Hi,
Hope you are doing good. I am currently working as a Senior Analyst in Tracxn, a global startup data platform for over 2 years. I have been working in its India Team looking at various upcoming technology sectors such as EdTech, HealthTech, Fintech and Consumer Digital. It would be a great experience to work with you on your Insurance Tech Project. Please find below my views on the digitisation of Insurance Space in India.
Fintech revolution has disrupted various financial services in the recent years and reinventing existing business models. Insurance Tech space has also seen a lot of actions. Initially this sector started by disrupting the existing agent based insurance distribution model by bringing the distribution online with companies such as PolicyBazaar (Marketplace) and CoverFox(Online-First Insurance Agent). These platforms not-only educated the users about their requirements, but also brought transparency in the process through comparison of policy and layman representation of terms and condition. The next wave in this space would be bought by the emergence of Internet First Insurance Provider like Acko which will be able to pass the cost-saving benefit of lean-operations to the users and provide personalised premiums based on data analytics similar to Credit Rating being used by lenders. Also, there will be a larger adoption of non-life insurance like device insurance, health insurance, and motor insurance through intelligent partnerships.
Looking forward