Startups in Insurance and Fintech: Redefining the Indian Insurance Market

Abstract

The hallmark of current economic scenario is the launch of startups in practically all spheres of business enterprises. Startups in Insurance and Fintech companies have also entered the mainstream insurance business in India. In this article, a study is undertaken to understand the recent startups and fintech companies that are operating in the Indian insurance sector, their business models and how these will impact the existing insurance business/market in India.
In section1 of the article, we examine:(a) the insurance startups and fintech enterprises in the marketing of insurance products; (b) how these entities have established themselves as major players; and (c) the public interest and attention they are receiving. In section 2, we analyse the functioning of these startups and fintech as insurers and the other activities related to insurance they are engaged in. Innovations and regulations are at times counterintuitive.
Section 3 examines the conflict between innovation and regulation in Indian insurance sector. All these factors, no doubt would also signal a challenge for the
traditional players in insurance business, though it is still early to write them off.