New Delhi, Oct 30
India has a sizeable insurtech ecosystem with over 150 active players, whose cumulative valuations crossed $15.8 billion, and revenues surpassed $0.9 billion in 2024 -- a 10 times increase since 2019, a report said on Thursday.
Insurtechs are central to this transformation, co-innovating with insurers and productizing AI modules for distribution, underwriting, claims, servicing, and renewals.
“Global insurtech funding dropped from nearly $14 billion in 2021 to about $4 billion in 2024, in line with the wider fintech correction. India too has mirrored the global funding trends,” said Vivek Mandhata, Managing Director and Partner at BCG, and co-author of the report.