India's insurtech revenue grows 12-fold to $750m over five years

Despite this, 45% of medical expenses are paid out of pocket.

The Indian insurtech sector now comprises over 150 players with 10 unicorns and soonicorns, 45+ minicorns, and a cumulative valuation of $13.6b, according to Boston Consulting Group (BCG). 

Over the past five years, industry revenues have increased 12-fold to $750m, revealed BCG’s “India Insurtech Landscape and Trends: Pathways to Inclusive Insurance - A Vision for 2047”. 

However, despite this progress, insurance penetration remains a critical challenge, particularly in health insurance, where over 45% of medical expenses are paid out of pocket.

This gap is linked to issues of accessibility, awareness, and affordability. However, macroeconomic tailwinds, such as a growing population, advancements in technology, rich data availability, and supportive regulatory measures, offer significant opportunities for the industry to expand.

Health Insurtechs are leading the charge in innovation by focusing on three key areas: accessibility, awareness, and affordability.