Top 10 InsurTech Companies In India 2022 - Inventiva (2023)

Despite technological advances, incumbent insurers still use traditional policies and paperwork. This is inapplicable to modern consumers.

With the gap between traditional insurance policies and changing market dynamics, young InsurTech companies have the opportunity to innovate and take risks. Technologies reports that India has 142 technology-based insurance startups.

Here are the top 10 insurance startups in India in no particular order.The pandemic has prompted insurers in India and worldwide to prioritize technology initiatives and implement digital solutions urgently.Partnerships between the insurance industry and insuretech are on the rise. Industry players have been crafting their product strategies to thrive within emerging ecosystems.

Insurtechs leveraged investors’ capital to build a stable data and analytics foundation as policyholder expectations evolved after the outbreak. Intelligent AI, predictive modelling, the internet of things (IoT), connected devices, open APIs, and open insurance models are being implemented, which has resulted in a growing customer base. Customers’ intention to buy insurance increased by nearly 7% due to pandemic anxiety.

In addition, according to the report, traditional insurers will focus on acquiring a competitive advantage by focusing on underwriting, product development, and claims management. InsurTechs will become increasingly crucial for the rest of the value chain.

List of Top 10 Insurtech Companies in India:

  • Pazcare

Top 10 InsurTech Companies In India 2022 - Inventiva (1)

Pazcare stands as one of the best destinations to get the best employee healthcare benefits like group health insurance, group term life insurance, group personal accident insurance, group covid insurance, mental wellness for employees, doctor consultation and much more. Founded in 2021, they have made buying and managing insurance easy for 400+ customers already.

Pazcare continues to be the #1 trust-worthy InsurTech company recognized under IRDAI for simplifying insurance for founders and HRs. Because they believe caring for employees shouldn’t be hard.

Features of Pazcare

  • Dashboard for HRs: Pazcare has its own personalised dashboard for the employer to keep a track of the active group insurance policies.
  • Dashboard for employees: With Pazcare’s dashboard, employees can view and manage their employee benefits
  • Super-top up: With this feature, employees can voluntarily increase their insurance cover and this remains even after the employee leaves the organisation.
  • Easy claims: With Pazcare, the claims get easier. Pazcare helps HRs and employees with claims by making it quicker and easier.
  • Digit Insurance

Founded in 2016, the company is focused on general online insurance. The insurance includes health, automobiles, mobile phones, travel, bikes, and jewellery.

The Bangalore-based company has raised $100 Million in funding since its founding.

Features of Digit Insurance

With Digit Insurance, we simplify the process of buying insurance. Digit’s policies are easy to understand because the documentation process is simplified.

It has also implemented a smartphone self-inspection process that speeds up claims settlement to as fast as minutes.

CB Insights’ global list of Top 250 FinTechs includes Digit as the only Indian insurance company. Additionally, LinkedIn has recognized Digit twice in 2018 and 2019 as one of the top Indian startups.

  • Acko General Insurance

Acko, a startup disrupting the auto insurance industry in 2017, was founded in 2017. Data analytics and low-cost insurance products are some of its InsurTech solutions.

With Acko, you can ensure your car or bike is entirely and third-party. Micro-insurance services are also offered through a partnership with Ola Cabs. As of 2019, Acko reported total funding of $43 Million. The company operates out of Mumbai.

Acko General Insurance’s key differentiators

Additionally, Acko allows customers to purchase insurance policies entirely online at low prices in a short amount of time. The program also ensures an instant claim settlement for minor damages, as well as an hour-by-hour vehicle pick-up for repairs.

Acko insurance is already used by more than 2.5 crore Indians. More than 95% of customers are satisfied with the service.

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  • PolicyBazaar

Policy Bazaar was founded in 2008, one of the earliest startups in the InsurTech sector. The company offers insurance policies online. Comparing insurance policies on PolicyBazaar is a simple process based on price, benefits, and quality.

The company, based in Gurgaon, has raised $372 million from various investors.

PolicyBazaar’s key differentiators

Comparing policies allows customers to make an informed choice.

Customers feel PolicyBazaar has better customer service than contacting insurers directly. It covers a broad array of insurance policies.

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Customers have already received coverage worth 10L crores from the company.

Top 10 InsurTech Companies In India 2022 - Inventiva (2)

  • OneAssist

Over the past few years, OneAssist has developed into a leading provider of insurance products. The company offers insurance coverage for appliances and data protection.

This startup addresses the growing problem of identity theft, the dark web, and cyber-risks in the internet era.

Founded in Mumbai with $32 million in funding, OneAssist operates from Mumbai.

OneAssist’s distinguishing features

OneAssist’s Identity Risk Calculator alerts internet users to potential threats through an innovative tool.

Consumers can use the company’s durable repair and protection services for home appliances, gadgets, mobile phones, tablets, etc.

They have agreements with OEMs (Original Equipment Manufacturers).

  • PolicyBoss

The PolicyBoss insurance marketplace is another online insurance marketplace. Through the application, users can compare and purchase insurance policies.

Since its launch in 2012, PolicyBoss has received a total of $10M in funding. Insurers are considered to be a key distribution channel by PolicyBoss.

It has offices in 24 cities in India, and its headquarters are located in Mumbai.

PolicyBoss’s key differentiators

The company provides customer support, claim assistance, and advisory assistance. Over 300,000 Indian customers have already benefited from its services.

PolicyBoss aims to bridge insurance policies and their holders/customers using the brokerage platform.

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The company negotiates with the insurer on behalf of its clients and notifies them of exceptional circumstances during the policy term.

  • InsureFirst

InsurFirst was established in Kolkata in 2016 and is distributed by Aviva Life, ICICI Prudential and SBI.

Currently, it provides health insurance, motor insurance, life insurance, home and asset insurance, travel insurance, and investment plans to individuals.

This insurance covers marine, fire, business interruption, commercial vehicles, contractor risks, workers’ compensation, and trade credit as corporate risks.

InsurFirst’s unique selling points

The company offers customized insurance plans to meet the needs of its clients. This innovative system doesn’t allow customers to buy a package or an expensive policy.

The company already sold over 60 Million INR worth of premiums in over 3000 policies.

  • CoverFox

CoverFox launched in 2011 and is a leading insurance startup in India. Customers can buy and renew insurance policies on a simple, fast, secure platform.

Additionally, it provides a reliable platform for settling claims. It has been able to secure funding totalling $42 Million.

Several insurance companies have also provided funding for the company, including Saif Partners, IFC, Catamaran, Accel Partners, and TransAmerica.

CoverFox’s unique features

CoverFox believes that its easy-to-understand language and robust algorithm simplify policy documents and make them more accessible for customers to understand.

Customers can get quotes from insurers instantly, thus speeding up the purchase process.

Having won several awards such as the Smart CEO award, Top 10 Fintech companies.

From Fintech Asia, and Business World Techtors award collectively in 2016 and 2017, CoverFox has over 30 insurance partners and 50 lakh+ customers.

Top 10 InsurTech Companies In India 2022 - Inventiva (3)

  • PayTM Insurance

In 2010, PayTM began operating as a digital wallet. Paytm Life Insurance Ltd and Paytm General Insurance Ltd are its insurance subsidiaries.

PayTM Insurance’s key features

A common platform allows customers to pay their premiums and purchase insurance.

The most miniature questionnaire with the customer claims to offer easy refunds on cancellations of policies.

The website provides an easy-to-navigate interface for customers to enter their preferences and view insurance plans according to their search criteria.

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  • RenewBuy

RenewBuy, a brokerage platform, provides motor insurance. Different insurers offer real-time quotes on the forum.

Gurgaon is where the majority of the company’s operations take place. A total of $15 million has been raised so far.

Differentiating factors of RenewBuy

Customers can instantly compare and buy motor and health insurance plans from leading insurers through RenewBuy. In addition, the platform digitizes agent onboarding.

  • TurtleMint

TurtleMint was established in 2015 as an online insurance aggregator. Currently, the company serves the life insurance, health insurance, and auto insurance sectors.

The company is headquartered in Mumbai, India.

TurtleMint’s unique selling points

Buying insurance plans with TurtleMint is an intelligent move.

Leading insurance companies can be contacted directly through its interface without completing lengthy paperwork. Over 3 million policies have been sold online through this startup.

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The insurance industry is changing as a result of InsurTech.

Applied technologies and new tools are changing how traditional insurers develop their products. InsurTech allows insurers to:

  • Improve underwriting and actuarial decision-making;
  • Provide better customer service;
  • Analyze advanced data to unlock its potential;
  • Improve operational efficiency to drive cost savings.

Technologies serving both the insurance industry’s capabilities and offerings — and enhancing processes across the value chain — provide game-changing solutions. Examples include:

  • Apps for acquiring customers, assessing risks, and drafting policies based on predictive analytics;
  • Brokers can sell short-term insurance products through any distribution channel using white-label platforms;
  • Enhancing underwriting quality and efficiency with computer vision and geospatial imagery;
  • The use of AI and data science to detect fraud, etc.

Data can be exchanged more effectively and modernly with all of the innovations.

InsurTech: Challenges and Future

Mobile apps, telematics, Big Data, machine learning, artificial intelligence, and cybersecurity are critical areas of insurance technology development. The insurance industry will adapt to the global trend of selling everything online.

Data is being exchanged between insurance companies and their clients. Clients’ health data is tracked via special devices that integrate intelligent home systems.

Currently, remote trackers analyze all significant health indicators and provide information about a patient’s health. Using this information, insurance companies can predict accidents. Technologies such as these will primarily affect the auto insurance market, and in the future, health insurance as well.

Emerging market factors enabling insurtech

With such great potential for growth, insurtech and technology-enabled business models will be essential to insurance growth in emerging markets. The technology is not a silver bullet, however.

People in developing countries are more likely to start with health or life insurance, particularly those with lower incomes, rather than auto, renters, and property insurance in mature markets. Insurtech has the potential to make a positive impact due to the following factors:

  • Compulsory Motor Third Party Liability Insurance. Automobile (motor) insurance and pedestrians injured in accidents involving motor vehicles should take note of this. Additionally, it enables insurance companies to offer other products from a knowledge base of insurance. The market would be ideal if not taxed to reward good driving.
  • Financial literacy.Emerging markets aren’t the only countries with problems. The vast majority of individuals and small business owners do not understand the risks they may face and may lose all their savings due to events such as illness or the loss of their business to disasters such as floods or fires. The insurance technology sector can assist in several ways, including advice and education on the web, gamification, and chatbots. However, literacy should be taught at an early age to understand saving and borrowing and the options available for building and protecting wealth. The role of banks and microfinance institutions is also essential.
  • Biometric ID. Fraud is a significant cause of higher costs for honest consumers, especially in the health insurance. Despite not being necessary, this type of identification has been found to alleviate a significant barrier to developing better insurance solutions in India and some African countries.
  • Access to mobile networks and WIFI.It is essential to have access to a strong network or Wi-Fi at some point during the day if you wish to record and upload data. For example, ACRE Africa allows farmers the option of replanting after 21 days without rain, which will enable them to replant in case of a drought. The program is activated using the unique code on the seed packet and compensates the farmer for replacement seed with M-PESA mobile banking.
  • Payment mechanisms.The use of mobile payments for premiums and claims reduces fraud, cuts costs, and speeds up the process.
  • Digital signature.The requirement for wet signatures is also not essential, yet it slows down and adds friction. We recommend that regulators accept digital signatures as society becomes more digital and mobile. Know-Your-Customer (KYC) data from other sources can be leveraged, for example, from mobile phone networks (MTN) or banks.

Globally and in India, insurtechs are driving innovation.

Top 10 InsurTech Companies In India 2022 - Inventiva (4)

Insurtechs have been pushing the limits of innovation, offering newer value-added services and opening up large ecosystems of players as the landscape has evolved. The four dimensions of innovation are:

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1. Addressing the needs of niche segments, contexts, and new generations

  • They are insuring specific needs or circumstances in a tiny package.Small transactions with protection at the point of consumption, e.g. air travel or e-commerce, focus. Digital commerce across sectors is driving the demand for new products tested by Insurtechs. Continuing this trend could lead to a significant change in the perception of insurance among consumers that it is an infrequent, large-ticket purchase.
  • Niche products are tailored to the needs of new-age segments. For instance, there are insurance products for Pets and hosts of short-term rentals. A new demand space is arising.
  • This results from digital consumption, easier targeting and distribution (complex with a classic offline distribution model), or new requirements with evolving demand spaces.
  • Insurtechs either set up specialized products or launch a slew of new products.
  • The ability to move from prevention to protection with products.Companies are increasingly striving to improve the health outcomes of their customers and reduce the associated costs of claims. New offerings are being developed using technologies such as virtual care and more sophisticated health tech devices. Consumers are becoming far more comfortable with tele/digital health solutions and their efficacy, making COVID-19 a significant step forward.
  • The concept of parametric insurance is one way to cover loss-causing events.Data-driven parametric insurance has complemented traditional life insurance since it can capture more data. Examples include developing various weather-based products driven by more sensors, data, and thus more sophisticated modelling.

2.Solutions and services beyond insurance

Insurtechs (and Insurers) shift toward value-added services is also clearly discernible.

To provide consumers with a more comprehensive “one-stop” solution, they aim to create a one-stop-shop. Examples such as Haven life have integrated services such as document vaults, will creation, etc., around the core. Massive financial ecosystems offer a host of services on the other end. As these ecosystems develop, one of the key triggers is the ability to lower acquisition costs, operating costs (as well as fixed costs as the company scales), and claim expenses and credit risks. An example of Chinese ecosystems such as Ping An, which offers more than just insurance, is the Ping An Group.

The Insurtech sector is also developing B2B services, focusing on building mature solutions offered to insurers / other businesses.

3. A value-chain approach to data-driven innovation

Therefore, Insurtechs (and Insurers) are now heavily focused on data capture and analytics to maximize value from their data. In addition to sharper pricing and underwriting models, such models can be expected to have many other applications. The practice is becoming more common, such as differential pricing on auto insurance based on driving habits. The use of satellite and sensor data has increased the prevalence of many previously underplowed areas such as crop insurance (for example).

Businesses are also leveraging analytics extensively to identify and prevent fraud across various streams, including acquisition, claims assessment, customer service, and personalization. The Insurtech landscape is awash with use cases for AI-driven capabilities to increase sales conversions, leveraging machine learning to enhance claim efficiency with images or improving pattern recognition for fraud detection.

4. Providing better experiences for customers, channel partners, and employees

In addition to increasing adoption and innovation, another critical component is experiencing for consumers, employees, and channel partners. Many B2C Insurtech companies excel at seamless customer onboarding, offering the utmost transparency and minimal fuss, a key contributor to their NPS scores.

In addition to enhancing channel partner experience and effectiveness, the organization has emphasized improving channel partner effectiveness. Several companies are pushing the envelope here with intelligent sales platforms and sales assistant apps tightly integrated with internal systems.

Conclusion

Most of the problems we are facing today will be addressed due to the use of technology. To improve services and customer experiences, the insurance sector needs applied technologies. Financial health and growth also depend upon technical decisions. Learn how InsurTech applies to the new business models of the insurance industry for innovation—looking for a way to make your insurance company stand out? InsurTech is the answer.

Article Proof Read and Published by Gauri Malhotra.

Related

FAQs

How many InsurTech companies are there in India? ›

With the gap between traditional insurance policies and changing market dynamics, young InsurTech companies have the opportunity to innovate and take risks. Technologies reports that India has 142 technology-based insurance startups.

Who are the top 3 insurance company in India? ›

Life Insurance Companies
  • LIC.
  • Exide.
  • Reliance Nippon.
  • Sahara India.
  • IndiaFirst.

How many InsurTech companies are there? ›

Approximately 1,500 InsurTech startups are currently operating around the world. Additionally, more than $9 billion in disclosed capital has been committed to over 700 InsurTech investments over the past five years.

What is InsurTech100? ›

The InsurTech100 is an annual list of 100 of the world's most innovative InsurTech companies selected by a panel of industry experts and analysts. These are the companies every leader in the insurance industry needs to know about as they consider and develop their digital transformation strategies.

Who is the No 1 insurance company in India? ›

Top 10 Life Insurance Companies in India Based on Claim Settlement Ratio
S.noLife Insurance CompaniesClaim Settlement Ratio
1Max Life Insurance Company99.35
2AEGON Life Insurance Company99.25
3Bharti AXA Life Insurance Company99.05
4Bajaj Allianz Life Insurance Company99.02
6 more rows

What are InsurTech products? ›

Early use cases include:
  • Telematics for usage-based and “pay-how-you-drive” auto insurance models.
  • Disruptive business models, such as peer-to-peer insurance.
  • AI-aided fraud detection and AI-enabled service.
  • Internal workflow automation with robotic process automation (RPA)
  • Machine learning to automate claims processing.
18 Feb 2022

What are the big 3 insurance companies? ›

The insurance sector, however, has a few bright spots. Three of the world's 20 largest insurance companies – AXA Group, Chubb, and American International Group (AIG) – moved up the rankings, with AIG registering the biggest improvement, rising from 439th last year to claim the 90th spot in 2022.

Which insurance company is best in India 2022? ›

Best Life Insurance Companies in India 2022
S.NoCompanyClaim Settlement Ratio 2020-2021
1Life Insurance Corporation of India98.62%
2HDFC Life Insurance98.01%
3SBI Life Insurance93.09%
4ICICI Prudential97.93%
7 more rows

How many insurance companies are there in India in 2022? ›

The insurance industry comprises a total of 57 insurance companies in India.

Is insurtech a FinTech? ›

Insurtech stands for insurance technology and represents a broad category of fintechs and other technologies used in the insurance industry. Like with any fintech, Insurtech aims to solve a problem.

How big is the insurtech market? ›

The global InsurTech market size was valued at USD 14601.32 million in 2021 and is expected to expand at a CAGR of 49.36% during the forecast period, reaching USD 162115.43 million by 2027.

Why is insurtech important? ›

Insurtech plays an important part in changing how coverage is applied and paid for in a number of different ways: Insurtech enhances the customer experience. By leveraging technology, customers are more engaged in selecting their coverage, understanding their needs, and getting personalized service.

Who is the richest insurance company? ›

UnitedHealth Group

Which is the largest 5 private sector insurance company in India? ›

Reliance General Insurance Company Ltd. PNB MetLife India Insurance Company Ltd. Canara HSBC Oriental Bank Com Life Ins. Reliance Nippon Life Insurance Co.

What is InsurTech example? ›

Product Innovation: Insurtech is enabling insurance companies to create entirely new types of insurance products. Examples include cover for rental properties (landlord insurance policies) and peer-to-peer insurance.

How does InsurTech make money? ›

The main way that an insurance company makes a profit is by ensuring the premiums received are greater than any claims made against the policy. This is known as the underwriting profit. Insurance companies also generate additional investment income by investing in the premiums received.

Which software is used by insurance companies? ›

Top 4 Insurance Suites Software
  • Applied Epic.
  • Guidewire.
  • BriteCore.
  • Questback.
22 Sept 2022

What is the World No 1 insurance company? ›

Ping An Insurance Group

Who is the biggest insurance broker? ›

The largest insurance brokerage by revenue is Marsh McLennan. Combined, the top 15 largest insurance brokerages earned more than $75 billion in revenue in 2021.

What are top insurance companies? ›

  • USAA. 4.3. U.S. News Rating. USAA is the best insurance company in our ratings. ...
  • State Farm. 4.2. U.S. News Rating. State Farm is No. ...
  • Farmers. 4.1. U.S. News Rating. ...
  • Nationwide. 4.1. U.S. News Rating. ...
  • Geico. 4.1. U.S. News Rating. ...
  • Allstate. 4.0. U.S. News Rating. ...
  • Travelers. 4.0. U.S. News Rating. ...
  • Progressive. 3.9. U.S. News Rating.
7 days ago

Which is the best company 2022? ›

25 Best Large Companies in India 2022
  • Cisco. 4.52. based on 425 Reviews. ...
  • Nagarro. 4.51. based on 1.6k Reviews. ...
  • Lifestyle. 4.44. based on 420 Reviews. ...
  • American Express. 4.42. based on 664 Reviews. ...
  • SAP. 4.41. based on 464 Reviews. ...
  • Cummins. 4.39. based on 969 Reviews. ...
  • Ericsson. 4.37. based on 1.6k Reviews. ...
  • Bayer. 4.36. based on 252 Reviews.

Who is the biggest insurance agent in India? ›

1. MIBL or Mahindra Insurance Brokers Ltd. Mahindra Insurance Brokers Ltd. is a subsidiary company of Mahindra & Mahindra Financial Services Ltd. It has been awarded the ISO 9001:2015 Certification on the basis of its QMS or Quality Management Systems.

What is the future of insurance companies in India? ›

With regard to Indian life insurance industry, the report said it will grow at an exceptional rate of 6.6 per cent (in real terms) in 2022 and further grow at 7.1 per cent in 2023.

Which company is growing fast in India 2022? ›

List Of Best Growth Stocks in India
COMPANY NAMECMP (15th Sep 22)BSE CODE
Bajaj Finance7405500034
Britannia Industries3719.10500825
Muthoot Finance1044.85533398
Petronet LNG219532522
6 more rows
15 Sept 2022

What is the rank of India in insurance? ›

Listen to this article. At 3.2 % penetration, India ranks 10th in the global life insurance market and ahead of China (at 2.4%) and UK (at 3%), shows a research report published by Benori Knowledge, a research and analytics company.

Who is the youngest insurance company in India? ›

IndiaFirst Life Insurance Co.

Ltd in the year 2010 and is based in Mumbai. This is India's youngest life insurance company.

Why is InsurTech growing? ›

As a result, consumer benefits such as empowerment, ease of access, convenience, better security, and personalization propel the global Insurtech market forward. Over the forecast period, the Insurtech market is expected to grow at a CAGR of more than 46%.

What is the difference between FinTech and InsurTech? ›

FinTech (Financial Technology) is similar to InsureTech, but it incorporates a broader scope of financial institutions. In addition to insurance, FinTech includes banks, financial planners, accountants, and other financial businesses.

How do you evaluate an InsurTech? ›

Market dynamics such as market size, potential market available, and growth prospects are important to understand. A valuation will consider absolute market value, existing competitors, and existing incumbents. The regulatory environment is another important consideration when valuing an InsurTech company.

Is insurtech a good industry? ›

Data from the survey, which looks at predicted trends from 2021 to 2027, also shows the insurtech sector is growing at a CAGR of 34.4%. Insurtech is already proving itself a massively successful sector brimming with possibilities for the year ahead.

Is insurance sector growing in India? ›

The Indian insurance industry grew at a CAGR of 17% over the last two decades and is expected to continue its commendable growth trajectory in the future years.

What is the biggest issue in the insurance industry? ›

The premiums to pay, the outcomes of risk investigations, and the damages and benefits to pay depend on political conspiracy sometimes. These are some of the biggest challenges that are faced by insurance companies. They include mismanagement, economic instability, lack of trust, and competition among others.

Is insurtech new? ›

The term “insurtech” has been around since at least 2010, but its reach and influence have accelerated in the past few years. At its most basic, insurtech – a portmanteau of insurance technology – is about how technology is transforming the insurance industry.

What is the main benefit of insurance? ›

The obvious and most important benefit of insurance is the payment of losses. An insurance policy is a contract used to indemnify individuals and organizations for covered losses. The second benefit of insurance is managing cash flow uncertainty.

How much has insurtech invested? ›

While leagues behind fintech as a whole, insurtech startups have still attracted a significant amount of investment over the last few years — $43 billion between 2016 and 2022, according to a recent report.

How many insurance companies are there in India? ›

The life insurance sector in India comprises of, 24 are life insurance companies, Among the life insurance companies, Life Insurance Corporation (LIC) of India is the only public sector company.

How many insurance companies are running in India? ›

The Insurance sector in India consists of total 57 insurance companies. Out of which 24 companies are the life insurance providers and the remaining 33 are non-life insurers. Out which there are seven public sector companies.

What are InsurTech firms? ›

Insurtech is the use of technology innovations designed to make the current insurance model more efficient. By using technology such as data analysis, IoT, and AI, insurtech allows products to be priced more competitively.

How many companies are there in IRDA? ›

As of September 2022, IRDAI has recognized 31 non-life insurance companies.
...
General insurance companies.
4
CompanyBajaj Allianz General Insurance
SectorPrivate
HeadquartersPune
Founded2001
30 more columns

What are the 4 types of insurance? ›

Following are some of the types of general insurance available in India:
  • Health Insurance.
  • Motor Insurance.
  • Home Insurance.
  • Fire Insurance.
  • Travel Insurance.

What are the 3 types of insurance companies? ›

Types of Insurance Companies

Among the largest categories of insurance companies are accident and health insurers; property and casualty insurers; and financial guarantors.

What is the future of insurance industry in India? ›

"The growth will slow down slightly in 2022 to 4.5 per cent, mainly due to high inflation. However, the sector is further expected to witness a growth of close to 8 per cent Compounded Annual Growth Rate (CAGR) between 2023 and 2032," it said.

Is InsurTech a FinTech? ›

Insurtech stands for insurance technology and represents a broad category of fintechs and other technologies used in the insurance industry. Like with any fintech, Insurtech aims to solve a problem.

How big is the InsurTech market? ›

The global InsurTech market size was valued at USD 14601.32 million in 2021 and is expected to expand at a CAGR of 49.36% during the forecast period, reaching USD 162115.43 million by 2027.

What is IRDA salary? ›

Average annual salary in IRDA - Surveyors And Loss Assessors is INR 5.4 - 6.9 lakhs.

Who is the current IRDA? ›

Debasish Panda takes charge as Irdai chairman for a three-year period | Business Standard News.

Who is the top insurance company? ›

State Farm is the number one auto insurance company in the country in terms of market share and premiums written, followed by Geico, Progressive and Allstate.

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