A student-run group at NALSAR University of Law
[This post has been authored by Angeline Priety and Nisha Nahata, fourth year law students at Gujarat National Law University, Gandhinagar. Part I can be found here.]
In Part I of this essay, we looked at how Insurtech is shaping up in India within the current legal framework. Identifying emerging risks is essential to ensuring the industry is here to stay. In Part II, we look at the challenges before the industry and suggest recommendations to build trust in the minds of the consumers.
[This post has been authored by Angeline Priety and Nisha Nahata, fourth year law students at Gujarat National Law University, Gandhinagar. Part II can be found here.]
In recent times, data driven sectors have been going over and beyond to harness technology to consolidate, utilise and analyse data from various sources for efficient functioning. In the Insurance industry, these efforts have led to the creation of the Insurtech sector. In Part I of this essay, the authors shall elucidate the emerging models of insurtech and the Indian legal framework governing it. In Part II we shall highlight the challenges that the Insurtech industry faces and proposes recommendations to navigate through them.