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Insurtec

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19 views10 pages

Insurtec

Uploaded by

Mantasha kazi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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INSURTEC REVOLUTION “HOW

TECHNOLOGY IS TRANSFORMING
THE INSURANCE INDUSTRY
NAME – SHAMINA ZAFARULLAH KHAN

ROLL.NO -23013

M.COM SEM 2

SUBJECT – PRINCIPLES OF INSURANCE


SUBJECT HEAD –DR VIJAY SIR
The Insurtech Revolution is a transformative wave sweeping
INTRODUCTION through the insurance industry, fueled by innovative
technologies.

Insurtech is premised on the belief that the insurance industry


is ripe for innovation and disruption. Insurtech is exploring
avenues that large insurance firms have less incentive to
exploit, such as offering ultra-customized policies, social
insurance, and using new streams of data from Internet-
enabled devices to dynamically price premiums according to
observed behavior.
• Importance of Insurtech
• Insurtech enhances the customer experience.
• Insurtech promotes efficiency.
• Insurtech emphasizes individuality
• Insurtech improves flexibility
• Insurtech reduces operating costs.
• Insurtech may decrease fraud.
• Innovations Driving Insurtech Change
• Artificial Intelligence/Machine Learning
• Automation
• Big Data
• Blockchain
• Drones
• Internet of Things
• Insurtech Companies
• here are the top InsurTech companies in India

PolicyBazaar is one of India’s largest and most


popular insurance websites. It is a pioneer of the
InsurTech sector and occupies a 90% share in
online insurance sales. This platform lets
individuals compare and purchase various
insurance policies and investment options,
including:
•Health Insurance
•Life Insurance
•Travel Insurance
•Auto Insurance
• Launched in 2022, Paytm Insurance is an online marketplace where
customers can compare and buy insurance policies from India’s leading
insurers. It offers a vast range of insurance products that include:
• Term Insurance
• Health Insurance
• Bike Insurance
• Taxi Insurance

• Paytm facilitates its policy issuance within 2 minutes. The process is entirely
paperless, and the claim settlement team is available 24/7 to handle all
queries.
• Despite being a newcomer in the industry, the company secured ₹920 crore
in funding from Swiss Re before its ₹18,300 crore IPO, with ₹397 crore
already received.
Acko General Insurance is another stalwart on the list
of top InsurTech companies in India. It has
revolutionised insurance buying by adopting a
digital-first approach. The platform leverages artificial
intelligence and data analytics to assess customers’
risk profiles and suggest personalised solutions. The
products include:
•Mobile Insurance
•Bike, Car, and Cab Insurance
•Health Insurance

Thanks to its user-friendly mobile app, Acko offers lightning-fast claim processing and
quicker settlements, enabling customers to track the entire claim settlement process.
Furthermore, Acko promotes financial inclusion by offering the rural population
comprehensive plans and micro-insurance schemes. The company attained unicorn status
by raising $255 million at a valuation of $1.1 billion in a fundraising round on October 27, 2021.
• How Does Insurtech Make Money?
• Insurtech relies on minimal overhead and operational efficient to make money. Though it
still earns revenue from clients, the goal is to have minimal costs by eliminating a physical
office or personnel to perform tasks that have been eliminated through chatbots or
automation. Due to lower costs, insurtech companies are often able to offer lower prices.
• Is Insurtech Better than Traditional Insurance?
• Some customers may prefer face-to-face interactions with a dedicated insurance agent
they've gotten to know for years. Other customers may prefer to self-select their own
policy that can be canceled using an app. Insurtech simply offers a different method of
delivering insurance coverage that traditional insurance may not have been able to offer.
Whether one is better than the other is simply a matter of consumer preference.
• The Future of InsurTech Companies in India
• In the future, InsurTech companies can offer much more than just insurance
policies. They can transform into platforms where customers can find related
services like health consultations, asset management, etc.
• Moreover, insurers can leverage AI and data analytics to monitor customer
health metrics, behaviour, and other external factors to recommend
personalised policy. The insurance segment can also expand into several
niches, like digital asset cover, event-specific coverage, pet insurance, and
more.
• Thus, there is ample room for new companies to enter and expand their
business in this industry. However, to become one of the top InsurTech
companies in India, partnering with a reliable feature-rich payment platform
is a must. The Bottom Line
• The traditional insurance industry is being disrupted by the introduction of technology. This new
sector called insurtech offers customers a new way to do things by gathering information
differently, executing contracts more efficiently, and analyzing information more accurately.
Though some may feel the insurance industry will be losing a personal touch, insurtech strives to
offer lower, more custom, and more flexible coverage

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