Insurtech - Revolutionary Scope and Growth with Reference to India

Abstract

Insurtech, like fintech, is a word for a firm that uses technology to disrupt the insurance sector, because the insurance industry is heavily regulated, any insurance business must exercise extreme caution. That is why they are still hesitant to deal with any technology startup. Insurtech is a complement to existing insurance firms rather than a rival.

Insurers should get familiar with new ideas, such as blockchain, smart contracts, machine-oriented deep learning and the internet of things. Crucial aspects of insurance are drastically changing through use of artificial intelligence. New customer specific insurance plans are getting structured with the help of these new techniques in the form of usage, micro and sachet insurance etc.

Claims, distribution, underwriting, and pricing aspects of insurance are getting reshaped. Several startups are coming forward with innovative ideas on connecting technology with insurance.