Current insurers continue to employ outdated procedures and policies despite advancements in technology. Today’s consumers cannot use this anymore. Young InsurTech companies have the chance to innovate and take risks because of the disconnect between traditional insurance policies and shifting market dynamics. According to Technologies, India is home to 142 technology-based insurance startups.
In no particular order, these are India’s top ten insurance startups. The pandemic has caused insurers in India and other countries to prioritize technology projects and put digital solutions into practice as soon as possible. The insurance sector and insurtech are increasingly working together. To succeed in nascent ecologies, industry players have developed product strategies.
As policyholder expectations changed in the wake of the outbreak, insurtechs used investor capital to establish a strong data and analytics foundation. Predictive modeling, connected devices, the internet of things (IoT), open APIs, and open insurance models are being implemented, which is leading to an increase in the number of customers. Pandemic anxiety caused customers’ propensity to buy insurance to rise by almost 7%.
Traditional insurers will concentrate on gaining a competitive edge through underwriting, product development, and claims management, the report claims. The remainder of the value chain will see an increased contribution from insurance.
Top 10 Indian Insurtech Firms 2023:
One of the best places to get employee mental wellness, group health insurance, group term life insurance, group personal accident insurance, group covid insurance, and much more is Pazcare. Since their establishment in 2021, they have already made 400 customers’ insurance purchasing and administration simpler.
Pazcare is the most reputable InsurTech company for founders and HR professionals to simplify insurance, according to IRDAI. because they think providing for employees should be straightforward.
- Employers can monitor active group insurance policies using a customized dashboard provided by Pazcare.
- Employee dashboard: The Pazcare dashboard allows employees to view and manage their benefits.
- Super-top-up: With this option, staff members can voluntarily increase the scope of their insurance coverage, which is maintained even after they leave the company.
- Processing claims is simplified by Pazcare. Pazcare helps HRs and employees with claims by streamlining and simplifying the procedure.
The business was established in 2016 and focuses on general online insurance. There is coverage of every aspect of health, transportation, mobile technology, bicycles, and jewelry.
Since its founding, the Bangalore-based business has secured funding totaling $100 million. Digital insurance is available at dig-in.com.
- The purchase of insurance is made easier by Digit Insurance. Digit’s policies are clear to understand because the documentation process has been made simpler.
- It also introduced a smartphone self-inspection procedure that reduced the time it took to settle claims in half.
- Digit is the only insurance provider from India on CB Insights’ list of the Top 250 FinTechs worldwide. Digit was also recognized as one of the top Indian startups by LinkedIn in 2018 and 2019.
Akco General Insurance.
Acko, a startup upending the auto insurance sector, was founded in 2017. Two of its InsurTech solutions are low-cost insurance products and data analytics.
You can make sure that your motorcycle or car is totally secure by using Acko. Micro-insurance services are likewise offered thanks to an alliance with Ola Cabs. Acko reported receiving $43 million in total funding in 2019. Mumbai is where the company is based.
- Contact the acko General Insurance Company to have your questions answered.
- defining characteristics of Acko General Insurance.
- Acko additionally enables clients to buy insurance plans entirely online, quickly and for a low cost.
- Along with hourly car pick-ups for repairs, the program offers same-day claim settlement for minor damages.
- Over 245 million Indians already use Acko insurance. More than 95% of customers express satisfaction with the service.
One of the first companies in the InsurTech space was Policy Bazaar, which was established in 2008. Access to insurance policies is possible through the business’ website. By comparing insurance plans based on costs, advantages, and quality, PolicyBazaar makes the process simple.
The Gurgaon-based business has received $372 million in funding from a number of investors.
With its new tagline, marketing and advertising news, brand equity, and policybazaar: be exclusive, the company aims to increase access to financial security.
- Customers can choose wisely by comparing different policies.
- Customers think PolicyBazaar offers superior customer support compared to contacting insurers directly. A huge range of insurance policies are included. Customers have already received coverage from the company totaling 10L crores.
OneAssist has become a well-known insurer in recent years. Along with data protection, the company provides insurance for appliances.
This start-up deals with the escalating issue of identity theft, the dark web, and cyber-risks in the internet age. OneAssist was established with a $32 million investment and has its headquarters in Mumbai.
- The Identity Risk Calculator from OneAssist is a cutting-edge tool that warns online users of potential dangers.
- Customers can use the business’s long-term repair and protection services for a variety of items including home appliances, gadgets, mobile phones, and tablets.
- They have OEM (Original Equipment Manufacturer) contracts.
Another online insurance marketplace is PolicyBoss. Users of the app can browse and buy insurance policies.
PolicyBoss has received $10 million in funding altogether since it was founded in 2012. A key source of customers for PolicyBoss is the insurance industry. Its headquarters are in Mumbai, and it has offices in 24 Indian cities.
- The company offers customer support, assistance with claims, and advisory services. Customers in India numbering over 300,000 have already benefited from its services.
- By utilizing the brokerage platform, PolicyBoss aims to connect insurance policies and their holders/customers.
- The company negotiates with the insurer on behalf of its clients throughout the policy period and keeps them informed of any unusual events.
Distribution for InsurFirst is handled by Aviva Life, ICICI Prudential, and SBI. InsurFirst was established in Kolkata in 2016.
It now provides personal investment plans, health insurance, auto insurance, life insurance, asset and home insurance, and travel insurance.
Commercial vehicles, contractor risks, workers’ compensation, trade credit, marine, fire, business interruption, and workers’ compensation are all covered under this insurance as corporate risks.
- To meet the needs of its customers, the company offers specialized insurance plans. Customers are unable to purchase packages or expensive policies using this cutting-edge system.
- The company has already sold over 60 million INR in premiums across 3000 policies.
In 2011, CoverFox, the top insurance startup in India, was established. A straightforward, quick, and secure platform is available for customers to purchase and renew insurance policies.
It also provides a trustworthy platform for resolving claims. The $42 million in funding it was able to secure.
The business has also received funding from a number of insurance companies, including Saif Partners, IFC, Catamaran, Accel Partners, and TransAmerica.
- According to CoverFox, its straightforward language and reliable algorithm make policy documents simpler for customers to understand.
- Customers can receive instant quotes from insurers, which expedites the buying process.
- having received many honors, such as the Smart CEO award and recognition as one of the top ten Fintech companies.
- CoverFox won awards from Business World Techtors and Fintech Asia in 2016 and 2017, respectively. It serves more than 50 lakh customers and has more than 30 insurance partners.
2010 saw the debut of PayTM as a digital wallet. Its insurance subsidiaries include Paytm Life Insurance Ltd. and Paytm General Insurance Ltd.
Paytm launches two new companies, Paytm Insurance, in Hindi.
- Customers can purchase and pay for insurance through a single platform.
- The smallest customer survey makes the claim to offer simple refunds for policy cancellations.
- Customers can enter their preferences and view insurance plans based on their search criteria by using the website’s user-friendly interface.
RenewBuy is a brokerage platform that offers auto insurance. On the forum, a number of insurers offer current quotes.
The company’s operations are based primarily in Gurgaon. Up until now, $15 million has been raised.
- Customers can instantly compare and purchase auto and health insurance plans from leading insurers using RenewBuy. Additionally, the platform automates agent onboarding.
- TurtleMint began in 2015 as an online insurance-aggregator. Currently, the company serves the life insurance, health-insurance, and automobile insurance industries. The company is headquartered in Mumbai, India.
TurtleMint’s unique selling points-
It is a wise decision to purchase insurance plans through TurtleMint.
Leading insurance-companies can be contacted directly through its interface, removing the need for time-consuming paperwork. Over 3 million-policies have been sold online through this startup.
The insurance industry is being transformed by InsurTech.
Traditional insurers’ product development methods are changing as a result of new tools and applied technologies. Insurers can use InsurTech to do the following:
- Improve the actuarial and underwriting decision-making processes;
- Enhance your customer service.
- Analyze advanced data to maximize its value;
- To save money, improve operational efficiency.
- Technologies that support the insurance industry’s capabilities and offerings, as well as processes throughout the value chain, provide game-changing solutions. Here are a couple of examples:
- Predictive analytics apps for acquiring customers, assessing risks, and developing policies.
- Brokers can merely sell short-term insurance products through any kind of distribution channel by using white-label platforms.
- Improving underwriting quality and efficiency through the use of computer vision and geospatial imagery.