InsurTech funding space in India as well as across the globe is witnessing a strong momentum, delivering a seven-fold growth in the last 5 years. As per the report released by Boston Consulting Group, the funding in the InsurTech sector in India has doubled in the last 2 years. It further stated that Europe has recorded the highest growth with a 2-year CAGR 0f 50 percent.
The InsurTech space in India has reported an increase in funding from $290 million in 2020 to $800 million in 2021. The report also said there has been an emergence of over 20 InsurTech unicorns worldwide in 2021.
The new customer segments have emerged in the InsurTech space. Women have become the key decision-makers, with about 54 percent of decisions being taken by women. India InsurTech Association and Boston Consulting Group have expected that MSMEs will emerge as key growth engines and that there is an opportunity for the national health stack to become a global standard, just like the Unified Payment Interface (UPI).
