Traffic drives around the outer circle of Connaught Place. This is the third article in a weeklong series on insurtech. Insurance, one of the oldest industries of modern civilization, is witnessing a tech revolution at breakneck speed. These latest developments are transforming the Indian insurance sector. A peek into the past helps contextualize the significance of new trends emerging in the Indian insurance sector. The Indian insurance industry can be classified into three eras: The first is that before liberalization; the second is post liberalization, which was initiated in ; and the third, which is now driven by technology. Also, as it was a monopolistic situation, there was little innovation to speak of.
How Is India’s Insurance Landscape Changing? – Brink – The Edge of Risk
Prior to its deregulation, the life insurance business was dominated by the public sector company is life insurance Corporation of India. While liberalization of insurance sector, as many as twelve new private life insurance companies were entered with the help of foreign equity up to 26 per cent in the life insurance business. It tells us the level to which a market is being tapped. Thus insurance penetration is a tool to understand and identify the reasons of the success or failure and the degree of presence of insurance in the economy of a country.
How Is India’s Insurance Landscape Changing?
With the fast-paced lives we are leading today, no one knows what could happen next and that should be a trigger for one to prepare for any outcome by taking an insurance cover. Unforeseen eventualities and uncertainties are so rampant that it has become imperative to look ahead — it could be a permanent injury, sickness, loss of property or an accident; the list is endless. There is always an apparent apathy among most citizens on the need to insure property, life, business and so forth until the inevitable happens. Save for the statutory requirements such as a motor vehicle cover, most of us have never thought of other insurance covers that could bail you out on a rainy day.