Top 10 Best Insurtech Companies in India 2023
Insurtech companies are businesses that utilize technology to enhance or streamline the insurance industry. The term “insurtech” is a portmanteau of “insurance” and “technology”. These companies often leverage the latest technologies, such as artificial intelligence (AI), big data, the Internet of Things (IoT), and blockchain, to improve the efficiency and effectiveness of various insurance processes.
These enhancements can apply to a range of activities including:
Risk Assessment: Insurtech companies may use AI and big data to predict risks and calculate premiums more accurately.
Claims Processing: Traditional claims processing can be time-consuming and prone to errors. Insurtechs often utilize AI and automation to streamline and accelerate this process, increasing efficiency and reducing human error.
Distribution: Insurtechs often provide digital platforms that allow consumers to easily compare, purchase, and manage insurance policies. These platforms also allow insurers to more easily distribute their products to consumers.
Fraud Detection: With advanced analytics and machine learning algorithms, insurtech companies can more effectively detect fraudulent activity.
Customer Experience: Insurtechs often focus on improving the overall customer experience, from the ease of purchasing insurance to the process of making a claim. They often leverage user-friendly interfaces, mobile applications, and 24/7 customer support.
Why Insurtech Companies are important
Insurtech companies are important for several reasons. They are significantly transforming the insurance industry, bringing improvements in terms of efficiency, cost-effectiveness, customer service, and even expanding the reach of insurance services. Here’s why they are considered crucial:
Innovation: The insurance industry has been traditionally slow to innovate. Insurtech companies are challenging this by introducing new business models, services, and products that better meet modern customer demands.
Efficiency: Insurtechs use advanced technologies like AI, machine learning, and automation to improve operational efficiency. This reduces costs, speeds up processes, and allows for more accurate risk assessment and pricing.
Improved Customer Experience: Insurtechs often focus on the customer experience, providing easy-to-use digital platforms, mobile apps, and round-the-clock support. This can make buying and managing insurance policies more convenient and transparent for consumers.
Expanded Access: Insurtechs can potentially extend the reach of insurance services to under-insured or un-insured populations, by reducing costs and making it easier to purchase and understand insurance.
Data Utilization: By leveraging big data and analytics, insurtech companies can provide more personalized products and services, better risk assessment, and enhanced fraud detection.
Encouraging Competition: The rise of insurtech companies stimulates competition in the industry, encouraging traditional insurance companies to innovate and improve their services.
Sustainability: Some insurtechs are focusing on sustainable and ethical insurance options, such as climate risk insurance, which could become increasingly important as society continues to grapple with issues like climate change.
In a nutshell, insurtech companies are driving the insurance industry forward, bringing it into the digital age, and ensuring it stays relevant and responsive to contemporary customer needs and expectations.
History of Insurtech Companies in India
India’s insurtech industry has grown significantly over the past decade. This growth has been spurred by factors such as increased internet penetration, a growing middle class with disposable income, and government initiatives to promote digital transactions and financial inclusion.
While there were some early digital insurance platforms and aggregators in India like Policybazaar, established around 2008, the actual boom in insurtech startups in India started around the mid-2010s. Companies such as Acko (established in 2016), Digit Insurance (established in 2016), and Toffee Insurance (established in 2017) emerged, offering a range of innovative insurance products and services.
In addition to insurance companies, several startups have provided technological solutions to insurers, helping them digitize their processes, and use data and analytics for risk assessment, fraud detection, and customer service.
A significant factor in the development of the insurtech scene in India has been the shift in regulatory stance by the Insurance Regulatory and Development Authority of India (IRDAI). The IRDAI has gradually moved to allow more digital processes in insurance, starting with e-policies, moving on to enable digital KYC, and further expanding to other processes.
Since the onset of the COVID-19 pandemic, the insurtech space has seen even more rapid growth. With social distancing and the push for digital processes, there has been a surge in demand for online insurance services.
The insurtech sector in India continues to evolve, with more companies and investors recognizing the potential for technology to disrupt the traditional insurance market. The future of India’s insurtech industry looks promising, with room for innovation and expansion. However, for the most recent developments, please refer to the latest sources.
Benefits of Insurtech Companies
Insurtech companies provide a number of benefits to both consumers and the insurance industry as a whole. Here are some of the key benefits:
Improved Efficiency: Insurtech companies use technologies like automation and artificial intelligence (AI) to streamline insurance processes, which leads to faster service delivery and operational efficiency. This could mean faster policy issuance, quicker claims processing, and better risk management.
Personalized Products and Services: With big data and analytics, insurtechs can offer personalized insurance products that cater to the specific needs of individual customers. This can lead to more competitive pricing and better coverage for consumers.
Better Customer Experience: Insurtechs often focus on enhancing the customer experience. This includes user-friendly digital interfaces, 24/7 customer support, and easier policy management. All of this makes the process of buying and maintaining insurance more convenient and transparent.
Expanded Access: By leveraging digital platforms, insurtechs can reach a wider audience, including those who have been traditionally underserved by the insurance industry. This can increase insurance penetration and financial inclusion.
Cost Reduction: By automating various processes, insurtechs can significantly reduce operational costs, which can lead to lower premiums for customers.
Innovation: Insurtech companies are introducing innovative business models and products to the market. For instance, usage-based insurance, peer-to-peer insurance, and microinsurance are some of the innovative concepts that have emerged from the insurtech sector.
Fraud Detection: Advanced analytics and machine learning algorithms used by insurtech companies can help in detecting fraudulent claims more effectively, leading to cost savings for both insurers and consumers.
Data Security: Many insurtechs are implementing robust cybersecurity measures to protect sensitive customer data, which is essential given the digital nature of their business.
Best Insurtech Companies in India
PolicyBazaar
Acko
Digit Insurance
Turtlemint
Coverfox
Go Digit
Toffee Insurance
BimaPe
Edelweiss General Insurance
Care Health Insurance (formerly Religare Health Insurance)
PolicyBazaar
PolicyBazaar is one of the most well-known insurtech companies in India. Established in 2008, it’s primarily an insurance aggregator, meaning it allows customers to compare different insurance policies from various providers in one place. Its platform offers a wide range of insurance products, including life insurance, health insurance, auto insurance, and travel insurance, among others.
The main goal of PolicyBazaar is to provide transparency in the insurance market, allowing customers to make informed decisions. By presenting different policies side-by-side, customers can easily compare factors like premiums, coverage, exclusions, and more.
In addition to insurance policies, PolicyBazaar also provides consumers with information and resources about insurance. This includes articles, calculators, and customer reviews, which can help individuals understand insurance better and choose the most suitable policies for their needs.
PolicyBazaar has been very successful in the insurtech space, with millions of customers using its platform. It has significantly disrupted the traditional insurance industry in India by leveraging technology to provide a more convenient and transparent insurance buying process.
One of the key advantages of PolicyBazaar is that it simplifies the process of buying insurance. By enabling consumers to compare and purchase policies online, it makes insurance more accessible, particularly to those who might have found the traditional insurance buying process too complex or time-consuming.
PolicyBazaar had expanded its operations beyond India to include the United Arab Emirates (UAE). For the most current information, please refer to the latest sources.
Acko
Acko General Insurance is an Indian insurtech company that was founded in 2016. It is a digital-first company and operates with a direct-to-consumer approach, eliminating traditional brokerages.
Acko offers a range of insurance products, including auto insurance (car and bike) and health insurance. The company has made a significant impact in the Indian insurance market with its innovative business model, customer-centric approach, and technology-driven services.
A standout feature of Acko is its seamless user experience. The company uses data and analytics to provide personalised insurance products to its customers. Users can purchase policies and file claims on Acko’s digital platforms, which are designed to be simple and user-friendly.
A significant part of Acko’s strategy involves partnering with tech companies to provide integrated insurance products. For example, they have partnered with ride-sharing services to provide passenger insurance for rides, and with e-commerce companies to offer product insurance.
By using technology to streamline the insurance process, Acko is able to operate with lower costs than traditional insurers, which can translate to more competitive pricing for customers.
Moreover, Acko has gained a reputation for its fast claim settlement process, which can often be completed within hours due to their digital-first strategy.
Digit Insurance
Digit Insurance is an Indian insurtech company founded in 2016. The company operates with a customer-first philosophy, aiming to simplify the insurance process and provide a more transparent, understandable experience for customers.
Digit Insurance offers a variety of insurance products, including motor insurance (car and bike), travel insurance, home insurance, commercial insurance, and health insurance. It uses technology to streamline the purchasing and claims process, making it easier for customers to buy insurance and get their claims settled.
Here are a few key features that make Digit Insurance stand out:
Simplicity: Digit Insurance simplifies complex insurance terms and conditions into a simpler, jargon-free language that’s easier for customers to understand. They also provide clear and transparent policy details to the customer.
Digital-first Approach: From buying a policy to making a claim, everything can be done online. Their app allows customers to buy and manage their policies, initiate and track claims, and get assistance when needed.
Innovation: The company uses technology and data to provide better customer service. For example, they introduced a feature where customers can do a self-inspection of their vehicle using a smartphone for motor insurance, making the process faster and more convenient.
Quick Claim Settlement: Digit Insurance is known for its hassle-free and quick claim settlement process, making it easier for customers to get their claims resolved.
Customization: They allow customers to customize their insurance policies as per their needs, giving them more control over what they want in their coverage.
Digit Insurance had shown impressive growth and had gained substantial recognition in the Indian insurance industry. They have a high customer satisfaction rating and have attracted significant investment. However, for the most recent developments, please refer to the latest sources.
Turtlemint
Turtlemint is an Indian insurtech company founded in 2015. Unlike a direct insurance provider, Turtlemint operates as an insurance aggregator and broker, offering a platform for comparing and purchasing various insurance products from different companies. Their product offerings span across categories like health insurance, life insurance, motor insurance, and others.
Here are some key features and aspects of Turtlemint:
Comparison Platform: Turtlemint provides a digital platform where customers can compare various insurance policies based on factors like coverage, price, and company reputation. This helps users make more informed decisions about their insurance purchases.
Ease of Use: The Turtlemint platform is designed to be user-friendly, making the process of comparing and buying insurance policies simple and straightforward.
Education and Information: Turtlemint places a significant emphasis on educating consumers about insurance. They offer numerous articles and resources that help customers understand the various aspects of insurance, thus helping them choose the most suitable policy.
MintPro: Turtlemint also has a platform called MintPro, which is designed for insurance advisors. This platform enables advisors to manage their business, service their clients, and grow their customer base, all through a single app.
Customer Support: Turtlemint provides support throughout the insurance process, from helping customers choose the right policy to assisting with claims processing.
Personalized Recommendations: Leveraging data analytics, Turtlemint offers personalized policy recommendations based on the customer’s specific needs and circumstances.
Coverfox
Coverfox is an online insurance aggregator founded in 2013 and based in India. It offers a platform where users can compare, buy, and manage insurance policies from various insurance providers. The platform includes a wide range of insurance products, such as car insurance, bike insurance, health insurance, life insurance, and travel insurance.
Here are some key features and aspects of Coverfox:
Comparison Platform: Coverfox provides an online platform where users can compare different insurance policies based on their needs. This comparison can be made in terms of cost, coverage, terms and conditions, etc., enabling consumers to make an informed decision.
Ease of Purchase and Renewal: The platform offers a simplified purchasing process. It allows users to buy insurance policies online in a few easy steps. Renewals are also made easy and straightforward through their platform.
Claim Assistance: Coverfox also provides claim assistance. They have a team of experts to guide the customers through the claim process, thus making it less stressful and more manageable.
Post-Sales Service: Apart from helping users purchase insurance, Coverfox also aids in managing the policies after purchase. This includes reminders for renewals, support during the claim process, and policy endorsements.
Transparent Process: The company aims to provide transparency in the complex world of insurance. All terms and conditions are presented clearly to help users understand what they’re buying.
Wide Range of Products: Coverfox partners with a broad array of insurance companies, enabling them to offer a diverse range of insurance products to cater to various customer needs.
Coverfox had built a significant online presence in India’s insurtech landscape, known for its customer-centric approach. However, for the most up-to-date and accurate information, please refer to the latest sources.
Go Digit
Go Digit General Insurance, more commonly known as Digit Insurance, is an Indian insurtech company that was founded in 2016. The company has rapidly grown in popularity due to its customer-centric approach and simplified insurance processes. It offers a wide variety of insurance products, including car and bike insurance, travel insurance, health insurance, home insurance, and mobile insurance, among others.
Key aspects of Go Digit Insurance include:
Simplified Insurance: Digit Insurance aims to make insurance simple and straightforward. It offers clear and jargon-free policy documentation, allowing customers to understand exactly what they’re buying.
Customer-Centric Innovation: The company uses technology to create innovative solutions that improve customer experience. For instance, it introduced smartphone-enabled self-inspections for car insurance, eliminating the need for physical inspection and making the process faster and more convenient.
Digital-First Approach: From purchasing a policy to filing a claim, everything can be done online via Digit’s website or mobile app. This digital-first approach makes it easier for customers to interact with the company and manage their policies.
Quick and Hassle-Free Claims: Digit Insurance has a high claim approval rate and is known for its hassle-free and quick claim settlement process.
Customizable Policies: The company offers flexible and customizable insurance products, allowing customers to choose and pay for exactly what they need.
Strong Customer Support: Digit offers 24/7 customer support and assistance throughout the insurance process, from buying and managing policies to making claims.
By leveraging technology, Go Digit has been successful in disrupting the traditional insurance market in India, making insurance more accessible and easier to understand for consumers. Go Digit had gained substantial recognition in the Indian insurtech space. However, for the most recent developments, please refer to the latest sources.
Toffee Insurance
Toffee Insurance is an insurtech company based in India, founded in 2017. It seeks to demystify and simplify insurance by offering “bite-sized” insurance products designed for specific use cases. These products are intended to be more accessible and relevant to customers who might not have been catered to by traditional insurance policies.
Here are some of the key features of Toffee Insurance:
Bite-Sized Insurance Products: Toffee Insurance offers unique insurance products that are highly targeted towards specific needs. For instance, they provide insurance for bicycles, backpacks, daily commute, dengue illness, and more. These micro insurance products are designed to be affordable and straightforward.
Simplified Process: The process of buying insurance from Toffee is quite straightforward and can be completed online. This makes insurance more accessible for individuals who might find traditional insurance buying processes complex or confusing.
Customer-Centric Approach: Toffee Insurance seeks to put the customer first by focusing on their needs and providing relevant insurance products. Their insurance offerings are based on real-life situations and needs.
Digital-First Strategy: Toffee Insurance operates primarily through its online platform. This digital-first approach allows them to reach a wider audience and makes the process of buying and managing insurance policies more convenient for customers.
Innovation: Toffee Insurance is known for its innovative approach to insurance. By offering unique micro insurance products, they are changing the way people think about and interact with insurance.
Collaboration with Partners: Toffee Insurance partners with other companies to offer their insurance products. This allows them to reach customers through different channels and platforms.
Toffee Insurance had made a significant impact in the insurtech sector in India with its unique and innovative approach to insurance. However, for the most recent developments and current status, please refer to the latest sources.
BimaPe
BimaPe is a newer entrant in the insurtech space in India, with a unique approach to providing insurance services.
BimaPe essentially functions as an insurance wallet and advisory platform. Its primary objective is to simplify insurance and related financial products for its users.
Here are some features of BimaPe:
Insurance Management: BimaPe provides a platform for users to store and manage all their existing insurance policies in one place. It offers a simple and organized way to keep track of various policies, benefits, premiums, and due dates.
Gap Analysis: By analyzing the user’s existing insurance coverage, BimaPe identifies potential gaps and recommends relevant insurance products that can help fill those gaps. This helps users understand their insurance needs better and ensure they have adequate coverage.
Simplified Understanding: BimaPe breaks down complex insurance terms and conditions into simpler language, helping users understand their policies better.
Claims Assistance: BimaPe also provides assistance with insurance claims, guiding users through the process and helping them get their claims settled.
Family Sharing: BimaPe allows users to share their insurance details with family members. This ensures that family members have access to relevant information when it’s needed.
BimaPe doesn’t sell insurance directly but functions as a facilitator and manager for insurance consumers. Also, as a relatively new company, BimaPe may have evolved and introduced new features or offerings since my training data. Please refer to the latest sources for the most accurate and up-to-date information.
Edelweiss General Insurance
Edelweiss General Insurance is a part of the Edelweiss Group, one of India’s leading diversified financial services conglomerates. Although it’s not solely an insurtech company, Edelweiss General Insurance has adopted various technological innovations to enhance its service offerings and customer experience, leveraging the power of digital tools to streamline its operations and processes.
Here are some features and offerings of Edelweiss General Insurance:
Wide Range of Products: Edelweiss General Insurance provides a comprehensive range of insurance products, including motor insurance, health insurance, home insurance, and travel insurance, among others.
Digital First Approach: The company offers online purchase and renewal of insurance policies. Claims can also be filed online, offering convenience to customers.
Innovation: Edelweiss General Insurance has been at the forefront of adopting new technologies to improve its services. For example, they introduced an AI-based motor insurance product that allows for app-based self-inspection of vehicles.
Customer-centricity: The company places a strong emphasis on customer service and satisfaction. Their insurance products are designed with the needs of customers in mind, and they provide dedicated customer support.
Transparency: The company is committed to maintaining transparency in its processes and providing customers with clear, easy-to-understand information about their insurance policies.
Edelweiss General Insurance was one of the prominent players in the Indian insurance industry, particularly known for leveraging technology to improve its services. However, for the most recent developments and accurate information, please refer to the latest sources.
Care Health Insurance (formerly Religare Health Insurance)
Care Health Insurance, formerly known as Religare Health Insurance, is an Indian health insurance company established in 2012. Although it’s not an insurtech company in the strictest sense, Care Health Insurance has significantly leveraged technology to enhance its service offerings and improve the customer experience.
Here are some aspects of Care Health Insurance:
Wide Range of Products: Care Health Insurance provides a comprehensive range of health insurance products, including individual health insurance, family floater insurance, senior citizen health insurance, maternity insurance, and others.
Digital Services: Care Health Insurance provides online policy purchase and renewal services. Policyholders can also file and track claims online, offering convenience and a seamless customer experience.
Claims Assistance: The company offers a hassle-free claims process with a high claim settlement ratio. It has a network of over 11000+ leading hospitals in its cashless network.
Customer-Centric: The company provides a 24×7 customer helpline for policy-related queries, renewals, claims status, and other assistance.
Transparency: Care Health Insurance is committed to maintaining transparency in its operations, providing customers with clear and comprehensive information about their insurance policies.
Innovation: They’ve been incorporating technology to improve their services and offerings, including a user-friendly website, a mobile app for easy access to insurance services, and digital tools for policy management.
Care Health Insurance was one of the well-known players in the Indian health insurance market, particularly noted for its customer-centric approach and wide-ranging product portfolio. For the latest information and recent developments, please refer to the most current sources.
