India gears up for next-gen insurance solutions leveraging InsurTech

Digitization has helped India's insurance sector to register a 17% growth in April-May this year compared to 9% in the 2020-21 FY.

In a significant development, automation of faster claims processing, adoption of artificial intelligence, internet of things, cloud computing, blockchain and digital platform solutions, including DigiLocker has helped India's insurance sector to grow faster, reshaping the future of insurance. Insurance technology is poised to mature even more in 2021.

The insurance sector, powered by digitization, registered a growth of 17 per cent in April-May this year compared to nine per cent in the 2020-21 FY. The Finance Ministry and its regulatory body Insurance Regulatory and Development Authority of India (IRDAI) are confident about the growth prospects of the industry further by 40-50 per cent in the next five years if all goes well.

“The insurance industry with combined life and non-life can easily grow at 40-50 per cent in the next five years if things are settled down and otherwise it should grow at 25-30 per cent,” said TL Alamelu, member (Non-Life), IRDAI.

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This Article was published by Economic Times.