Abstract
With novel Coronavirus (COVID-19) making a full year to zero years with lockdown for at least 1/4th of the year and forcing the working class to move to digital medium and work from home, often was seen various TV Ads from various Online insurance aggregators selling different Insurance policies. Using tagline like ‘Ab to karwa lo health insurance…’ (Now it is time for health insurance) before the already frightened public amidst Coronavirus might be an excellent strategy to generate more revenue. But only highlighting the Coronavirus situation for an increase in online insurance aggregators revenue is misleading. Recent reports suggest that these digital insurance companies or more commonly referred to as InsurTech (i.e., a combination of ‘Insurance’ with ‘Technology’) were able to achieve a hundred miles ahead in terms of revenue in just 2-3 years of operation when compared with traditional companies. As good as it looks, uglier it becomes when it comes to following various regulatory hurdles. This paper seeks to examine potential benefits and risks linked to the application of InsurTechs and attempts to highlight principles of which regulatory framework be based.
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