Top 10 InsurTech Startups in India

Top 10 InsurTech Startups in India

InsurTech, blending “insurance” and “technology,” is transforming the insurance sector in India by integrating advanced technology to enhance efficiency and customer experience. Indian InsurTech startups are leveraging digital platforms, AI, and big data to offer innovative and user-friendly insurance solutions. These startups are simplifying insurance processes, making them more accessible and personalized for both individuals and businesses, thereby driving transparency and quicker claims processing in the industry.

1.Acko General Insurance

Acko General Insurance, founded in 2016 by Varun Dua, is an innovative digital insurance company based in Mumbai. Acko leverages data and technology to offer personalized insurance products and a seamless digital experience. Their services include car insurance, health insurance, and other general insurance products.

Company NameAcko General Insurance
FoundersVarun Dua
Key ServicesDigital insurance, personalized products, car insurance, health insurance

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2.Digit Insurance

Digit Insurance, founded in 2017 by Kamesh Goyal, is a Bengaluru-based InsurTech startup that aims to make insurance simple and accessible. Digit offers a variety of insurance products including health, car, travel, and mobile insurance, all available through an easy-to-use digital platform.

Company NameDigit Insurance
FoundersKamesh Goyal
Key ServicesHealth insurance, car insurance, travel insurance, mobile insurance
WebsiteDigit Insurance

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PolicyBazaar, established in 2008 by Yashish Dahiya and Alok Bansal, is headquartered in Gurgaon. It is a leading online platform for comparing insurance policies and financial services. PolicyBazaar provides customers with detailed insights to make informed decisions about their insurance needs.

Company NamePolicyBazaar
FoundersYashish Dahiya, Alok Bansal
Key ServicesInsurance comparison, life insurance, health insurance, motor insurance

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4.Coverfox Insurance

Coverfox Insurance, founded in 2013 by Devendra Rane and Varun Dua, is a Mumbai-based InsurTech startup that offers a comprehensive platform for comparing, buying, and managing insurance policies online. Coverfox simplifies the insurance process for customers, providing transparent and quick services.

Company NameCoverfox Insurance
FoundersDevendra Rane, Varun Dua
Key ServicesInsurance comparison, car insurance, health insurance, term insurance

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5.Toffee Insurance

Toffee Insurance, launched in 2017 by Nishant Jain and Rohan Kumar, is a Gurgaon-based startup that offers bite-sized, need-based insurance products. Toffee Insurance aims to make insurance accessible and relevant for millennials and the younger demographic with its user-friendly digital platform.

Company NameToffee Insurance
FoundersNishant Jain, Rohan Kumar
Key ServicesBite-sized insurance, need-based insurance products, health insurance
WebsiteToffee Insurance

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Turtlemint, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, is a Mumbai-based InsurTech platform. It focuses on simplifying the process of buying insurance by providing curated options and assisting customers through their digital and advisor network.

Company NameTurtlemint
FoundersDhirendra Mahyavanshi, Anand Prabhudesai
Key ServicesHealth insurance, car insurance, life insurance, curated insurance options

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Riskcovry, established in 2018 by Akshay Kenkre, Anirban Chakraborty, and Subrat Mohanty, is a Mumbai-based startup offering an insurance-in-a-box solution. It provides a full-stack, plug-and-play platform for businesses to distribute insurance products efficiently.

Company NameRiskcovry
FoundersAkshay Kenkre, Anirban Chakraborty, Subrat Mohanty
Key ServicesInsurance distribution, full-stack platform, plug-and-play solutions

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RenewBuy, founded in 2015 by Balachander Sekhar, S. Balakrishnan, and Anurag Rastogi, is a Gurgaon-based digital insurance broker. The platform focuses on motor and health insurance, providing a transparent and hassle-free insurance experience for users.

Company NameRenewBuy
FoundersBalachander Sekhar, S. Balakrishnan, Anurag Rastogi
Key ServicesMotor insurance, health insurance, digital insurance broker

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Plum, founded in 2019 by Abhishek Poddar and Saurabh Arora, is a Bengaluru-based startup that focuses on providing comprehensive employee health insurance solutions. Plum aims to simplify employee benefits for small and medium-sized enterprises through its digital platform.

Company NamePlum
FoundersAbhishek Poddar, Saurabh Arora
Key ServicesEmployee health insurance, group health insurance, digital platform for SME benefits

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SecureNow, founded in 2011 by Kapil Mehta and Abhishek Bondia, is a Delhi-based InsurTech firm that provides insurance brokerage services. SecureNow specializes in commercial insurance, offering customized solutions to businesses through a robust digital platform.

Company NameSecureNow
FoundersKapil Mehta, Abhishek Bondia
Key ServicesCommercial insurance, customized business solutions, digital brokerage services

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FAQ about InsurTech Startups in India

1. What is InsurTech?

Answer: InsurTech is a combination of “insurance” and “technology.” It refers to the use of technology innovations designed to enhance and streamline the insurance industry. This includes improving efficiency, reducing costs, and providing a better customer experience through digital platforms, AI, big data, and other advanced technologies.

2. Why is InsurTech important?

Answer: InsurTech is important because it helps make insurance more accessible, affordable, and efficient. It reduces the complexities of traditional insurance processes, offers personalized and on-demand insurance products, and enhances customer service through digital means.

3. How do InsurTech startups differ from traditional insurance companies?

Answer: InsurTech startups leverage technology to offer innovative solutions that traditional insurance companies may not provide. They focus on digital platforms, AI, big data, and automation to streamline processes, reduce costs, and enhance customer experience. Traditional insurers may rely more on conventional methods and legacy systems.

4. What are some common services offered by InsurTech startups in India?

Answer: Common services offered by InsurTech startups in India include digital insurance policy issuance, insurance comparison platforms, personalized insurance products, AI-based claims processing, health insurance, motor insurance, travel insurance, and employee benefits solutions.

5. How can I purchase insurance from an InsurTech startup?

Answer: Purchasing insurance from an InsurTech startup is typically done through their digital platform, either via their website or mobile app. Customers can compare policies, get quotes, and purchase insurance online with minimal paperwork and hassle.

6. Are InsurTech startups reliable?

Answer: Yes, many InsurTech startups are reliable and are regulated by the Insurance Regulatory and Development Authority of India (IRDAI). They use advanced technology to provide secure and efficient services. It’s important to choose reputable InsurTech startups with good customer reviews and a solid track record.

7. What are the benefits of using InsurTech for insurance needs?

Answer: The benefits of using InsurTech for insurance needs include quicker policy issuance, easier claims processing, personalized insurance options, lower costs, better customer service, and increased transparency in policy terms and conditions.

8. Can InsurTech startups help with claim settlements?

Answer: Yes, InsurTech startups often use AI and digital tools to streamline the claims process, making it faster and more efficient. They provide easy online claim submission, real-time tracking, and quicker settlements compared to traditional methods.

9. Do InsurTech startups only offer insurance for individuals?

Answer: No, InsurTech startups offer insurance products for both individuals and businesses. They provide a range of products including health insurance, motor insurance, travel insurance, and commercial insurance solutions tailored to the needs of different businesses.

10. How do InsurTech startups use technology to enhance their services?

Answer: InsurTech startups use a variety of technologies such as artificial intelligence (AI), machine learning, big data analytics, blockchain, and the Internet of Things (IoT) to enhance their services. These technologies help in risk assessment, fraud detection, personalized product offerings, and improving the overall customer experience.

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