Top InsurTech Companies In India

The digital revolution in India has touched upon all aspects of business and entrepreneurship so much so that technology became an integral part of the ways in which human beings conduct themselves and related activities.

Insurance services in the subcontinent have over this time integrated their policies with technology to create unique digital products. It has paved the way for a new branch of startups called the InsurTech companies.

The technological integration has helped improve various processes like insurance agency onboarding and selling to such an extent that these companies have been able to curate insurance policies based on the behavioral patterns of their clients.

They have grown to become a significant part of the larger fintech industry wherein the InsurTech companies constitute 8.18% of the $22 billion worth of capital of the fintech industry. This article will look at some of the top Insurtech startups in India.

Digit Insurance
Acko
PolicyBazaar
SecureNow
Toffee Insurance
Coverfox
OneAssist

Digit Insurance

This Bangalore-based startup provides various products like car insurance, travel insurance, house insurance, commercial vehicle insurance, shop insurance, trip insurance, fire insurance, and other small-ticket insurance. Till 2022, Digit Insurance have received more than $585.6 million through various funding rounds.

Some of the famous investors in the firm are TVS Capital Funds, Sequoia Capital India, and Wellington Management. They aim to simplify the entire process of insurance with an aim to help even a 15-year-old kid to comprehend the procedures involved. They stand out from other similar companies through their client-friendly policies.

For example, their insurance covers flight delays of 75 minutes and more, unlike the standard travel insurance that covers delays of 6 hours and more. Similarly their “Pay as you Drive” (PAYD) facility will ensure that those who drive less will have to pay less.

Through their simple procedures and lesser T&Cs and excellent customer service, they have earned the trust of their valuable clients which has been fuelling their growth since the beginning.

Acko

They are the first digital general insurance in India. Launched in 2016, they have grown to cater to more than 50 million customers today. They have taken most of their operations online reducing much of the offline paperwork.

They have partnered with reputed firms like Ola, redBus, Zomato, Amazon, and OYO to name a few. Till 2021 they have received funding worth $458 million from venture capitalist organizations like Multiples, General Atlantic, and Munich Re Ventures.

Their journey has to be credited to their attention to detail and focus on quality over quantity. Their unique micro-insurance product called "Ola Trip Insurance" which insured the passengers using the app had been awarded the Golden Peacock Innovative Product. Amping up with data and tech they further aspire to improve every aspect of insurance technology.

PolicyBazaar

Catering to more than 9 million customers since its inception in 2008, they have been one of the most popular insurtech companies in the subcontinent. With an aim to reimagine insurance, Policybazaar have brought transparency into it by simplifying the entire procedure and by putting an end to rampant misselling and policy breaches.

So far they have sold more than 19 million policies by winning the trust of the people. They aspire to bring in better coverage of health and financial policies in households in India. Reputed investing organizations like SoftBank, Temasek, Tencent Alpha wave, PremjiInvest, etc have invested in Policy Bazaar vouching for its trust and quality.

SecureNow

Founded by Abhishek Bondia and Kapil Mehta in 2011, they provide insurance solutions to small and medium-sized businesses. Through end-to-end InsurTech systems and a CRM software platform called PAM, they streamline various procedures including right from issuing insurance and claiming.

They also have a mobile app for insurance services. They cater to more than 30,000 commercial establishments and settle over 1000 claims on a yearly basis.

Toffee Insurance

Realizing the importance of accessibility and availability of insurance Toffee Insurance has ventured into the sector with the goal of curating insurance policies that suits the need of their customers. They specifically focus on millennials by developing bite-sized insurance policies that cover the immediate lifestyle requirements of the fast-paced world.

They make use of the facilities offered by artificial intelligence and machine learning to make sense of behavioral and consumption data so as to provide better services to customers.

These insurance innovators further focus on transparency and fast services that will help realize their aim to create a novel world of insurance that thrives on innovative products woven to fit the client's needs. With more than 99.1% of the claims approved, Toffee Insurance serves over 2 lack customers across more than 600 cities.

Coverfox

Launched in 2011, Coverfox is an InsurTech company that sells more than 360 products including medical, automobile, bike, term, and travel insurance coverage across the subcontinent. Quickening the selling procedures, one of the major highlights of Coverfox is that they provide quotations to their customers instantly.

Further, their easy renewal, digitalized policy updates, and quick claims procedure further makes the entire process hassle-free and attractive as far as the customers are concerned.

At a time when data privacy and security are greatly valued and is a matter of concern, Coverfox offers highly safe transactions and assures that the data is not sold to anybody for that matter. They have won many accolades over the years for their commendable service over the Yeats including the best Insurtech startup award for the year 2022.

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OneAssist

OneAssist is headquartered in Mumbai and is known to provide services related to the consumer focused program. It has gained a good reputation in last few years by providing the coverage for data security and protection for electronics.

It has a partnership with many well reputed firms like amazon.com, Yes Bank, Axis Bank, etc. The primary goal of the firm is to provide a universal platform for the customer's to access and get their support and protection solutions from.

Conclusion

The InsurTech industry in India is still at its nascent stage. With the digital community still coming to terms with the possibilities and issues with regard to technology and digitalization, it is likely that it might take some more time for the industry to boom.

However, there is no doubt about the fact that the future of the insurance industry in India is heavily anchored upon the foundations laid by technology. Despite being in its initial stages, the industry in India has thrived like no another. Companies aspire to be more client-friendly, custom-made, and paperless. The ways in which the industry has evolved over the years are indeed interesting and it makes its future worth observing.

FAQs

How many InsurTech companies are there in India?

The total count of InsurTech companies in India is a highly debatable topic. As per the report published by Inc24, there are 300+ active InsurTech companies in India for the year 2022.

What is the difference between Insurtech and FinTech?

FinTech and InsurTech are the units of the same field. The major difference between them is that InsurTech mainly deals with insurance-related things and is on a smaller scale than FinTech which basically deals with financial-related concepts including topics like banks, financial planners, banks, etc.

How many unicorns are InsurTech?

According to the report published by Inc24, India has around 3 unicorns in the field of InsurTech named Acko, Digit Insurance, and PolicyBazaar.

How big is the InsurTech market?

The global InsurTech market was valued at USD 3.85 billion in 2021 and is estimated to reach USD 5.45 billion in 2022.