New Delhi, Feb. 18 -- India's insurance sector has witnessed significant growth and development over the past few years with the domestic insurance market grown at a CAGR of 17 per cent over the last 2 decades and is expected to reach a size of USD 222 billion by 2026, according to Teamlease Regtech report.

However, with growth comes the burden of increasingly complex compliance obligations. A typical single-entity insurance company with a corporate office in a single state needs to deal with 2,236 unique compliances.

The annual compliance obligations rise to 4,638 once the frequency of compliances is factored in. The sector is governed by a variety of laws at the central, state, and municipal levels, resulting in hundreds of distinct c...