Indian Insurtech Landscape: Opportunities, Challenges, and the Role of Technology in General Insurance Sector

Abstract

Insurtech is a portmanteau of “Insurance” and “Technology” and entails the use of technology in offering insurance services. Technology has revolutionised the quality of financial services and Insurance being an integral financial service has experienced the same. The study aims to understand the Insurtech market in India in terms of insurtech funding and growth. It further explores the technologies employed by General Insurance companies to enhance customer experience and quality of services. The last section of the paper discusses the Insurtech opportunities along with its challenges. The study concludes that Individual agents and brokers are the dominant distributors of general insurance policies and fresh business through online medium is at a nascent stage in the Indian Insurance market. To sustain the momentum in Insurtech market, the incumbents, the insurtech start-ups and regulatory bodies should take collaborative efforts to accomplish the Viksit Bharat Goal-‘Insurance for All’ by 2047.