Article Summary This article by Bhakti Dama, Founder of AVYA, argues that India's embedded insurance has scaled distribution while failing to close the protection gap. Although the country issued 41.84 crore policies in FY 2024–25 and the embedded market is on track to cross USD 2 billion by 2026, insurance penetration fell to 3.7% of GDP in FY25. Dama contends the industry has confused distribution with diagnosis, and proposes a “risk layer” that assesses each customer's real exposure before...