India's Growing Influence in Asia-Pacific Insurtech and AI Trends
Between 2022 and 2025, India emerged as a significant player in the Asia-Pacific insurtech sector, securing approximately 45% of the region's capital, as reported by NTT DATA’s Insurtech Global Outlook 2026. During this period, funding in the Asia-Pacific insurtech market decreased from roughly $9.1 billion between 2018 and 2021 to about $4.1 billion between 2022 and 2025. Concurrently, the number of deals also fell from 383 to 202.
A notable trend identified in the report is the market's pivot from digital insurance challengers to entities focusing on technological integration and insurance platforms. Funding distribution reflected this shift, with China's market share decreasing, while Singapore and Indonesia collectively increased their share from around 12% to 35%. India's share similarly rose from around 25% to 45%, emphasizing its growing influence.
NTT DATA suggests this transformation results from investors showing greater interest in companies that support insurers through technology and distribution instead of operating as competitors. Recent market activities highlight this shift, such as a $147 million Series C funding round for Singapore’s bolttech in 2025 and a $47 million Series C for Indonesia’s insurance platform Qoala. Partnerships involving Southeast Asia's Igloo, Smartpay's collaboration with Chubb in Japan, and Indian platforms such as InsuranceDekho, MediBuddy, and Perfios further demonstrate this trend.
This strategic shift occurs amid Asia’s substantial insurance protection gap, with Swiss Re estimating 92% of natural catastrophe losses in 2025 remained uninsured. This shortfall underscores the growing necessity for insurance solutions embedded in other services, fostering partnerships among insurers, tech enterprises, and service providers.
Globally, cyber risk is the leading source of uninsured business risk, with projected losses increasing from $171 billion in 2023 to over $700 billion by 2030. Uninsured climate-related losses, including severe weather events, floods, and wildfires, have reached $180 billion. Meanwhile, liability claims have surged by 57%.
The report underscores a disparity in artificial intelligence utilization within the insurance industry; around 66% of employees use AI tools, but only 22% of insurers have fully implemented AI systems. NTT DATA identifies trust, governance, and operational frameworks as primary challenges rather than technological barriers, suggesting AI-based automation could reduce insurer operating costs by up to 35%.
NTT DATA advocates incorporating AI in risk monitoring and decision-making while maintaining transparency, regulatory compliance, and human oversight. The demand for personalized insurance services is growing, with spending on hyper-personalization expanding annually at over 35%. Additionally, 67% of employers are boosting investments in preventive initiatives, highlighting evolving market dynamics.