Insurtech's have created a disruption with their bite and sachet-sized products changing the perception of retail insurance industry, a report by Avendus has said.
The report also highlighted the importance of growing digitisation in the industry that is helping in driving sales by making the process simpler.
"Digitizing sales process of agents would increase their speed and efficiency. This would enable them to process
applications with higher efficiency."
The health insurance business is poised to gropw into a $25 billion market in medium to long term, a report by Avendus has said.
The health segment will drive growth within non-life insurance as people are getting more aware of the benefits after COVID, the report added.