InsurTech

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.

The impact of customer experience on financial and organisational outcomes is profound, particularly for insurance companies, where people and trust serve as the cornerstone of their identity.

A luxury home requires a robust shield in the form of insurance. Learn why coverage is essential and why you should prepare for incidents including ‘Act of God’.

The rise of InsurTech in India is propelled by India’s digital transformative journey. Explore how UPI and embedded solutions catalyse a cashless economy.