26 February, 2021
The insurance sector in India is growing at a rapid pace due to the rise of a young, security-conscious, insurable population coupled with favorable regulatory interventions by the Indian government. Policies like 100% FDI allowance, increase in basic premium rates and open architecture have boosted competition in the sector. As per the pattern followed in most competitive industries, there has been a major influence of IoT and innovative ‘InsureTech’ to improve direct insurance sales channels via innovative technical interventions. However, according to PWC, for both the life and the non-life insurance sector, the majority of sales is still accomplished through…
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