India’s insurtech sector has delivered 12 times revenue growth over the last 5 years, with cumulative funding surpassing $2.5 billion and ecosystem valuation over $13.6 billion, a report showed on Wednesday.
The country has more than 150 insurtech companies, with 10 unicorns and soonicorns and more than 45 minicorns, with 12 times increase in revenue over the past five years to reach $750 million, according to the report by Boston Consulting Group (BCG) in collaboration with the India InsurTech Association (IIA).
“Most of the insurtechs at scale are present in the aggregation and distribution legs of the value chain, with these accounting for over 80 per cent of the funding. There is a substantial opportunity for insurtechs to leverage data and technologyin underwriting and claims, which can play a critical role in the continued growth of the insurance industry,” said Pallavi Malani, Managing Director and Partner, Lead-India Insurance Practice at …