Library: BCG – India Insurtech Landscape and Trends

Executive summary

Introduction from Prerak Sethi, Subhajit Mandal and Shwetank Verma Co-founders, India InsurTech Association

Insurtechs are revolutionising the Indian insurance industry

We have come a long way, India InsurTech Association was incorporated in August 2020, and in less than eighteen months since its inception, our membership has grown to a milestone number of 110+, which includes startups, insurers, intermediaries, service providers, and insurance professionals.

Insurtechs in India are transforming the way insurance is manufactured, distributed and utilised (claims) to the advantage of the Indian consumer. We have taken multiple initiatives for fostering the Indian insurtech ecosystem such as organising events with Indian and global stakeholders.

We have formed partnerships with organisations such as IAI, NIA, GIFT City, and BIMTECH. We have formed tie-ups with insurtech associations globally in New York, London, Singapore, Italy, Mexico, Israel, Australia etc to help our start-up members grow globally. We were official partners for iSprint-03 (Insuretech) hackathon being hosted by IFSCA & GIFT City in collaboration with FICCI.

For 2022, we have various initiatives planned to help the ecosystem grow, with specific focus on insurtech startups. One such initiative is the India Insurtech Stack, which will identify digital highways for the insurtech value chain in India.

We are highly optimistic about the Indian insurtech landscape in the next few years. Insurtech funding in India propelled from a mere 290 mn USD in 2020 to 800-900 mn USD in 2021. The funding levels of last year indicate sustained investor interest and we will see more insurtechs creating real business value.

Enablers such as India Stack, ABDM, Insurance Information Bureau and the regulatory sandbox have provided a strong platform for innovation across the insurance value chain. We would like to extend thanks to BCG for their continued collaboration on this report to identify dominating trends and key players’ views in the Indian insurtech landscape. We also thank our advisors, executive committee members, sponsors and members for their continued support towards our mission, vision and objectives.

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