With the onset of Insurtech, the entire insurance buying experience in India has become completely dynamic
The technology advancements have also found their application across different aspects of the insurance business including sales, claims, underwriting, as well as customer service.
Here’s looking at four key opportunities in Insurtech for 2021.
The Indian insurance industry has transformed from a seller’s market to a buyer’s market over the last two decades. The insurance sector made its debut in the digital space in the year 2005, just 15 years back and today it is expected to clock a turnover of US$ 280 billion by the end of 2020, according to IBEF’s recent Indian Insurance Industry Analysis Report. This figure quite prominently reflects the positive disruption caused by the digitalisation of the Indian insurance industry.
With the onset of Insurtech, the entire insurance buying experience in India has become completely dynamic and covers end-to-end customer journeys…