India, April 6 -- The insurance industry in India had undergone a sea change since 2000 when private players were finally allowed to enter the market. In just over two decades, the country's insurance market size has grown to $280 Bn compared to $300 Mn back in 1992.

As players like ICICI Lombard, HDFC's Ergo, Bajaj Allianz, and more entered the field, the sector evolved into a buyer's market. And to a large extent, technology and internet penetration have played a pivotal role in this transformation.

It has also paved the path for insurtech startups, focussing on innovative products and new service models. India saw the launch of more than 21 funded startups in the insurance space between 2014 and Q3 2020 that raised $940 Mn from 47 fu...