NEW DELHI, March 5 -- Insurance tech startups, or insurtechs, are changing the way a retail customer buys insurance. Insurtechs are now present across the value chain - from the selling of a policy to claims settlement.

The insurance sector has been witnessing technological innovations, with big insurers are looking at the Internet of Things (IoT), wearables and big data analytics. Regulators and government agencies have also been actively supporting innovation through enablers such as regulatory sandbox.

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But the covid-19 pandemic has forced insurers to become end-to-end digital. Incumbents have had to collaborate with digital platforms and insurtechs to maximise the opportunity.