Insurtech In India: An Overview

Introduction

India's insurance sector has grown rapidly over the past two decades, with various reports indicating a compounded annual growth rate of approximately 17% during this period¹. In the last financial year alone, the industry recorded total premium income of approximately USD 82.49 billion² and it is expected to continue growing at around 7.1% annually over the next five years, well above broader market averages³.

This expansion has brought renewed focus to "insurtech", that is, the use of technology across the insurance value chain to improve distribution, underwriting, servicing, claims management, and customer experience. Reflecting this shift, Insurers are integrating technology more deeply into their operations, while the Indian insurance regulator (the IRDAI) has progressively encouraged technology adoption with the broader objective of increasing insurance penetration. The Indian insurtech market, estimated at USD 0.90 billion in 2024, is