Editor’s Note: In November 2024, the India Insurtech Association (IIA) and Boston Consulting Group (BCG) jointly released the report India Insurtech Landscape and Trends: Pathways to Inclusive Insurance – A Vision for 2047 (hereinafter referred to as the "Report").  

        The Report systematically analyzes the current state and future trajectories of India’s Insurtech industry, focusing on three pillars:  

        Key drivers of Insurtech development, including demographic shifts, technological advancements (e.g., generative AI, National Health Claims Exchange [NHCX]), and policy reforms such as simplified regulations by the Insurance Regulatory and Development Authority of India (IRDAI).  

        The role of Insurtech in advancing inclusive insurance and economic resilience, particularly through health insurance as a critical pathway for driving insurance penetration. The Report highlights that India’s health insurance penetration remains at 0.31%, with 45% of healthcare costs borne out-of-pocket by individuals.  

        Industry challenges and policy recommendations, emphasizing regulatory compliance costs (15%-20% of operational expenses for 40% of firms), talent gaps in AI and blockchain, and rural infrastructure limitations.  

        A core emphasis is placed on technological innovation and data-driven approaches to enhance operational efficiency, reduce costs, and expand coverage. For instance, AI-powered underwriting and claims processing have reduced turnaround times by 70% for insurers adopting NHCX.  

Chinese website redirect link:https://www.bj-first.org.cn/single/315.html