India's insurtech sector hits $15.8B valuation, AI driving growth
India's insurance tech scene just crossed a big milestone—it's now valued at over $15.8 billion, according to a new report from the India Insurtech Association and Boston Consulting Group.
Since 2019, revenues have jumped tenfold to $0.9 billion in 2024.
The real game-changer? Artificial Intelligence (AI) and Generative AI, which are helping companies work smarter and could add another $4 billion in profits.
AI's impact and adoption in India
AI is shaking up the industry in a big way: Indian insurers using these tools have seen productivity rise by up to 20%, faster policy approvals, and service costs drop by as much as 30%.
Even though India is now the world's second-biggest adopter of AI in insurance, only about 7% of insurers have rolled it out across their entire business—so there's still plenty of room for growth.