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.

(India)

1. 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.
2. During July-August, the recently instated Corona Rakshak & Corona Kavach policies had provided cover to over 15 lakh people.
3. 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).
4. 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.
5. Health Insurance has a 31% market share of total non-life premiums.

(Global)

1. 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.
2. 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.
3. ‘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.

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Change in Consumer Behavior Towards Digital Health

Since the Pandemic began, traditional insurance protection and cover products have evolved to meet new customer demands.