<ul><li>Shwetank Verma of <keyword id="11927726" type="General" weightage="20" keywordseo="indian-insurtech-association" source="Orion">Indian Insurtech Association</keyword> highlighted that the online insurtech segment would create 1 lakh direct jobs by 2025.</li><li>Shishir Mankad of <keyword id="4893676" type="General" weightage="20" keywordseo="praxis-global-alliance" source="Orion">Praxis Global Alliance</keyword> expects that 2.5-3 lakh employment opportunities, both direct and indirect, would be created by insurtech industry by 2024.</li><li>Auto, health and life are expected to continue to be a big chunk of online insurance sales in India.</li></ul>Online insurance sellers in India are expected to create 250,000-300,000 jobs in the next three years as the insurtech sector is at the cusp of breakthrough growth. Shishir Mankad, managing partner and head of financial services at Praxis Global Alliance, told Business Insider that this would include both direct and indirect employment opportunities across verticals — technology as well as functional roles in product design and analytics, customer journey design, automation as well as fulfillment roles in sales and distribution, claims processing and more. The segment is expected to generate part-time earning opportunities for another 2-3 million people in the same time frame, Mankad added. Meanwhile, Shwetank Verma, co-founder of Indian Insurtech Association and founder of investment firm <keyword id="6403908" type="General" weightage="20" keywordseo="leo-capital" source="Orion">Leo Capital</keyword>, in an email interaction with Business Insider said that the online insurance sellers in India are expected to double their premium by 2025 and create over a lakh direct jobs. “The insurance distribution in India has been changing in a very different way. There was a time when distribution was largely a feet on street model. LIC [Life Insurance Corporation] alone has roughly 1.5 million agents and the rest of the industry put together nearly another 0.5 million. There are a similar number of executives working as employees in the industry. However, over the past 5 to 7 years attempts, have been made to create digital distribution infrastructure. These efforts will increase in the next few years,” Sanjib Jha, chief executive of Coverfox said. Indian online insurance players include initial public offering (IPO)-bound <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword>, Digit Insurance, BankBazaar, Coverfox and others. ACKO General Insurance is one of the startups that issues their own insurance policies instead of being a third-party seller. <keyword id="3067182" type="General" weightage="20" keywordseo="dexter-capital" source="Orion">Dexter Capital</keyword>’s founder Devendra Agrawal, in an email interaction with Business Insider, noted that the Indian insurtech segment is a very large subsector of fintech and is largely dominated by traditional companies. There is very little innovation and user friendliness in the current offering, but there is scope for greater innovation as more startups emerge in the segment. He added that the new insurtech segment is likely to focus on three things. First, new product launches. Second, a more user-friendly interface and processes. Third, newer models would be introduced when it comes to insurance selling. Shwetank Verma of Indian Insurtech Association reflected a similar view, highlighting that there is a lot of scope for innovation in the insurtech sector and new categories like cyber insurance, <a href="https://content.naic.org/cipr_topics/topic_parametric_disaster_insurance.htm">parametric insurance </a>— a non-traditional insurance product that offers pre-specified payouts based upon a trigger event — and would gain more traction this decade by 2030. “Most of the insurtech action has been in terms of distribution of policies and a couple of insurers who are digital-first. While these categories will certainly see growth, our view is that the sector is at a tipping point. We expect to see a lot more action on other parts of the insurance value chain, be it underwriting or risk management or claims processing, or product design such as micro-insurance or embedded products,” Mankad of Praxis Global Alliance said. Even as the Indian insurtech sector progresses, health, auto and life insurance will continue to be the major chunk of insurance sales both online and offline, as per industry experts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/google-bans-eight-dangerous-crypto-apps-find-out-if-you-have-them-on-your-phone/articleshow/85553621.cms">Google bans eight dangerous crypto apps – find out if you have them on your phone</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/india-continues-to-lead-in-ipv6-expansion-with-a-61-23-adoption-rate-globally/articleshow/85554413.cms">India continues to lead in IPv6 expansion with a 61.23% adoption rate globally</a>

Online insurance sellers expected to create up to 300,000 jobs in the next three years

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has partnered with <keyword id="276785" type="COMPANY" weightage="20" keywordseo="Aegon-Life-Insurance">Aegon Life Insurance</keyword> to offer life insurance to its users. </li><li>It has premiums starting at ₹129 for ₹1 lakh sum insured. </li><li>Interestingly, the development comes at a time when Flipkart’s founder and former CEO – <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> too is toying with the financial services space.</li></ul>Indian e-commerce giant Flipkart is now set to offer digital life insurance to its users. The retail platform has partnered with Aegon Life Insurance to offer the services. This marks Flipkart’s foray into financial services. It has marked various options for life insurance policies – with sum assured ranging from ₹1 lakh to ₹10 lakhs and premiums starting from ₹129 for ₹1 lakh sum insured. The policies will be available to Flipkart’s existing customers between the ages of 18 and 65. “We are committed to developing solutions that will help bridge the gap between India and Bharat, and we are confident that the easy-access insurance policy will be one of the catalysts to power this transition,” said Ranjith Boyanapalli, head - fintech and payments group at Flipkart. Interestingly, the development comes at a time when Flipkart’s founder and former CEO – Sachin Bansal too is showing interest in the insurance space. <a href="https://economictimes.indiatimes.com/industry/banking/finance/insure/cover-story-sachin-bansal-buys-dhfl-gen-insurance/articleshow/73180954.cms?from=mdr">Bansal’s Navi Technologies</a> acquired DHFL General Insurance for ₹100 crore. Meanwhile, Flipkart aims to reach out to India’s next 200 million customers with the digital insurance wave. “This is one of our biggest strategic associations till date and it is in line with our strategy of selling insurance direct-to-customer (D2C). We will offer customized products at special prices, instant issuance and top-notch service through the platform,” said Satishwar Balakrishnan, CFO and principal officer, Aegon Life Insurance. See Also: <a href="https://www.businessinsider.in/business/startups/news/coronavirus-pandemic-heres-what-flipkart-zomato-swiggy-ola-uber-are-doing-for-delivery-agents-and-cabbies-who-cant-work-from-home/articleshow/74589898.cms">Coronavirus pandemic: Here’s what Flipkart, Zomato, Swiggy, Ola, Uber are doing for delivery agents and cabbies, who can’t work from home</a>

Sachin Bansal now competes with the company he founded – Flipkart in insurance space

<ul><li><keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword> has cut down its cost massively by outsourcing some of its work to the Indian postal department.</li><li>This is positive for the insurance giant as it has been losing market share over the last few years to private insurers, who are more tech savvy.</li><li>While LIC has taken several steps to digitize its services in recent times, it claims to have gained more than 3% market share between December and May.</li></ul>The country’s largest insurer – <keyword id="6368369" type="General" weightage="20" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> – has 2,000 branches all over India. But it issues 25,000 policies every year and that means it spends a lot of time and energy shipping its policies everywhere. And, it also has found an innovative way to cut costs. Instead of printing all the <keyword id="525728" type="General" weightage="20" keywordseo="paperwork" source="Orion">paperwork</keyword> and delivering huge piles of policy documents to policyholders, it outsourced some of his work to the Indian postal department. “Three months ago, we started a post-to-print solution with the postal department. We give them an encrypted soft copy that is printed and dispatched. Otherwise, we used to print and send from our branches,” said Chairman MR Kumar in an interview to the <a href="https://economictimes.indiatimes.com/markets/expert-view/investors-will-get-good-mid-to-long-term-roi-mr-kumar/articleshow/92215873.cms">Economic Times</a>. Eliminating paperwork has helped it cut costs by a massive 40%. Since their customers are spread all over the country, allowing the postal department to dispatch them saves delivery costs and other overheads associated with paperwork. In a move to send documents to policyholders much faster in 2021, LIC had signed an agreement with the Department of Posts for 'Print to Post' services, wherein they print and dispatch the policy booklet issued under a life insurance policy. The tech savvy rivals The insurance giant has been losing market share to 24 private insurers over the last few years, who are more tech savvy, while it itself was mired in paperwork. It is finally ramping up its digital initiatives like its rivals. In fact, insurtechs who offer these services via platforms and also directly have been thronging the market and LIC too is upping its game in a rapidly changing market. LIC has about 65% market share in the life insurance business and claims to have gained more than 3% market share between December and May, according to the ET report. “We are going big on digital and will soon recruit a digital officer as a lateral entry. Our online marketing is going to be refurbished totally and more products are now available online. More than 50% of our transactions on the servicing side are coming from digital channels in terms of premium payments,” said Kumar. The insurer, like its peers, is also targeting a large untapped market – and expanding its presence in Tier 2 and Tier 3 towns. Kumar also addresses the fact that LIC’s stock has lost a quarter of its value since listing on May 17, which has disappointed about 7 crore investors who were allotted the shares. He asks investors to be patient and wait for the market to rebound. Due to its heavy investments, LIC’s stock performance <a href="https://www.businessinsider.in/stock-market/news/lic-stocks-if-you-want-to-predict-this-stock-prices-look-how-the-stock-market-moves/articleshow/92040939.cms">mimics the entire market</a>. “People should not be worried about immediate performance. The market is down for many other factors -- the war, global risk-off in financial assets, monetary tightening. As the market improves, our share prices will also improve. Investors should be patient,” said Kumar in an interview to ET. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zee-and-sun-tv-might-not-have-won-ipl-media-mandates-but-heres-how-they-will-benefit-from-the-ipl-auction/articleshow/92223279.cms">Zee and Sun TV might not have won IPL media mandates but here’s how they will benefit from the IPL auction</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/why-hindustan-motors-stock-wakes-up-from-a-slumber-doubles-investor-wealth-in-one-month/articleshow/92224507.cms">Hindustan Motors stock wakes up from a slumber, doubles investor wealth in one month – here’s why</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/news/domestic-travel-fuelled-by-revenge-tourism-aids-growth-in-hospitality-sector/articleshow/92223929.cms">Domestic travel, fuelled by revenge tourism, aids growth in hospitality sector</a>

India’s largest insurer cuts down its paperwork and that’s helped cut its costs by 40%

<ul><li><keyword id="3233230" type="General" weightage="20" keywordseo="turtlemint" source="Orion">Turtlemint</keyword> works as a technology partner with financial institutions in the international markets.</li><li>Therefore, the company has been hiring 50-60 individuals across verticals on a monthly basis.</li><li>It also hopes to onboard a million financial advisors by 2025 who will sell policies on their platform.</li></ul>Mumbai-based online insurance seller Turtlemint is planning to expand further in international markets, as per the cofounder of the company. The six-year-old startup, which is termed as a soon-to-be unicorn by several reports, launched its operations in UAE earlier this month in association with one of the largest financial players. A unicorn, in startup parlance, is a company valued at above $1 billion. Turtlemint is also in talks with banking partners in Southeast Asia and Middle East as a part of its international expansion play. Turtlemint has both business-to-customer (B2C) and business-to-business (B2B) offerings in India. It directly sells insurance policies to customers through its platform under the B2C offerings as well as onboards financial advisors to sell these policies to customers under a business-to-business-to-customer (B2B2C) offering. It has 1.2 Lakh insurance advisors on its platform. The company also works as a software-as-a-service (SaaS) company and rents out its technology to financial institutions to sell insurance online under the B2B offering. The company will solely focus on the SAAS offering when it comes to international expansion and the revenue from these markets would come from subscriptions of its software Dhirendra Mahyavanshi, cofounder and chief executive of Turtlemint, in an interaction with Business Insider, highlighted that the company is underway to close ₹500 crore revenue run rate for the financial year (FY) 2022. This is double of ₹250 crore reported in FY21. However, he did not share the contribution of their international markets in revenue growth. “Initially [we are in] an investment timeframe, so I really can't comment on the revenue that will come from international,” he added. Turtlemint to go big on tech hiring to advance its tech stack Turtlemint has raised close to $69 million to date from marquee investors like Nexus Venture Partners, Sequoia Capital India, Jungle Ventures and GGV Capital. The company raised $46 million in the first half of 2021. The company has used this funding to expand its presence in India from 11,000 pin codes to 14,000 pin codes and invested heavily on its technology. Mahyavanshi added that they have hired about 500 employees in their technology team since April 2021 to create a tech architecture that can be deployed in both B2B and B2C offerings. The company is currently hiring about 50-60 employees on a monthly basis. It is also looking to onboard 10,00,000 financial advisors -- or point of sale persons (POSP) who sell the policies -- on its platform by 2025. The company expects its business to grow ten-fold by 2025. It aims to serve 6 million customers by then. The company claims that it currently issues 35 lakh policies annually and 10,000 policies daily. Commenting on the possibility of any upcoming fundraise, Mahyavanshi said “We're adequately funded for now because we had raised [a funding in March 2021] but also our model is very good from an unit economics point of view. But having said that, as we have aggressive plans in other markets and also to scale up significantly in India and at the right time, we will definitely look at setting more funds.” Insurtech segment bound to grow this decade Devendra Agrawal, founder of Dexter Capital, noted that the Indian insurtech segment is a very large subsector of fintech and is largely dominated by traditional companies. There is very little little innovation and user friendliness in the current offering, he added, but as more startups emerge in the segment there would be scope for much greater innovation. “The newer segments in insurtech are likely to focus on [three things]. First, new product launches, which would also lead to unbundling of insurance and investment a number of risks, which are not underwritten today. Second, we should also expect user friendliness to be a big focus and some start-ups would focus on that. Third, insurance has traditionally been sold directly to consumers through bancassurance or insurance agents, we would find newer channels like get customers on-border via corporates and then upsell them directly,” he said. Other players in the online insurance play are PolicyBazaar, Digit Insurance, BankBazaar, Coverfox and others. ACKO General Insurance is one of the startups that issues their own insurance policies instead of being a third-party seller. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/nuvoco-vistas-corp-ipo-makes-a-weak-stock-market-debut/articleshow/85553380.cms">Nuvoco Vistas Corp makes a weak stock market debut; lists at 17% discount on exchanges</a> <a href="https://www.businessinsider.in/international/news/catastrophic-flooding-in-tennessee-leaves-at-least-10-people-dead-and-40-missing/articleshow/85531029.cms">Catastrophic flooding in Tennessee leaves at least 22 people dead and 51 missing</a> <a href="https://www.businessinsider.in/india/news/finance-ministry-summons-infosys-ceo-over-glitches-in-it-e-filing-portal/articleshow/85533986.cms">Finance Ministry summons Infosys CEO over glitches in IT e-filing portal</a>

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Online insurance sellers expected to create up to 300,000 jobs in the next three years

Kritti Bhalla

Sachin Bansal now competes with the company he founded – Flipkart in insurance space

Sanchita Dash

India’s largest insurer cuts down its paperwork and that’s helped cut its costs by 40%

Bhakti Makwana

Online insurance seller Turtlemint turns to international markets, looks to expand its tech team aggressively

Kritti Bhalla