Paper Details

ABSTRACT Despite the critical role of insurance in promoting financial security, India continues to face significant challenges in extending insurance coverage to its low-income, rural, and informal populations. The adoption of inclusive insurance has been historically impeded by structural barriers, including affordability, limited awareness, geographic inaccessibility, and a lack of trust. In recent years, InsurTech, which can be described as the use of technology to revolutionize the delivery of insurance, has proven to be a game changer that can potentially fill these gaps. InsurTech firms are revolutionizing the distribution and consumption of insurance in India by utilizing digital tools such as mobile platforms, artificial intelligence, vernacular interfaces, and usage-based pricing. This study investigates the role of InsurTech in promoting financial inclusion within the Indian insurance sector. It systematically identifies and categorizes key technological innovations, evaluates their contribution to enhancing inclusive insurance access, and analyzes the enabling factors and barriers that shape these outcomes. This study advances the discourse on inclusive digital insurance and provides policymakers, industry practitioners, and researchers with actionable insights to use InsurTech as a catalyst for equitable financial inclusion by employing a conceptual approach.

Keywords: Insurtech, Financial inclusion, Inclusive insurance, Digital insurance innovation, Phygital solutions