Jayant Walia - Connecting Worlds: How Global Lessons Can Shape Embedded Finance In India

India’s financial services sector is at a pivotal point, with technology, regulation, and consumer adoption creating the conditions for rapid transformation. From embedded finance to digital lending and insurance innovation, global lessons are increasingly shaping local opportunities. In this conversation, Jayant Walia - Chartered Accountant, Harvard Business School MBA, and former business development leader at fintech and insurtech pioneers like Marqeta and Gainbridge, shares his insights on how India can accelerate financial inclusion, the role of embedded distribution, and what it will take for insurance to follow the same growth trajectory as digital payments.

Q: You have worked extensively in the United States and other global markets. What lessons from those experiences can be applied to India’s financial sector?

A: One of the biggest lessons is the power of distribution channels. In the United States, fintechs have successfully scaled by embedding financial products directly into digital platforms where customers already spend their time. This means that instead of expecting customers to visit a bank branch or download a dedicated app, they can access banking, payments, or insurance services seamlessly through platforms they already trust.

India has already shown what is possible in lending with the rapid growth of digital credit through e-commerce platforms, ride-hailing apps, and payment wallets. The next frontier is insurance. However, insurance is more complex than lending because it requires a high degree of regulatory oversight, especially in areas like customer suitability, product disclosures, and claims processing. To replicate the success we have seen in lending, regulators and industry players will have to work closely together to build frameworks that enable innovation while protecting customers. If executed well, embedded distribution could significantly accelerate insurance penetration in India, which remains far below global averages.

Q: You have led business development at Marqeta and Gainbridge. How do you see these experiences informing your views on India’s under-penetrated insurance market?

A: At Gainbridge, we built an API-driven platform that enabled customers to access retirement savings products like annuities directly, without going through traditional broker networks that often charge high commissions. This model reduced costs for customers and opened access to younger and more digitally savvy segments. If you think about India, a similar principle can be applied to insurance. The challenge is not that there is no demand for insurance, but that the products are often too complex, too expensive, or too inaccessible for large parts of the population.

In the same way digital lending in India leveraged non-traditional distribution to reach first-time borrowers, insurance could tap into existing digital ecosystems including payment apps, gig economy platforms, e-commerce sites to reach first-time buyers. However, because insurance involves a longer-term relationship and more complex claims processes, the technology has to integrate not just policy issuance but also servicing and claims in a simple, transparent way. My experience at Gainbridge showed me that if you design the product and distribution together, you can unlock entirely new customer segments.

Q: What specific opportunities do you see in the Indian insurance sector over the next decade?

A: The under-penetration of insurance in India is a structural opportunity. Despite rising incomes and a growing middle class, insurance penetration measured as premiums to GDP is still significantly below global averages. There is also a concentration in product types, with life insurance dominating the market and large gaps in areas like health, property, and liability insurance.

Over the next decade, I expect to see growth driven by three forces. First, technology-led distribution will expand reach beyond urban centers into Tier 2 and Tier 3 cities without requiring heavy physical infrastructure. Second, product innovation will be critical i.e. modular, flexible insurance offerings that allow customers to start small and expand coverage as their needs grow. Third, regulatory evolution will play a key role. If regulators can create sandboxes for new distribution models and encourage interoperability between insurers and digital platforms, it will unlock enormous scale.

Q: You have also worked extensively in cryptocurrency and embedded finance at Marqeta. Are there lessons here for India?

A: Absolutely. At Marqeta, one of the breakthroughs we achieved was making it seamless for users to move between different forms of value — for example, converting cryptocurrency to fiat currency in real time and using it for everyday transactions. The broader lesson for India is that customers value simplicity above all else. Whether it is crypto, insurance, or payments, the product has to integrate smoothly into their daily lives.

Embedded finance is not about technology for its own sake, it is about meeting customers where they already are. In India, this could mean integrating micro-insurance products into agricultural marketplaces, or enabling instant claims payouts through the same payment rails that people use for daily transactions. The possibilities are significant if we focus on removing friction at every step.

Q: How do you see India’s regulatory environment shaping the pace of innovation in financial services?

A: India’s regulators have a challenging but crucial role. On one hand, they must ensure financial stability and consumer protection. On the other, they need to allow enough flexibility for experimentation and new models to emerge. In my experience, countries that succeed strike a balance between proactive regulation and enabling innovation.

The Reserve Bank of India and the Insurance Regulatory and Development Authority have both shown willingness to engage with new models, whether through pilot programs, digital-only licenses, or partnerships with technology firms. The next step is to create frameworks that can scale proven innovations nationwide. This is particularly important in insurance, where building trust is as critical as expanding access. If regulators and innovators can work in tandem, India has the potential to leapfrog legacy systems and set new global benchmarks.

Q: If you had to summarise your outlook for India’s financial services sector in one line, what would it be?

A: India stands at a moment where technology, regulation, and consumer readiness are converging. If we can align product design, distribution, and trust, the country could see a decade of financial inclusion that rivals or exceeds the impact of the digital payments revolution.

About the Expert:

Jayant Walia is a Chartered Accountant and Harvard Business School MBA who has spent his career building and scaling transformative financial products in global markets. He has led business development at leading fintech and insuretech companies including Marqeta and Gainbridge, working on initiatives that bridged traditional banking, embedded finance, and new asset classes like cryptocurrency. His expertise spans product strategy, market entry, and regulatory engagement, making him uniquely positioned to comment on India’s financial services landscape.