India revolutionizes competition with technology adoption in motor insurance industry.

TLDR:

• New players adopting technology have changed the competitive dynamics of India’s motor insurance industry.
• Private insurers like ICICI Lombard, Tata AIG, and Go Digit are gaining market share through technology adoption.

The entry of new players in the top 10 motor insurers in India has shifted the competitive landscape, with private insurers leveraging technology to enhance customer experience and improve operational efficiency. The market share of the top 10 insurers decreased from 78.3% in 2018 to 71.2% in FY2023, with private insurers showing strong performance compared to public sector insurers. Investments in technology, strategic focus on product lines, and personalization are driving growth for private motor insurers in India.

Key points highlighted in the article include:

GlobalData’s analysis showing a decline in market share of top 10 insurers in India from 2018 to FY2023, with private insurers like ICICI Lombard and Tata AIG gaining ground.

Significant investments in technology by private insurers, leading to increased market share and improved customer experience.

The importance of personalization and product enhancements in catering to evolving consumer needs, especially in relation to electric vehicles.