New Delhi, Aug. 7 -- Fintech firms can play a pivotal role in expanding India's insurance penetration by developing personalised products for the "missing middle"-- consumers who can afford insurance but lack suitable offerings--a senior government official, Abhijit Phukon, Economic Advisor, Department of Financial Services (DFS), Ministry of Finance, Government of India.

Addressing the India International Fintech Festival on Friday, he noted that the country's insurance penetration of 4-5 per cent remains well below the global average; thus India has plenty of scope in the sector.

"We need to come up with a lot of products, give choices to the consumers alongside, you know, creating awareness..." he said stressing, "...fintechs can pla...