How The Convergence Of Insurance And Tech Is Leading Financial Inclusion In India?

How The Convergence Of Insurance And Tech Is Leading Financial Inclusion In India?

SUMMARY

Insurtech has emerged as a game-changer in the Indian insurance landscape, leveraging technology to simplify processes, cut costs, and improve accessibility

Insurtech companies use digital platforms and mobile apps, creating a seamless interface for insurance transactions

Insurtech companies have disrupted the traditional one-size-fits-all insurance approach by leveraging big data and analytics

In recent years, India’s financial landscape has undergone a notable transformation driven by technological innovations, with Insurtech emerging as a key enabler of this evolution. This convergence of insurance and technology has been instrumental in enhancing financial inclusion by making insurance more accessible to a wider population. 

For decades, insurance has been perceived as a complex and inaccessible financial product for many Indians. Factors such as limited awareness, shallow product depth, cumbersome paperwork, and rigid eligibility criteria have contributed to a substantial insurance gap in the country.  

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