Stay updated with breaking news from Indian insurtech. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
‘Insurance sector transforming, stakeholders must work together’ February 27, 2021 BCG and India Insurtech Association report highlights fundamental shifts As the Indian insurance industry is in the midst of a transformation with changing customer preferences and growing digital adoption, it’s imperative now for all key stakeholders insurers, Insurtechs and regulators to work together to ensure the best experience for the end customers and thereby ensure success for the industry, says a report of Boston Consulting Group and India Insurtech Association. The Indian Insurance industry has seen significant progress with life and non-life insurance growing at 17 per cent and 14 per cent CAGR respectively, in the past five years. The total number of lives covered almost doubled from 12 crore to 23 crore during this period and the non-life segment saw six new entrants, taking the total number of players to 34. ....
How Technology is Transforming the Insurance Industry in India By siliconindia | Tuesday, January 12, 2021 The insurance industry in India has seen major growth in the last decade. The industry today comprises 63 insurance companies (24 Life insurers and 39 non-life insurers) and is governed by the Insurance Regulatory and Development Authority of India (IRDAI). The industry has transformed from a seller’s market to a buyer’s market over the last two decades. Further, the market in India is expected to grow to $250 billion by 2025. Demographic factors such as growing middle class, young insurable population, and growing awareness of the need for protection and retirement planning will support the growth of Indian Life insurance. The future of the Insurance industry in India seems quite promising, and the above-mentioned figure prominently reflects the positive disruption caused by the digitalization of the industry. ....