InsurTech — Insurance Technology: Complete 101 Guide
Last updated: March 2026
What is InsurTech?
InsurTech applies technology to insurance - from distribution and underwriting to claims processing and servicing.
Key Segments
| Segment | Technology Used |
|---|---|
| Distribution | AI chatbots, robo-advisors |
| Underwriting | ML risk assessment |
| Claims | Computer vision, automation |
| Distribution | Embedded insurance |
Major InsurTech Players
| Company | Focus |
|---|---|
| Policybazaar | Comparison platform |
| Digit | Digital-first insurer |
| Acko | Embedded insurance |
| Plum | Employee benefits |
| Riskcovry | B2B insurance |
How InsurTech Works
Digital Onboarding
- User selects product
- AI assesses risk profile
- Instant premium quote
- Document upload (DigiLocker)
- Policy issued instantly
Claims Processing
- AI damage assessment
- Automated verification
- Instant settlement (for simple claims)
- Digital claim tracking
IRDAI Regulations
- Sandbox for innovation
- BIMA guideline compliance
- Protection of customer data
- Grievance redressal mandate
Consumer Rights
- Instant policy issuance
- Real-time claim status
- Transparent pricing
- Coverage clarity
- IRDAI complaint portal