Today’s digital insurance platforms are headed towards making insurance personalised at an individual level. To achieve this ideal state profitably, the insurance compaines are looking at taking advantage of data-driven underwriting and entirely digitising the buy, claims processing and customer support experience for digital first customers.

Let us now dive in the latest InsurTech trends in Indian Digital Business Transformation, March 2024

March 2024

Rapid expansion: The Indian insurtech market is poised for a phenomenal 15X growth, reaching a value of USD 88 billion by 2030, making it the fastest-growing in the Asia-Pacific region.

New players: New generation insurtech startups, such as Bengaluru-based Onsurity and Pune-based Loop Health, are applying for licenses to offer health insurance, further driving market growth and competition.

Personalized and flexible coverage: The Indian insurtech industry is moving towards offering more niche or customized coverage options based on individual needs and behaviors, such as wellness programs, gym memberships, and telemedicine consultations.

Insurers expect further progress in tech, regulations, M&As & investments Projections of Insurance leaders indicate a continued growth trend, with further advancements in technology, regulatory frameworks, customer-centric approaches, and innovative product offerings driving the sector's overall expansion - read more

Regulatory support: The Insurance Regulatory and Development Authority of India (IRDAI) is opening the heavily regulated sector to new participants, encouraging innovation and competition.

Policybazaar, a prominent player in the industry, received in-principle approval from the IRDAI to upgrade its license from Direct Insurance Broker to Composite Insurance Broker. This upgrade will enable the company to enhance insurance penetration in India through technology, process control, and data analytics-based innovation in re-insurance capacity.

February 2024

Data-Driven Underwriting

Advanced analytics and IoT data are essential insurtech aspects for more accurate risk assessment and personalized insurance pricing.

Telematics and usage-based insurance

Telematics is used in insurtech to collect and analyze real-time data from connected devices such as GPS trackers and sensors in vehicles. This data enables usage-based insurance premium for an individual’s or a driver’s behavior and driving habits.

🇮🇹 Italy has been pioneering the use of telematic devices to combat the rampant issue of theft.

Pay As You Drive (PAYD), Pay How You Drive (PHYD), and Pay When You Drive (PWYD) are innovative insurance models that leverage telematics technology to offer more personalised and fairer pricing to drivers

Data-driven realtime policy pricing

Real-time data from connected devices is revolutionising insurance premiums tailored to individual’s behavior.

Predictive analytics in insurance

Analyzing historical data, customer information, and external factors to determine the likelihood of future claims

IoT devices for risk assessment

Wearable Health Devices & several other IoT based remote monitoring devices help insurers with assessing risk exposure.

January 2024

Claims Processing and Customer Support

Enhances the insurtech experience, ensuring prompt assistance in times of need.

Claims automation & realtime tracking

Insurtech relies on automation and AI-driven chatbots for efficient and responsive service.

AI-driven chatbots

Provide efficient and personalized customer support through automated conversations powered by artificial intelligence.

Virtual insurance agents

Employ AI and chatbot technology to provide efficient and scalabe customer support to provide remote assistance for various insurance services.

Automated processing

Automated processing streamlines claims, underwriting, and document management for increased efficiency, accuracy and reduced turn around time.

December 2023

Digital Insurance Platforms


Streamline policy management, claims processing, and customer interactions through online and mobile channels.

Paperless application processes

Digital transactions by eliminating the need for physical paperwork, enhancing efficiency and sustainability.

Customer data integration

Amalgamation of diverse customer information into a unified, comprehensive view for enhanced insights and personalized service.

Instant policy issuance

Policy issuanced by means of streamlined insurance process, providing coverage immediately upon approval without human any intervention.

API-driven insurance

APIs help insurers stay compliant with constantly changing regulatory requirements by automating reporting and data management.

November 2023

Personalized Insurance

Insurance coverage tailored to individual needs, offering custom benefits for enhanced protection needs.

Health-tech integration

Enhanced policy customization and claims processing through real-time health data analysis.

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