IIA-BCG ANNUAL INSURTECH REPORT
The Indian insurtech landscape has evolved significantly, with over 150 startups, $2.5 billion in funding, and a growing focus on innovation in underwriting, claims, and servicing. As India aims to have comprehensive development for every Indian by 2047, insurance will play a critical role, particularly in addressing under-penetration and out-of-pocket medical expenses.
Health insurance, driven by awareness, accessibility, and affordability, remains pivotal for increased penetration. Insurtechs are reshaping stakeholder paradigms through partnerships and advanced tech adoption, emphasizing collaboration among insurers, incumbents, regulators, and other ecosystem players to foster profitability, sustainability, and resilience.
IIA, BCG and key industry players have collaborated to identify dominating trends in the Indian insurTech landscape. For the purpose of the report, IIA & BCG have sourced multiple case studies from leading Insurers, brokers, and insurTech players in India under various themes: embedded insurance, employee group insurance, enhancing customer experience, data & analytics, creating marketplace of offerings, building health ecosystems, national health stack etc. The report also gives an overview of insurTech funding in the last year and also highlights what key industry players are focusing on while adopting digital/tech side of insurance and also defines key imperatives for stakeholders in the end.
