InsurTech And Indian Insurance Industry

Abstract

Technology has started disrupting the insurance industry globally, and the effect can be seen in insurance distribution, pricing, underwriting, identifying risk models, and claims handling. This disruption embraced the Insurance Industry and is termed as InsurTech. Start-up companies transform the insurance industry by innovating new products and solutions like Smartphone applications, online claims processing applications, and wearables. At the same time, due to the internet and smartphone adoption, customers are well informed through websites, have more awareness through social media connections, and demand more from insurance companies. As per the Internet and Mobile Association of India (IAMAI) - Kantar estimation report, India will have 900+ million active internet users by 2025, with 56 percent from rural areas and 65 percent being females [1].  The report by Statista estimates that smartphone users in India will reach 1.55 billion in the year 2040 [2].  This research paper discusses and analyzes the structure of the Indian insurance companies, InsurTech companies, and the technology products offered by these companies with the advent of the InsurTech revolution.