DECEMBER 20184 JULY 201531The Indian Insurance industry has seen a major growth in the last decade along with an introduction of a huge number of advanced products. This has led to a tough competition with a positive and healthy outcome. The industry has been at the forefront of economic development in country. Experts say that the gross premiums have grown at a CAGR of 7.2 percent over the last decade pushing the country's sector into the league of larger insurance economies globally. During this period, the behavior of customers has also changed significantly, with 20­25 percent of them now using digital channels to understand and compare insurance products. Moreover, with the rapid adoption of the Internet of things (IoT) and other devices, enterprises have become more connected and aware.The last few years has seen many start-ups exploring the link between technology and insurance to provide a better customer experience, while not diluting the need to improve profits and reduce risk. And this slumbering industry is waking up. The connected world and rise of digital technologies are ushering in a more precise, data-driven era, creating huge opportunities for start-ups to demonstrate their value and to reap the financial rewards of doing so. These start-ups are offering new kinds of insurance policies including dozens of innovative policy types such as on-demand, pay-per-mile, parametric, peer-to-peer, and usage-based. In fact, some of these start-ups are also integrating social media and third-party data in real time to gain customer insights that can be applied at any point in the value chain, from intelligent quote generation to fraud detection, reporting, and claim settlement. In our current edition, we have featured a list of "10 Most Promising Startups in Insurance." These startups are finding leaner methods to underwrite costs, manage claim expenses, invest better and improve the customer experience, thus building trust and eroding into what has kept the industry running over the years ­ trusted brand perception.Nandini MukherjeeManaging EditorInsurance Start-ups are making good strides for Businesses EDITOR'S NOTEsiliconindia Vol 4 · Issue 6 - 3 · December 24, 2018 Publisher Alok Chaturvedi Managing Editor Nandini Mukherjee Editorial Team Amit Raja Naik Hridkamal Roy Karthik Acharya Lakshmi G Swagatika Panda Sales & Marketing Tapas Ranjan Mallick Garima Anand Editorial Queries editor@startupcity.com To subscribe Visit www.siliconindiamagazine.com/subscribe Cover price is ` 150 per issue.Printed and Published By Alok Chaturvedi on behalf of Siliconmedia Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2018 SiliconMedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.sales@startupcity.comGroup Art Director Ashok KumarCirculation Manager Magendran PerumalVisualisers Mohana Krishnan Vimalraj M Vishnu T RSr. Manager Sales & Marketing Amrit Singh
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