India’s Insurtech ecosystem has reached a significant scale, with cumulative valuations exceeding $15.8 billion and revenues growing tenfold since 2019 to $0.9 billion in 2024, according to a new report by the India Insurtech Association (IIA) and Boston Consulting Group (BCG).

The report, “India Insurtech Landscape and Trends: Reimagining Insurance with AI,” shows that AI and Generative AI (GenAI) are emerging as key accelerators of profitability and efficiency, with the potential to unlock a $4 billion profit opportunity — a 60% boost to the sector’s existing $6 billion profit base.

The technologies could generate $25 billion in additional revenue and $3 billion in cost savings across the insurance value chain.

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