2021
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Detailed explanation-1: -India is the second largest insurance-technology market in Asia-Pacific and accounted for 35 per cent of the USD 3.66 billion insurtech-focused venture capital invested in the region, according to S&P Global Market Intelligence data.
Detailed explanation-2: -With 66 insurtech companies, India has become the second-largest insurtech market in the region. The major player in the region includes ZhongAn Insurance, SIngLife, CXA Group, CoverFox Insurance, Policy Pal, Ins for Renascence, The CareVoice, Policy Street, PaserPolis and AppMan among the others.
Detailed explanation-3: -Because of the gap between traditional-insurance policies and changing market dynamics, young InsurTech companies have the opportunity to innovate and take risks. India has 142 technology-based insurance startups, according to Technologies.