Skip to Main
India Insurtech Landscape and Trends Pathways to Inclusive Insurance - A Vision for 2047 | Hero

India Insurtech Landscape and Trends: Pathways to Inclusive Insurance - A Vision for 2047

Alpesh Shah Pranay Mehrotra Pallavi Malani Vivek Mandhata Suhail Bhansali Prerak Sethi Subhajit Mandal Shwetank Verma

While globally, Insurtech funding has continued to slow down, APAC has been relatively resilient. As India aims for Viksit Bharat by 2047, a stable and resilient financial sector is critical, with insurance sector needing to maintain its strong growth trajectory. Insurtechs are well positioned at the forefront of this evolution, leading the charge in expanding access, building awareness and enhancing affordability for all. With this context, BCG, in collaboration with the India Insurtech Association (IIA), has released the fourth edition of the India Insurtech report, "India Insurtech Landscape and Trends: Pathways to Inclusive Insurance - A Vision for 2047" which highlights industry trends and outlines structural themes for the industry’s growth.

The report emphasizes multiple key themes. The Indian Insurtech landscape has made significant strides, with 150+ Insurtechs, 10 Unicorns and Soonicorns and 45+ Minicorns, with a 12x increase in revenue over the past five years to reach $750 million and a cumulative valuation of $13.6 billion. As India progresses towards a Viksit Bharat, there is significant opportunity for the insurance industry to drive insurance for all. However, penetration continues to remain a challenge, especially in health insurance with over 45% spends being out of pocket. There lies substantial opportunity for insurtechs to boost health insurance penetration across three pathways: Driving higher accessibility through new channels and improving efficiencies in existing channels. Driving higher awareness and trust through focus on overall health, wellness and a seamless experience. Driving higher affordability by leveraging data and introducing innovative products. The report also highlights key focus areas for Insurtechs which include building profitable operating models and fostering stronger collaboration within the ecosystem. Lastly, the report summarizes how all stakeholders can contribute significantly towards achieving this important national goal.