Table of Contents
01 The Insurance Monthly Roundup
02 Change in Consumer Behavior Towards Digital Health
03 5 Trends Shaping India’s Virtual Health Future
04 The Age of Digital Insurance Ecosystems
05 Machine Vision is Revolutionizing Motor Insurance
The Insurance Monthly Roundup
A quick roundup of the month’s insurance and insurtech news.
- COVID-19 Claims have crossed $4.5B in India – General Insurers have received nearly 2.07 lakh claims of which around 1.3 lakh claims have been settled as of September 2020. There were 9.86 lakh active COVID-19 cases in India up till that point.
- During July-August, the recently instated Corona Rakshak & Corona Kavach policies had provided cover to over 15 lakh people.
- The average claim size in semi-urban or rural areas is between $680-$1000, whereas for patients with serious conditions, who have been admitted to the ICU, the average claim size is $8200-$11000 (₹6 lakh-₹8 lakh).
- Premiums for standalone health insurers during the current financial year till August has seen an 8.5% growth amounting to ₹6,268 crore compared to ₹4,981 crore for the same period last year.
- Health Insurance has a 31% market share of total non-life premiums.
- Insurtech funding has regained its uptick for Q3 2020 doubling from the previous quarter, with a total of 69 rounds being held during the period – of which 23 rounds were over $10M.
- The global market for Digital Insurance Platforms is estimated at $94B in 2020 and is projected to reach $213B by 2027, growing at 12.3% CAGR. The ‘Services’ segment accounts for 77% share of the global digital insurance platform market. The ‘Digital Tools’ segment is projected to grow at 11.6% CAGR to reach $46.8B, while the US accounts for over 28.8% global market share.
- ‘CogniSure’, an insurTech startup has recently launched an AI Platform for Commercial Loss Run Automation with 9 Pilot Customers. The startup provides actionable insights from unstructured insurance documents such as policies, loss runs, quotes, and submission emails.
Delivering Superior Customer Experiences over Video.
Download Report, here.
Change in Consumer Behavior Towards Digital Health
Since the Pandemic began, traditional insurance protection and cover products have evolved to meet new customer demands.