Picture this: A middle-aged insurance agent, briefcase in hand, sitting in your living room, explaining complex policies to your parents. This scene, once a common occurrence in Indian households, is rapidly becoming a thing of the past. This is thanks to the advent of a new age of insurance, where Generative AI (GenAI), Internet of Things (IoT) and other cutting-edge technologies are more prevalent than ever.
Jefferies research predicts that by 2025, one-fifth of premium revenue for India's health and life insurers could be generated online. That's a significant chunk of the pie moving to the digital realm. But there's more! India's insuretech sector is expected to grow by , reaching a whopping $307 billion by 2030.
Now, you might think this digital revolution would wash away insurance agents. Instead, we're witnessing a beautiful synergy between human expertise and technology. Imagine a world where the knowledge of seasoned agents blends seamlessly with the efficiency of GenAI platforms and other emerging technologies.
That's the reality insuretech is creating – a best-of-both-worlds scenario where insurance becomes more accessible, transparent, and personalized. GenAI: Transforming the Insurance Industry Generative AI (GenAI) has become a cornerstone in the insurtech space, with insurers and brokers leveraging its capabilities to bring more transparency and clarity to insurance products. One significant adoption is the use of virtual assistants, or chatbots, which simpli.