across India and Southeast Asian markets.

Motor pricingProperty penetrationCommercial lines
04 · Reinsurance

Reinsurance & Risk Transfer

Cedant appetite research, reinsurance pricing dynamics, catastrophe risk modelling market sizing, and competitive intelligence for reinsurers and ILS players evaluating South and Southeast Asian risk portfolio opportunities.

Cedant appetiteCat risk sizingILS opportunities
05 · InsurTech

InsurTech & Digital Distribution

InsurTech platform competitive landscape, embedded insurance adoption dynamics, digital broker market sizing, and investment intelligence for InsurTech startups, incumbent insurers building digital capabilities, and insurance-focused PE investors.

InsurTech landscapeEmbedded insuranceDigital broker sizing
06 · Specialty & Commercial

Specialty Lines & Commercial Risk

Marine, aviation, liability, and engineering insurance market sizing, large commercial account buyer behaviour, broker relationship intelligence, and competitive positioning for specialty insurers and Lloyds market participants in Asia.

Marine sizingCommercial buyer researchBroker intelligence

Questions we've answered for
insurance clients.

These are the actual questions clients bring to us. We've answered some version of each of them, multiple times, across multiple geographies.

What is the real protection gap in India's mass affluent segment — and what product design, price point, and distribution channel combination is most likely to close it at scale without burning the P&L?
We're a global health insurer entering India. Which distribution partner gives us the fastest path to 1 million lives in year one, and what product configuration will actually get renewals past year two?
Our motor insurance loss ratio is 112%. Tell us whether the problem is pricing, the insured mix, the geographies we're writing, the intermediaries we're using, or all four simultaneously.
We're acquiring an Indian InsurTech at 8x revenue. How real is the embedded insurance distribution claim, which B2B partnerships are contractually locked versus gentlemen's agreements, and what is the regulatory exposure?
Who will own India's group health insurance market in 2028 — the standalone health insurers, the composite insurers, or the HR tech and benefits platforms building insurance distribution — and what's the winning position?
Our agent productivity in South India is 40% below North India. Tell us whether the problem is the agents, the products, the branch support, the competitive dynamics, or the regional culture of the insurance sale.
Insurance Case Studies

Evidence of
decisions made better.

INS.01 · Life Insurance · India

Consumer WTP Research: Term Insurance

Global life insurer designing India term insurance product architecture. NEO ran consumer willingness-to-pay research across 6 segments, agent interview research, and competitor product benchmarking. Product pricing and feature set finalised.

Product launched · Price point validated
Read Case Study
INS.02 · Health Insurance · India

Group Health Market Entry: SME Segment

International health insurer evaluating India SME group health opportunity. Employer WTP and benefit design preference research across 120 SMEs, broker relationship mapping, and competitive premium benchmarking.

SME market entry approved · 3 broker channels activated
Read Case Study
INS.03 · InsurTech · M&A DD

$70M InsurTech Acquisition DD

PE fund acquiring an Indian embedded insurance platform. Distribution partner contract portability assessed, revenue quality verified through insurer interviews, and regulatory licence exposure mapped before close.

Partnership risk quantified · Acquisition completed
Read Case Study
Insurance Intelligence

Latest insurance
thinking.

Market Report

India's Protection Gap: Consumer Research on Life Insurance Awareness, Willingness to Pay, and the Product That Would Actually Close the Gap

March 2026
Strategy Brief

The India Embedded Insurance Opportunity: Real Distribution, Real Revenue, and What the Hype Is Obscuring

January 2026
Due Diligence Note

InsurTech M&A DD: Distribution Partnership Portability, Revenue Quality, and the Regulatory Risks That Don't Show in the Deck

November 2025
Insurance Practice Leadership

The team behind
the intelligence.

PB
Partner & Insurance Practice Lead
Prashant Bahl

17 years in insurance strategy and market research. Led 50+ market entry, product positioning, and M&A mandates across life, health, general, and InsurTech in South Asia, Southeast Asia, and the GCC. Former McKinsey Insurance Practice.

SM
Director — Life & Health Insurance
Sonali Menon

Specialist in life and health insurance consumer research. 13 years of WTP analysis, claims behaviour research, and distribution channel intelligence for insurance companies across India's mass market and mass affluent segments.

KJ
Director — InsurTech & Digital
Kunal Joshi

11 years in digital insurance and InsurTech market intelligence. Specialist in embedded insurance adoption research, digital broker competitive analysis, and insurance platform M&A due diligence across South and Southeast Asia.

An insurance decision
you need to get right.
Brief the Insurance Practice →

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