The insurance regulator IRDAI has also undertaken various initiatives towards boosting the insurance penetration, such as permitting insurers to KYC, launching standardized insurance products, and allowing insurers to offer rewards for low-risk behaviour. Digital issuance and online channels are expected to witness continued growth. The growth of the insurance market is being supported by important government initiatives, strong democratic factors, a conducive regulatory environment, increased partnerships, product innovations, and vibrant distribution channels.
The scope of IoT in Indian insurance market continues to go beyond telematics and customer risk assessment. Demographic factors such as growing middle class, young insurable population, and growing awareness of the need for protection and retirement planning will support the growth of Indian life insurance.
Insurance companies use data-driven analytics approach for significant improvements in decision-making, Mitigating Risk, Identifying the Premium Payment & Claim fraud, etc. The key benefits offered by data analytics are: