BFSI - #SectorUpdates
As more categories of the Indian Insurtech segment—the business of providing technology for the insurance industry— are starting to attract funding and leverage technology the segment is maturing in the country. The funding to Indian insurtechs has grown at a CAGR of 34 per cent during the period, with 2021 witnessing strong momentum. The insurtech landscape in the country has seen the emergence of several players across the value chain. Initially, Indian insurtechs have focused on sales and distribution but are emerging across other parts of the value chain and there is growing traction in underwriting, claims technology, business analytics, and administration platforms as the insurtech sector starts to mature. The insurance companies in India would need to leverage technology within the organisation and with customer interactions to unlock higher potential and efficiency and a matured insurtech segment would provide the necessary support.