Growth of the Insurtech Industry: A Quantitative Study with Reference to Private Non-Life Insurers

The insurance business is a big economic entity that contributes to global growth. Insurance promotes commerce and it is play a key role in growth of service industry. It is one of the traditional and conventional sector along with banking that is promoting business globally. Insurance sector is a underwater player contributing highly to country’s GDP and creating employment. People consider insurance as safest investment and assurance for their life and properties. Insurance sector is adding new colors to its business and expanding its business digitally. New doors were set open in the form of insurtech companies which made operations of insurance much easier and transforming conventional business in to modern ways. Insurtech has become game changer of insurance sector. The scope of Non-Life insurance is exponentially growing for numerous reasons like public awareness on health, self-owned vehicles, self-owned houses and interest in travelling. This study aims at understanding growth of insurtech operations of private non-life sector with the quantitative data published in secondary sources.