What the next year looks like for InsurTech

Link: https://blog.joshsoftware.com/2019/01/10/what-the-next-year-looks-like-for-insurtech/

Over the last two years, investments in the global InsurTech market have crossed $2.3 billion and the sector has continued to grow at an astounding rate of 3-4%. EY estimated the net income growth rate to cross 23% as opposed to 14% in 2017, all of this only point towards one thing: the immense possibilities for the future. With more than 24 life insurance companies and 33 non-life insurance companies, the market is booming in India today. This is mind blowing, but one of the biggest challenges that the insurance sector faces, is the way it is perceived. People no longer want to think of it as boring paperwork, long calls with agents and multiple forms to file for one claim. Consumers, especially millennials are looking for specific policies with small premiums and maximized benefits that they can purchase conveniently, preferably online. Here’s where a combination of insurance and intelligent technology comes into play. InsurTech led by disruptive tech like AI sure has been more than a buzzword in the last few years!