InsurTech

InsurTech is proving to be a game-changer for insurance companies in India. Here’s what you need to know to leverage the power of this innovation.

The Union Budget 2024 emphasised capital expenditure, talent development, R&D, infrastructure development, and capital investment, which play a key role in India’s sustainable growth.

The 5G network is going to be a whole lot faster.The era of hyperconnectivity is upon us and the 5G network rollout has ignited a digital revolution across industries, including insurance. The post-COVID world has grown accustomed to faster turnouts and convenience, which means under 10-minute deliveries, on-call consultations and unprecedented access to everything. For it, a consumer requires ...

As of 2019, India's urban population stood at just over 470 million, approximately 34.47% of the total population. In contrast, more than 65% of the population resides in semi-urban and rural areas, where access to digital services is significantly lower compared to major cities. - Pradhan Mantri Jan Dhan Yojana.

As predicted by the Swiss Re Institute, by 2028 we should anticipate a significant growth in total insurance premiums, with an estimated increase of 7.1% in real terms.

If the India Brand Equity Foundation is to be believed, there are attractive opportunities in the nation’s near future.

With the demise of the one-size-fits-all approach, the insurance industry has recognised the critical importance of personalised policies. Such tailored approaches help avoid incorrectly priced policies and missed financial opportunities.

As AI and ML continue to advance, the possibilities for InsurTech innovation are limitless. From predictive analytics to autonomous underwriting and claims processing, the marriage of actuarial sciences with AI & ML promises to revolutionise every aspect of the insurance value chain.

Bangladesh boasts a robust banking system but suffers from a meagre insurance penetration rate of around 0.4% (compared to India's 4%) [Swiss Re Institute, 2022]. This translates to a vast, untapped market for insurance products.