Consultancy firm Redseer Strategy Consultants, in a written report, stated that India’s insurance business is poised to grow significantly, led by an ever-growing middle class and increased digital penetration.
According to the report, the insurance market will reach a size of near $222 billion by FY26. And, it really is mentioned that simply by 2022, the overall insurance market stands at $131 billion.
New online distribution models such as B2C, B2B, and B2B2C are essential development drivers, with B2C building up substantial traction, the report added.
The report especially mentioned that several InsurTech models have arisen as InsurTech businesses innovate over the insurance value chain. It also noted a few of the models that contain emerged in the area.
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