The Indian InsurTech sector is witnessing a rapid transformation, driven by technological advancements and innovative solutions aimed at enhancing customer experience and operational efficiency. Here, we explore the top 10 InsurTech startups in India that are reshaping the insurance landscape.
1. Acko General Insurance:
Acko is a digital-first general insurance company that leverages data and technology to provide affordable and personalized insurance products. It offers a wide range of insurance products, including car, bike, health, and travel insurance. Acko is known for its seamless user experience and instant claim settlements, making it a popular choice among millennials.
Acko General Insurance
| Attribute | Details |
|---|---|
| Founded | 2016 |
| Founders | Varun Dua |
| Headquarters | Mumbai |
| Key Products | Car, bike, health, and travel insurance |
| Unique Features | Digital-first, instant claim settlements, personalized products |
Description:
Acko General Insurance is a digital-first general insurance company founded in 2016 by Varun Dua. It focuses on leveraging data and technology to offer affordable and personalized insurance products. Acko provides various insurance types, including car, bike, health, and travel insurance.
Summary:
Acko General Insurance stands out with its seamless user experience and instant claim settlements. The company’s digital-first approach enables it to deliver personalized and affordable insurance products, making it a preferred choice among tech-savvy consumers looking for convenience and reliability.
2. Digit Insurance:
Digit Insurance focuses on simplifying insurance processes with its user-friendly digital platform. It offers various insurance products, including motor, health, travel, and property insurance. Digit’s emphasis on transparency, affordability, and quick claims processing has made it a leading player in the InsurTech space.
Digit Insurance
| Attribute | Details |
|---|---|
| Founded | 2016 |
| Founders | Kamesh Goyal |
| Headquarters | Bengaluru |
| Key Products | Motor, health, travel, property insurance |
| Unique Features | Transparency, affordability, quick claims processing |
Description:
Digit Insurance, founded by Kamesh Goyal in 2016, is a Bengaluru-based InsurTech startup. It aims to simplify the insurance process through a user-friendly digital platform, offering products such as motor, health, travel, and property insurance.
Summary:
Digit Insurance is known for its transparency, affordability, and quick claims processing. By focusing on simplifying insurance and making it accessible, Digit has quickly become a significant player in India’s InsurTech space, appealing to a broad range of customers.
3. PolicyBazaar:
PolicyBazaar is an online insurance aggregator that provides a comprehensive comparison of insurance policies from different providers. It covers life, health, motor, and travel insurance, helping consumers make informed decisions. PolicyBazaar has revolutionized the way Indians buy insurance by offering transparency and ease of access.
PolicyBazaar
| Attribute | Details |
|---|---|
| Founded | 2008 |
| Founders | Yashish Dahiya, Alok Bansal |
| Headquarters | Gurgaon |
| Key Products | Life, health, motor, travel insurance |
| Unique Features | Online aggregator, comprehensive policy comparison, ease of access |
Description:
PolicyBazaar, founded in 2008 by Yashish Dahiya and Alok Bansal, is an online insurance aggregator based in Gurgaon. It provides a platform for comparing insurance policies across life, health, motor, and travel insurance segments.
Summary:
PolicyBazaar revolutionized the Indian insurance market by offering comprehensive policy comparisons and enabling informed decision-making. Its user-friendly platform and extensive coverage make it a go-to resource for consumers seeking transparency and ease in purchasing insurance.
4. Toffee Insurance:
Toffee Insurance specializes in microinsurance products designed for specific needs, such as cycle, dengue, and backpack insurance. By offering bite-sized, affordable insurance policies, Toffee aims to target the underinsured segment of the population, making insurance more accessible and relevant to everyday risks.
Toffee Insurance
| Attribute | Details |
|---|---|
| Founded | 2017 |
| Founders | Nishant Jain, Rohan Kumar |
| Headquarters | Gurgaon |
| Key Products | Microinsurance (cycle, dengue, backpack) |
| Unique Features | Affordable, bite-sized policies, targeting underinsured segments |
Description:
Toffee Insurance, founded in 2017 by Nishant Jain and Rohan Kumar, is a Gurgaon-based startup that specializes in microinsurance products tailored to specific needs, such as cycle, dengue, and backpack insurance.
Summary:
Toffee Insurance aims to make insurance accessible to the underinsured population by offering affordable, bite-sized policies. Its focus on everyday risks and innovative product offerings helps address the unique needs of consumers who might otherwise remain uninsured.
5. Coverfox:
Coverfox is an online insurance brokerage that simplifies the purchase of insurance policies. It offers a wide range of insurance products, including health, motor, and term life insurance. Coverfox’s innovative technology platform provides personalized recommendations and an easy claims process, enhancing customer satisfaction.
Coverfox
| Attribute | Details |
|---|---|
| Founded | 2013 |
| Founders | Devendra Rane, Varun Dua |
| Headquarters | Mumbai |
| Key Products | Health, motor, term life insurance |
| Unique Features | Personalized recommendations, easy claims process |
Description:
Founded in 2013 by Devendra Rane and Varun Dua, Coverfox is an online insurance brokerage based in Mumbai. It offers a wide range of insurance products, including health, motor, and term life insurance.
Summary:
Coverfox enhances the insurance buying experience through personalized recommendations and an easy claims process. Its technology-driven platform simplifies policy purchases and provides valuable guidance, making it a trusted choice for consumers seeking comprehensive insurance solutions.
6. RenewBuy:
RenewBuy is an online insurance aggregator that focuses on motor and health insurance. It uses a technology-driven approach to offer transparent policy comparisons and seamless renewals. RenewBuy’s agent-assisted model ensures that customers receive personalized advice and support throughout the insurance journey.
RenewBuy
| Attribute | Details |
|---|---|
| Founded | 2015 |
| Founders | Balachander Sekhar, Shahid Ahmed |
| Headquarters | Gurgaon |
| Key Products | Motor, health insurance |
| Unique Features | Transparent policy comparisons, agent-assisted model |
Description:
RenewBuy, established in 2015 by Balachander Sekhar and Shahid Ahmed, is an online insurance aggregator headquartered in Gurgaon. It focuses on motor and health insurance, using a technology-driven approach to offer transparent policy comparisons.
Summary:
RenewBuy’s agent-assisted model ensures personalized advice and support, making it easier for customers to navigate the insurance landscape. Its emphasis on transparency and seamless renewals has earned it a strong reputation in the InsurTech market.
7. Turtlemint:
Turtlemint is an InsurTech platform that empowers insurance advisors with digital tools to enhance their efficiency. It offers a wide range of insurance products, including health, motor, and life insurance. Turtlemint’s hybrid model combines digital innovation with human expertise, ensuring customers get the best of both worlds.
Turtlemint
| Attribute | Details |
|---|---|
| Founded | 2015 |
| Founders | Dhirendra Mahyavanshi, Anand Prabhudesai |
| Headquarters | Mumbai |
| Key Products | Health, motor, life insurance |
| Unique Features | Empowering advisors with digital tools, hybrid model |
Description:
Turtlemint, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, is a Mumbai-based InsurTech platform. It empowers insurance advisors with digital tools to enhance their efficiency and offers a range of insurance products, including health, motor, and life insurance.
Summary:
Turtlemint’s hybrid model combines digital innovation with human expertise, ensuring customers receive the best advice and products. By supporting insurance advisors, Turtlemint bridges the gap between traditional and modern insurance practices, catering to a diverse customer base.
8. OneAssist:
OneAssist offers assistance and protection plans for gadgets, wallets, and other personal belongings. Its insurance solutions cover mobile theft, damage, and extended warranty services. OneAssist’s comprehensive protection plans and value-added services make it a unique player in the InsurTech space.
OneAssist
| Attribute | Details |
|---|---|
| Founded | 2011 |
| Founders | Gagan Maini, Subrat Pani |
| Headquarters | Mumbai |
| Key Products | Gadget, wallet protection plans |
| Unique Features | Mobile theft, damage, extended warranty services |
Description:
Founded in 2011 by Gagan Maini and Subrat Pani, OneAssist is a Mumbai-based company offering assistance and protection plans for gadgets, wallets, and personal belongings. Its insurance solutions cover mobile theft, damage, and extended warranty services.
Summary:
OneAssist provides comprehensive protection plans and value-added services, making it a unique player in the InsurTech space. Its focus on safeguarding personal belongings and offering convenient assistance services appeals to a wide range of consumers.
9. Riskcovry:
Riskcovry provides a “insurance-in-a-box” solution for businesses, enabling them to offer insurance products to their customers seamlessly. It caters to various industries, including fintech, retail, and e-commerce. Riskcovry’s API-driven platform simplifies the integration of insurance products, making it easier for businesses to enhance their offerings.
Riskcovry
| Attribute | Details |
|---|---|
| Founded | 2018 |
| Founders | Animesh Dasgupta, Raghunandan G, Chayan Mukhopadhyay, Swaraj Krushna |
| Headquarters | Mumbai |
| Key Products | Insurance solutions for businesses |
| Unique Features | “Insurance-in-a-box,” API-driven platform |
Description:
Riskcovry, established in 2018 by Animesh Dasgupta, Raghunandan G, Chayan Mukhopadhyay, and Swaraj Krushna, is a Mumbai-based startup providing “insurance-in-a-box” solutions for businesses. It enables seamless integration of insurance products across various industries.
Summary:
Riskcovry’s API-driven platform simplifies the process for businesses to offer insurance products, enhancing their value propositions. By catering to fintech, retail, and e-commerce sectors, Riskcovry positions itself as a versatile solution in the B2B InsurTech market.
10. BimaPe:
BimaPe focuses on demystifying health insurance for consumers. It offers a platform that consolidates all health insurance policies in one place, providing clarity on coverage and benefits. BimaPe’s goal is to make health insurance management simple and transparent, ensuring users can make informed decisions about their healthcare coverage.
BimaPe
| Attribute | Details |
|---|---|
| Founded | 2020 |
| Founders | Kunal Makwana |
| Headquarters | Mumbai |
| Key Products | Health insurance management |
| Unique Features | Consolidates health insurance policies, simplifies coverage management |
Description:
Founded in 2020 by Kunal Makwana, BimaPe is a Mumbai-based startup focusing on demystifying health insurance for consumers. It offers a platform that consolidates health insurance policies, providing clarity on coverage and benefits.
Summary:
BimaPe aims to simplify health insurance management, making it easier for users to understand and utilize their coverage. By providing a consolidated view of health insurance policies, BimaPe enhances transparency and helps users make informed decisions about their healthcare needs.
some questions and answers related to the top 10 InsurTech startups in India:
Q: How does Acko General Insurance ensure quick claim settlements?
A: Acko uses a digital-first approach with advanced data analytics and technology to streamline the claim process, enabling instant claim settlements.
Q: What are the primary insurance products offered by Acko?
A: Acko offers car, bike, health, and travel insurance.
Q: What makes Digit Insurance’s approach to insurance unique?
A: Digit Insurance focuses on simplicity and transparency, providing a user-friendly digital platform that offers affordable and quick insurance solutions.
Q: Which types of insurance policies can I purchase from Digit?
A: You can purchase motor, health, travel, and property insurance from Digit.
Q: What service does PolicyBazaar provide to consumers?
A: PolicyBazaar is an online platform that allows consumers to compare various insurance policies, making it easier to choose the best option.
Q: What kinds of insurance can be compared on PolicyBazaar?
A: Consumers can compare life, health, motor, and travel insurance on PolicyBazaar.
Q: How does Coverfox enhance the insurance purchasing process?
A: Coverfox uses technology to provide personalized recommendations and simplifies the claims process, making it easier for consumers to buy and manage insurance.
Q: What types of insurance does Coverfox offer?
A: Coverfox offers health, motor, and term life insurance.
Q: What is the unique approach of Turtlemint in the InsurTech industry?
A: Turtlemint empowers insurance advisors with digital tools to improve their efficiency and offers a hybrid model combining digital innovation with human expertise.
Q: What kinds of protection plans does OneAssist offer?
A: OneAssist offers protection plans for gadgets, wallets, and personal belongings, covering scenarios like mobile theft, damage, and extended warranty services.
Q: What solution does Riskcovry provide to businesses?
A: Riskcovry provides an “insurance-in-a-box” solution, allowing businesses to seamlessly integrate and offer insurance products to their customers.
Q: What is BimaPe’s main objective in the health insurance sector?
A: BimaPe aims to simplify health insurance management for consumers by consolidating all their health insurance policies in one place.
Conclusion:
The InsurTech startups in India are leveraging technology to create innovative solutions that address the pain points of traditional insurance. From simplifying policy purchases to offering tailored microinsurance products, these startups are making insurance more accessible, affordable, and customer-centric. As the sector continues to evolve, these InsurTech pioneers are poised to play a significant role in shaping the future of insurance in India.
