The Insurtech Revolution in Insurance Industry: Emerging Trends, Challenges and Opportunities

Abstract

The insurance sector is undergoing a global upswing in technology improvements to its operations and products, especially in those areas where the FinTech environment has expanded significantly. From the perspective of InsurTech, India is noteworthy because of the scale of its uninsured population. The term "InsurTech" refers to technical advancements developed and applied to increase the effectiveness of the insurance sector. In the upcoming years, InsurTech as a sector is guaranteed to gain the attention of insurance industry pioneers. The primary goal of this study is to discuss the Indian insurance industry's adoption of InsurTech. It explains the development of the insurance technology sector in India as well as the current state of insurance technology. The study used a descriptive form of research approach because the paper attempted to detail many features of the phenomena in this setting. InsurTech development, Indian InsurTech structure, InsurTech start-up in India, InsurTech trends in India, and InsurTech issues are all examined in this research study.