Page 30 - The Insurance Times December 2024
P. 30
Insurtech Report
3rd IIA Annual Event Agenda
Theme - Pathways to Inclusive Insurance: A Vision for 2047**
Wednesday, November 20th, 2024
Venue - Jio World Convention Centre, Bandra Kurla Complex, Mumbai
Media Partner : The Insurance Times
T he 3rd Annual Event of the India InsurTech Asso- IIA in association with BCG launched a report India
ciation (IIA), held on November 20, 2024, at the
Insurtech Landscape and Trend Pathways to inclusive
Jio World Convention Centre, Mumbai, marked a
Insurance A Vision for 2047. Here is a brief summary of
milestone in shaping the future of inclusive insur-
ance in India. Themed "Pathways to Inclusive Insurance: A the report.
Boston Consulting Group (BCG) in collaboration with the
Vision for 2047," the event was a hub of innovation, col- India InsurTech Association (IIA) has released the fourth
laboration, and insightful discussions. The Insurance Times, edition of the India Insurtech report "India Insurtech Land-
media partner, covered the event, showcasing its commit-
scape and Trends: Pathways to Inclusive Insurance - A Vi-
ment to promoting insurance industry developments. sion for 2047" at the India InsurTech Association Annual
The day commenced with a networking breakfast and reg- Event 2024. The report throws light on the current trends
istration, followed by an insightful welcome address by in the industry and lays down the key levers to drive insur-
Prerak Sethi, Co-Founder of IIA. The first panel discussion ance for all to support the Viksit Bharat Mission.
on building a future-ready insurance industry set the stage India has 150+ Insurtech companies, with 10 Unicorns and
for a dynamic day, featuring stalwarts like G Srinivasan (Gal- Soonicorns and 45+ Minicorns with a 12x increase in rev-
axy Health Insurance), Amitabha Ray (Swiss Re India), and enue over the past five years to reach $750 million. Cumu-
others. They discussed how technology and data are criti- lative funding has surpassed $2.5 billion, bringing the total
cal in transforming the insurance landscape. ecosystem valuation to over $13.6 billion
A keynote speech by Shri K. Rajaraman, Chairperson of Trends in Funding for Insurtechs
IFSCA, emphasized the role of regulatory frameworks in
advancing financial inclusion. The launch of the IIA-BCG re- While global Insurtech funding has slowed down, APAC's
port was another highlight, offering a roadmap for leverag- Insurtech sector has shown resilience. Indian Insurtech fund-
ing digital innovation in the sector. ing has followed the global trend of decline, but revenue
has grown multifold, driven by the rapid expansion of larger
Parallel tracks on health insurance and sustainability were Insurtechs. With a higher concentration of Insurtechs fo-
held in the afternoon. Discussions ranged from AI's trans- cused on demand generation and distribution within the
formative role in health insurance to leveraging digital pub- value chain, there is significant opportunity to drive innova-
lic infrastructure.
tion in underwriting, claims and servicing.
The spotlight on technology continued with panels address- "The Indian Insurance landscape has come of age, with over
ing AI, cyber insurance, and equity investing for insurance 150 insurtechs and 10 unicorns and soonicorns. Moreover,
inclusion. The session on generative AI and its applications insurtech revenue has grown multifold by 12x over the last five
in risk modeling featured experts from Google, Eurazeo, and years. However, there are still significant opportunities in the
ICICI Bank, highlighting its transformative potential.
insurtech space. Most of the insurtechs at scale are present in
Workshops on human-centered design and collaborative dis- the aggregation and distribution legs of the value chain, with
cussions on the India-Japan insurance story showcased the these accounting for over 80% of the funding. There is a sub-
events global outlook. The closing ceremony featured the stantial opportunity for insurtechs to leverage data and tech-
IIA Awards, recognizing excellence and innovation in the nology in underwriting and claims, which can play a critical role
insurance ecosystem. in the continued growth of the insurance industry." said Pallavi
With over 900 participants from the industry, the event Malani, Managing Director and Partner, Lead - India Insurance
reinforced India's position as a global leader in InsurTech. Practice at BCG, and Co-author of the report.
28 December 2024 The Insurance Times
