The insurance industry in India is fairly nascent in comparison to its global counterparts especially the UK and US markets. We stand at a meager penetration of 3.9 per cent, way below the world average of 6.3 per cent. Of this, online insurance is even newer and smaller. However, there is rapid evolution and exponential growth happening in this space.
With the meteoric rise of ecommerce and quick adoption of internet based transactions in India, the online insurance industry is at the cusp of unlocking its tremendous, infinite potential. A BCG Google report claims that by the year 2020, the non life insurance industry is poised to grow to 3-3.5X to about INR 230k crores, of which online insurance will contribute most to this growth. In fact, the online insurance market in India is likely to grow 20 times. Moreover, 3 in every 4 insurance policies sold will be impacted by digital channels at either pre-purchase stage, purchase or renewal stages.
The online insurance industry in India mainly comprises of insurance companies that now sell insurance through their website or via web aggregators such as Policybazaar and brokers such as Coverfox which act like insurance marketplaces allowing you to compare and buy.
Click here to read more>>