DECEMBER 20204India is a nation of over 1.3 billion people yet insurance penetration across the country is only about 3.7 percent. A growing nation with a strong middle class segment, India is home to a large number of residential houses, registered vehicles and people looking for insurance of various kinds. Needless to say, there exists massive opportunity for the insurance industry to increase its reach across the country. But who will answer this call to opportunity? Traditional insurance providers are struggling to simplify of policy terms, settlement procedures, mutual trust deficits of buyers & sellers and bring unambiguous products to customers. The consumer of today has become tech savvy and lives a thriving digital life. Consequently they are looking for insurance providers who can keep pace with these digital trends. Additionally, today's consumers demand transparency, speed and a hassle-free claim settlement. The time is now for the insurance industry to kick in the digital gear and transform the very way services and solutions are provided to consumers. Over the past few years, InsurTech has emerged as a growing sector that has seen the gradual rise of future ready tech startups that are redefining the way traditional insurance functions. The Indian landscape is home to over 110 insurtech players spread across different sub-segments, such as aggregators, claims management, digital-first insurers, software white label and infrastructure APIs, and IoT. These startups have added various differential paradigms to the insurance game, a primary one beingsmall ticket and low-duration insurance products called `Bite-size insurance' or `sachet insurance' that bring to the table affordability and convenience. Their valiant efforts are being ably supported by favorable regulatory policies that are opening up new forms of insurance, such as wearables, IoT- linked products, and drone cover.TheInsurTech sector has also attracted increased interest from VCs and the market alike. According to CB Insights, InsurTech startup funding has nearly tripled over the last three years in Asia. The Indian counterpart of the industry received investments worth $183 million in 2019, the highest ever in a calendar year said a report from Tracxn. The Indian insuretech market is expected to reach a market size of $280 billion by the end of 2020. The current edition of StartupCity celebrates the innovation being brought to the fore by these insurance tech startups. We present to the '10 Best Insurance Startups -2020'. These young firms are at the very forefront of creating a paradigm shift in the traditional insurance space. Do let us know your thoughts. Rachita SharmaSpecial EditorIndia A Vast Untapped Playground for Insurance Players EDITOR'S NOTE Vol 5 · Issue 10 - 5 · December, 2020 Publisher Alok Chaturvedi Special Editor Rachita Sharma Editorial Team Aparna Roy Likhith Aradhya Monica Pallavi J Sigma Mohanty Sales & Marketing Mishal Dsouza Tapas Mallick Editorial Queries startupcity@siliconindia.com To subscribe Visit: www.siliconindia.com/subscribe/ Cover price is Rs. 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 © 2020 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 Siva ShankarGM Sales & Marketing Virupakshi Pattarsiliconindia
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