Artivatic partners with non-traditional business to build risk assessment model to enable customized, gig based, sachet insurance product distribution via Single API. Any business can become an Insurtech by leveraging Artivatic’s technology infrastructure.
•The insurance industry in India is expected to reach US$ 280 billion by 2020. Life insurance industry in the country is expected grow by 12-15 per cent annually for the next three to five years.
• Gross premiums written in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with Rs 4.58 trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from non-life insurance.
Overall insurance penetration (premiums as % of GDP) in India reached 3.69 per cent in 2017 from 2.71 per cent in 2001
•The market share of private sector companies in the non-life insurance market rose from 13.12 per cent in FY03 to 54.32 per cent in FY19 (up to December 2018). •In life insurance segment, private players had a market share of 33.51 per cent in new business in FY19 (up to December 2018).
•Insurance reach is still low in India. Overall insurance penetration (premiums as % of GDP) in India was 3.69 per cent in 2017, providing a huge underserved market. •Life insurance in low-income urban areas.
• Health insurance, pension segment. Strong growth potential for micro insurance, especially from rural areas
Artivatic’s Insurtech Infra to enable any business to become Insurtech.
Artivatic increases the top-line for insurance companies using tech driven process & B2B Partnership. Enables any B2B or B2C businesses with large customer based to become an Insurtech. NGOs, Fintech, Farmers communities, Banks, Village Level Entrepreneurs, P2P, Marketplaces and more.