The insurance scene of India has been changing and it is for the good this time, as the traditional startup systems are failing miserably the new tech startups have kicked and took up the mantle of balancing the unstable sector and with their confidence, they are here to kill the traditional names and make a mark for themselves.
Insurance Regulatory and Development Authority of India (IRDAI) has been granting licenses to the new startup insurance firms which are now running the insurance game as per their rules and under the norms of the IRDA which is a direct threat to the existence of the traditional insurance companies. Insurtech start-ups including Acko General Insurance Ltd, and Go Digit General Ltd. , have respectively posted a 6X and a 4X increase in gross direct premium underwritten during the month of September, outnumbering other general insurers and beating the traditional insurers at their own game in a very short span of time. Both digital insurers, however, have minor market shares in the general insurance category, a market where there are already more than 25 players playing at the general insurance game. Auto insurance has been the major contributing factor as the auto insurances are made compulsory by imposing steep fines for the ones who do not have one.
The insurance scene of the nation is changing drastically and the ones who don’t upgrade will be left behind smoking the dust left by the fast going players in the insurance game. Lets see what insurance has in store for india.
Tags : traditional insurance firms, Insurance Regulatory and Development Authority of India, insurance game, Auto insurance,