Insurance & Insurtech Landscape

The report sheds light on the multi-facetted insurance industry and discusses-

Challenges facing the industry 

• The insurance industry largely faces tech, distribution, consumer perception & upskilling challenges
• The insurance industry has the scope of improvement in the usage of tech, data across functionalities, and customer perception & experience

Insurance value chain

• The typical insurance value chain has six steps: product development, sales & distribution, underwriting, claims management, administration, business analytics
• The insurance value chain is transitioning from a rigid to a modular & open structure with specialized players resulting in improved data flow, digital products & customer experience

Current Insurtech landscape

• Traditionally Indian insurtechs have focused on sales & distribution, however, new insurtechs are emerging across other parts of the value chain. There is growing traction in underwriting, claims tech, business analytics & administration platforms as the insurtech sector starts to mature

Strategic positioning of the industry

• Funding raised by Indian insurtechs has grown at a CAGR of 34% from 2017-21 with 2021 proving to be a watershed year