The market for insurance companies, particularly in the retail sector, has been refined over the course of the late 20th century, for example with door to door sales, by telephone sales introduced by Direct Line and, more recently, in the form of price comparison websites which entered the market at the start of the 21st century with great success.
According to the Planning Commission (2009), Financial inclusion refers to universal access to a wide range of financial services at a reasonable cost. These include not only banking products but also other financial services such as insurance and equity products.
With this vision in mind, Insurance Industry has now moved on to adapt deployment of technology in its operations and as a result of which function more effectively and contribute significantly in sustained economic development.
With Fintech coming up with time, the business scene is changing by reducing and at times removing intermediaries for customers and promoting direct Client to Insurance relationship with enhanced product development experience and better risk assessment alongwith optimized costs.