Embedded insurance providers are raising capital globally to scale and grow their businesses
Globally, insurtech firms are using breakthrough technologies such as machine learning, artificial intelligence, big data, and APIs to provide consumers with fast and seamless insurance coverage through embedded insurance. A lot of innovation has taken place in the embedded insurance segment over the last two years, especially in countries like India, which is one of the most under-penetrated insurance markets around the world. Despite being the fifth largest economy, the total insurance premium is significantly lesser compared to other markets globally. According to a report from the Insurance Regulatory and Development Authority of India (IRDAI), life insurance penetration is about 3.2% in the country. This shows that the insurance sector has the potential to outpace other industries just because of its sheer market growth potential. Read More - Real estate is banking on embedded finance to explore new business opportunities Looking to tap into this potential growth, many innovative ...