Traditional insurance practices can be elevated by using Fintech technology to provide new products and new levels of service, and lower costs across the board. A combination of insurance and technology, InsurTech employs the latest tech innovations to improve insurance services radically, boost customer savings, provide customized policies and better analyze customer risks.
Insurtech introduces a range of products, including cyber, on demand and P2P insurance, and also presents such new services as price comparison and risk reduction technologies. Furthermore, by using big data analytics, behavioral analytics, chatbots and cloud technologies, Insurtech also allows the optimization of various insurer processes, including underwriting, pricing, customer engagement and compliance.
Israel is one of the largest tech hubs in the world and a major hotspot that favors the adoption and development of disruptive industries. InsurTech is one of the best examples of how Israel’s innovation ecosystem has helped tech-savvy entrepreneurs bring to life groundbreaking concepts that improve people’s lives.
However, Israel is quickly catching up. A recent report published by Israeli NGO Start-Up Nation Central reveals that the number of InsurTech companies in Israel has grown by 50% compared to 2015. There are now 480 active InsurTech startups based in Israel and many of them attract investments from major multinationals.
There is a growing interest in Israel’s InsurTech and FinTech sectors, which are now 75% funded by foreign venture capital-backed investments, compared to 60% in 2016.
In April 2019, the Economic & Trade Mission of Israel in Mumbai planned and organized a visit of a leading insurance provider based in Mumbai to Israel. The 3 day visit was purely focused on meeting innovative Israeli InsurTech startups.
About Economic & Trade Mission of Israel in Mumbai:
Economic & Trade Mission of Israel in Mumbai is responsible for the promotion of Israeli trade into India, attracting and encouraging investments, assisting in building successful trade partnerships and joint ventures in the western region of India.
For further information, contact the Economic and Trade Department at the Consulate General of Israel in Mumbai.
Siddhant Gupte; Trade Officer, Mumbai