Insuretech: Saviour of insurance sector in India

Title

Insuretech: Saviour of insurance sector in India

Creator

Umasankar M.; Desai K.; Padmavathy S.

Description

Technology in finance has propelled financial literacy and inclusiveness and may give the insurance sector an edge to reach its potential consumers. The current study aimed to identify the role of Fintech in transforming the insurance sector and improving the penetration rate in India. With the descriptive research design, the study collects the primary data through a survey technique targeting the general public and personnel in the insurance sector as a study population. A conceptual model is proposed to understand the interlink between consumer attitude towards Insurance, factors influencing their decision, and the role of Fintech in bridging the gap in insurance penetration. This study focuses on three areas, namely health insurance, life insurance, and vehicle insurance. The study's findings reveal that the insurtech will significantly improve the efficiency of the insurance sector which will result in significant financial performance. 2024 Srinesh Thakur, Anvita Electronics, 16-11-762, Vijetha Golden Empire, Hyderabad.

Source

Emerging Trends and Innovations in Industries of the Developing World: A Multidisciplinary Approach, pp. 1-6.

Date

2023-01-01

Publisher

CRC Press

Subject

Consumer Attitude; Fintech; Health Insurance; Insurance Sector; InsurTech; Structural Equation Model

Coverage

Umasankar M., Christ University, Bangalore, India; Desai K., Christ University, Bangalore, India; Padmavathy S., Kongu Engineering College, Erode, India

Rights

Restricted Access

Relation

ISBN: 978-100381954-7; 978-103260103-8

Format

Online

Language

English

Type

Book chapter

Identifier

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85174192181&partnerID=40&md5=ebcb1cbdaea4f4a53d324a7cca49bde8