This is the hour of InsurTech

The efficiencies resulting from making insurance products and processes digital can be passed on to customers through more affordable premiums

In recent years, a large part of India’s digital revolution can be attributed to two major initiatives: India Stack and the Ayushmann Bharat Digital Mission (ABDM). The India Stack has provided tremendous impetus for the growth of the fintech ecosystem, by providing a solution to the key challenges of customer identity, data protection and dominance of physical cash. While the first two layers of the India Stack — Aadhaar and Unified Payments Interface (UPI) — have created a unified identity framework and revolutionised digital payments by enabling instantaneous money transfers through a simple phone click, the third layer consisting of