Top 10 InsurTech Startups in India
India’s InsurTech sector is experiencing rapid evolution driven by innovative startups leveraging technology to enhance insurance accessibility and customer experience. Key players like PolicyBazaar, Digit Insurance, and Acko General Insurance lead with digital-first approaches, while others like Coverfox and Turtlemint provide online platforms for comparison and purchase. RenewBuy, Easypolicy, PolicyX, and Insuremile further enrich the landscape, collectively reshaping the insurance industry with transparency, affordability, and convenience at the forefront.
1. Policybazaar
One of the largest online insurance marketplaces in India, offering a wide range of insurance products. Policybazaar is one of the leading InsurTech startups in India, founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. It has emerged as the largest online insurance aggregator in India, providing a platform for customers to compare and purchase various insurance products from different insurers. Here’s a detailed overview of Policybazaar:
Services Offered: Policybazaar offers a wide range of insurance products across categories such as life insurance, health insurance, motor insurance, travel insurance, and more. It serves as a one-stop destination for individuals and businesses to find suitable insurance coverage.
Online Marketplace: Policybazaar operates as an online marketplace where customers can compare insurance policies from multiple insurers based on parameters such as coverage, premium, benefits, and terms. The platform provides a user-friendly interface that simplifies the insurance buying process.
Technology Integration: Policybazaar leverages technology to streamline the insurance purchasing process. It utilizes data analytics, machine learning algorithms, and artificial intelligence to analyze customer needs and recommend personalized insurance solutions.
key features
- Online insurance comparison
- Extensive product offerings
- User-friendly interface
- Simplified insurance buying process
- Personalized recommendations
- Transparent pricing information
- Convenient online policy management
- Accessible customer support
- Integration with insurance providers
- Innovative digital solutions
PolicyBazaar table
Aspect | Details |
---|---|
Name | PolicyBazaar |
Founded | Year |
Founders | Names of the founders |
Headquarters | Location |
Industry Focus | Insurance marketplace |
Products/Services | Health insurance, life insurance, car insurance, travel insurance, etc. |
Key Features | Online insurance comparison, extensive product offerings, user-friendly interface, etc. |
Funding | Total funding amount and notable investors |
Website | PolicyBazaar website |
2. Digit Insurance
Known for its innovative and customer-centric approach, Digit Insurance provides various insurance products, including health, travel, and motor insurance.22.
Products/Services: Digit Insurance offers a range of general insurance products, including:
- Motor Insurance: Comprehensive car and two-wheeler insurance policies.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies, trip cancellations, and more.
- Health Insurance: Health insurance plans with features like cashless hospitalization, critical illness coverage, and more.
- Home Insurance: Protection for your home and its contents against risks like fire, burglary, natural disasters, etc.
- Commercial Insurance: Insurance solutions for businesses, including property insurance, liability insurance, etc.
Key Features:
- Digital-First Approach: Digit Insurance is known for its digital-first approach, making it easy for customers to purchase and manage policies online.
- Simplified Claims Process: The company aims to simplify the claims process for its customers, offering quick and hassle-free claim settlements.
- Customer-Centric: Digit Insurance focuses on providing customer-centric solutions, with a strong emphasis on transparency and responsiveness.
- Innovative Products: The company is known for its innovative insurance products, designed to meet the evolving needs of customers.
Recognition and Awards: Digit Insurance has received several awards and recognitions for its innovative approach and customer-centric solutions.
Funding: Digit Insurance has raised significant funding from investors, enabling it to expand its operations and offerings.
Digit Insurance table
Aspect | Details |
---|---|
Founded | 2016 |
Headquarters | Bengaluru, Karnataka, India |
Industry Focus | Insurance sector |
Products/Services | Motor Insurance, Travel Insurance, Health Insurance, Home Insurance, Commercial Insurance |
Key Features | Digital-First Approach, Simplified Claims Process, Customer-Centric Solutions, Innovative Products, Tech-Driven Solutions |
Recognition/Awards | Several awards and recognitions for innovative approach and customer-centric solutions |
Funding | Significant funding raised from investors |
Website | Digit Insurance |
3. Acko General Insurance
A digital-first insurance company that offers affordable and convenient insurance solutions, particularly in the motor and travel insurance sectors.
Founded: Acko General Insurance was founded in 2016 by Varun Dua, who serves as the CEO. Headquarters: The company is headquartered in Mumbai, Maharashtra, India. Industry Focus: Acko operates in the insurance sector, offering a variety of general insurance products.
Products/Services:
- Motor Insurance: Comprehensive insurance for cars and two-wheelers.
- Health Insurance: Health plans that cover hospitalization, critical illnesses, and more.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies and trip cancellations.
- Bike Insurance: Comprehensive insurance specifically for motorcycles and scooters.
Key Features:
- Digital-First Approach: The entire insurance process, from purchase to claims, is handled online.
- Paperless Claims Process: The claims process is simplified, fast, and paperless.
- Customized Plans: Personalized insurance plans tailored to individual needs.
- Affordable Pricing: Competitive pricing with no hidden charges.
- Innovative Products: Constant development of new products to meet evolving customer needs.
- Tech-Driven Solutions: Leveraging technology for efficient and user-friendly service delivery.
Recognition and Awards:
- CIO Review: Listed in the 20 Most Promising InsurTech Solutions.
- IDC Digital Transformation Awards 2020: Recognized for innovation and digital transformation.
Funding: Acko has raised significant funding from prominent investors including Amazon, Accel, SAIF Partners, and Catamaran Ventures.
Business Model: Acko operates a direct-to-consumer model, selling insurance policies directly to customers through its website and mobile app. This model helps reduce costs and provides more affordable pricing to customers by bypassing traditional agents and brokers.
Customer Experience: Acko emphasizes customer experience, offering 24/7 customer support and easy access to policy documents and claims through its digital platforms.
Innovations: The company is known for its innovative product offerings, such as context-based insurance for ride-sharing drivers and mobile phone insurance in collaboration with online marketplaces.
Market Position: As one of the fastest-growing InsurTech companies in India, Acko aims to disrupt the traditional insurance market by leveraging technology to offer better products and services
Acko General Insurance
Aspect | Details |
---|---|
Founded | 2016 |
Headquarters | Mumbai, Maharashtra, India |
Industry Focus | Insurance sector |
Products/Services | Motor Insurance, Health Insurance, Travel Insurance, Bike Insurance |
Key Features | Digital-First Approach, Paperless Claims Process, Customized Plans, Affordable Pricing |
Recognition/Awards | Numerous awards for innovation and customer-centric services |
Funding | Raised significant funding from investors including Amazon, Accel, and SAIF Partners |
Website | Acko General Insurance |
Acko General Insurance is known for its digital-first approach, offering a range of insurance products like motor, health, and travel insurance. They emphasize a paperless claims process and have garnered recognition for their innovative and customer-centric services. The company has received significant funding from investors and is headquartered in Mumbai, India.
4. Go Digit
Formerly known as Digit Insurance, it rebranded to Go Digit. It’s known for its simplified insurance process and quick claim settlements.
Founded: Go Digit General Insurance, commonly known as Digit Insurance, was founded in 2016 by Kamesh Goyal. The company is backed by the Fairfax Group, a financial holding company based in Toronto, Canada.
Headquarters: The company is headquartered in Bengaluru, Karnataka, India.
Industry Focus: Digit operates in the general insurance sector, offering a variety of insurance products.
Products/Services:
- Motor Insurance: Offers comprehensive and third-party insurance policies for cars and two-wheelers. Additional features include zero depreciation cover, return to invoice cover, and breakdown assistance.
- Health Insurance: Provides health insurance plans covering hospitalization, critical illnesses, and additional features like worldwide coverage, cashless claims, and annual health check-ups.
- Travel Insurance: Offers coverage for domestic and international travel, including trip cancellations, medical emergencies, lost baggage, and flight delays.
- Home Insurance: Covers home and its contents against risks like fire, burglary, natural disasters, and more.
- Commercial Insurance: Insurance solutions for businesses, including property insurance, liability insurance, and marine insurance.
Key Features:
- Digital-First Approach
- Simplified Claims Process
- Customer-Centric Solutions
- Innovative Products
- Tech-Driven Solutions
- Smartphone-Enabled Self-Inspection
- Competitive Pricing
Go Digit table
Aspect | Details |
---|---|
Founded | 2016 |
Headquarters | Bengaluru, Karnataka, India |
Industry Focus | General Insurance |
Products/Services | – Motor Insurance <br> – Health Insurance <br> – Travel Insurance <br> – Home Insurance <br> – Commercial Insurance |
Key Features | – Digital-First Approach <br> – Simplified Claims Process <br> – Customer-Centric Solutions <br> – Innovative Products <br> – Tech-Driven Solutions <br> – Smartphone-Enabled Self-Inspection <br> – Competitive Pricing <br> – Customizable Coverage Options <br> – 24/7 Customer Support <br> – Quick Settlement Process |
Recognition/Awards | – Golden Peacock Innovative Product Award 2019 <br> – IDC Digital Transformation Awards 2020 <br> – LinkedIn Top Startups 2018 |
Funding | Significant funding from investors including Fairfax Group; Unicorn status with a valuation exceeding $1 billion |
Website | Go Digit General Insurance |
5. Coverfox
An online platform that helps customers compare and buy various insurance policies, including health, life, motor, and travel insurance.
Founded: Coverfox was founded in 2013 by Devendra Rane and Varun Dua. Headquarters: The company is headquartered in Mumbai, Maharashtra, India. Industry Focus: Insurance sector, offering a variety of insurance products.
Products/Services:
- Motor Insurance: Comprehensive car and two-wheeler insurance policies.
- Health Insurance: Health insurance plans that cover hospitalization, critical illnesses, and more.
- Life Insurance: Term life insurance policies.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies and trip cancellations.
- Home Insurance: Protection for homes and contents against risks like fire, burglary, and natural disasters.
Key Features:
- Insurance Comparison: Allows users to compare insurance policies from multiple providers.
- Digital-First Approach: Focuses on an entirely digital process from policy purchase to claim settlement.
- User-Friendly Interface: Simplified and easy-to-navigate website and mobile app.
- Paperless Transactions: Entire process is paperless, making it convenient and environmentally friendly.
- Customer Support: Provides robust customer support to assist with policy selection, purchase, and claims.
- Customizable Insurance Plans: Offers personalized and flexible insurance plans tailored to individual needs.
- Transparency: Ensures transparency in policy terms, pricing, and claim processes.
- Quick and Hassle-Free Claims: Aims for a swift and seamless claims process.
Coverfox table
Aspect | Details |
---|---|
Founded | 2013 |
Headquarters | Mumbai, Maharashtra, India |
Industry Focus | Insurance sector |
Products/Services | – Motor Insurance <br> – Health Insurance <br> – Life Insurance <br> – Travel Insurance <br> – Home Insurance |
Key Features | – Insurance Comparison <br> – Digital-First Approach <br> – User-Friendly Interface <br> – Paperless Transactions <br> – Customer Support <br> – Customizable Insurance Plans <br> – Transparency <br> – Quick and Hassle-Free Claims |
Recognition/Awards | Recognized as one of the leading InsurTech startups in India; various accolades for innovation and excellence |
Funding | Significant funding from investors including SAIF Partners, Accel, and Catamaran Ventures |
Business Model | Online insurance brokerage platform offering products from multiple insurance providers |
Customer Experience | Detailed policy information, easy comparison tools, efficient customer service |
Innovations | Integration of advanced technologies to enhance user experience and streamline processes |
Market Position | Prominent player in the Indian InsurTech space known for comprehensive offerings and customer-centric approach |
Website | Coverfox |
6. Turtlemint
A platform that assists users in comparing and purchasing insurance policies, including health, life, and motor insurance, through an online interface.
Founded: Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai. Headquarters: The company is headquartered in Mumbai, Maharashtra, India. Industry Focus: Insurance sector, offering a variety of insurance products.
Products/Services:
- Motor Insurance: Comprehensive insurance policies for cars and two-wheelers.
- Health Insurance: Health insurance plans covering hospitalization, critical illnesses, and other medical expenses.
- Life Insurance: Term life insurance policies providing financial security.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies, trip cancellations, and other travel-related risks.
- Home Insurance: Protection for homes and their contents against risks like fire, burglary, and natural disasters.
Key Features:
- Digital Platform: Provides a user-friendly digital platform for purchasing and managing insurance policies.
- Insurance Comparison: Allows users to compare policies from multiple insurers to find the best coverage and pricing.
- Advisory Services: Offers expert advice through trained insurance advisors to help customers choose the right policy.
- Paperless Process: Entire process from purchase to claims is paperless and digital.
- Claims Assistance: Provides assistance with the claims process to ensure quick and hassle-free settlements.
- Customizable Plans: Personalized insurance plans tailored to meet individual needs.
- Transparency: Maintains transparency in policy terms, pricing, and claims processes.
- Mobile App: Features a mobile app for easy access to policy information and management on the go.
Turtlemint Table
Aspect | Details |
---|---|
Founded | 2015 |
Headquarters | Mumbai, Maharashtra, India |
Industry Focus | Insurance sector |
Products/Services | – Motor Insurance <br> – Health Insurance <br> – Life Insurance <br> – Travel Insurance <br> – Home Insurance |
Key Features | – Digital Platform <br> – Insurance Comparison <br> – Advisory Services <br> – Paperless Process <br> – Claims Assistance |
Recognition/Awards | Recognized as one of the leading InsurTech startups in India; various awards for innovation and excellence |
Funding | Significant funding from investors including Sequoia Capital, Nexus Venture Partners, and Blume Ventures |
Business Model | Online insurance marketplace offering products from multiple insurance providers |
Customer Experience | Detailed policy information, easy comparison tools, expert advice, efficient customer support |
Innovations | Integration of advanced technologies to enhance user experience and streamline processes |
Market Position | Prominent player in the Indian InsurTech space known for comprehensive offerings and customer-centric approach |
Website | Turtlemint |
7. RenewBuy
Another online platform that facilitates the purchase of insurance policies, focusing on motor, health, and travel insurance.
Founded: RenewBuy was founded in 2015 by Balachander Sekhar and Jaspal Bindra. Headquarters: The company is headquartered in Gurugram, Haryana, India. Industry Focus: Insurance sector, offering a variety of insurance products.
Products/Services:
- Motor Insurance: Comprehensive insurance policies for cars and two-wheelers.
- Health Insurance: Health insurance plans covering hospitalization, critical illnesses, and other medical expenses.
- Life Insurance: Term life insurance policies providing financial security.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies, trip cancellations, and other travel-related risks.
- Home Insurance: Protection for homes and their contents against risks like fire, burglary, and natural disasters.
Key Features:
- Digital Platform: Provides a user-friendly digital platform for purchasing and managing insurance policies.
- Insurance Comparison: Allows users to compare policies from multiple insurers to find the best coverage and pricing.
- Advisor Network: Extensive network of trained advisors to assist customers in choosing the right insurance products.
- Paperless Process: Entire process from purchase to claims is paperless and digital.
- Claims Assistance: Provides assistance with the claims process to ensure quick and hassle-free settlements.
- Customizable Plans: Personalized insurance plans tailored to meet individual needs.
- Transparency: Maintains transparency in policy terms, pricing, and claims processes.
- Mobile App: Features a mobile app for easy access to policy information and management on the go.
RenewBuy Table
Aspect | Details |
---|---|
Founded | 2015 |
Headquarters | Gurugram, Haryana, India |
Industry Focus | Insurance sector |
Products/Services | – Motor Insurance <br> – Health Insurance <br> – Life Insurance <br> – Travel Insurance <br> – Home Insurance |
Key Features | – Digital Platform <br> – Insurance Comparison <br> – Advisor Network <br> – Paperless Process <br> – Claims Assistance <br> – Customizable Plans <br> – Transparency <br> – Mobile App |
Recognition/Awards | Recognized as one of the leading InsurTech startups in India; various awards for innovation and excellence |
Funding | Significant funding from investors including Amicus Capital, Lok Capital, and IIFL Asset Management |
Business Model | Online insurance marketplace offering products from multiple insurance providers |
Customer Experience | Detailed policy information, easy comparison tools, expert advice, efficient customer support |
Innovations | Integration of advanced technologies to enhance user experience and streamline processes |
Market Position | Prominent player in the Indian InsurTech space known for comprehensive offerings and customer-centric approach |
Website | RenewBuy |
8. Easypolicy
A digital insurance marketplace that offers a wide range of insurance products from various insurers, allowing users to compare and purchase policies online.
Founded: Easypolicy was founded in 2011 by Manuj Mishra. Headquarters: The company is headquartered in Noida, Uttar Pradesh, India. Industry Focus: Insurance sector, offering a variety of insurance products.
Products/Services:
- Motor Insurance: Comprehensive insurance policies for cars and two-wheelers.
- Health Insurance: Health insurance plans covering hospitalization, critical illnesses, and other medical expenses.
- Life Insurance: Term life insurance policies providing financial security.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies, trip cancellations, and other travel-related risks.
- Home Insurance: Protection for homes and their contents against risks like fire, burglary, and natural disasters.
Key Features:
- Insurance Comparison: Allows users to compare policies from multiple insurers to find the best coverage and pricing.
- User-Friendly Interface: Simplified and easy-to-navigate website and mobile app.
- Paperless Transactions: Entire process is paperless, making it convenient and environmentally friendly.
- Claims Assistance: Provides assistance with the claims process to ensure quick and hassle-free settlements.
- Customizable Plans: Personalized insurance plans tailored to meet individual needs.
- Transparency: Ensures transparency in policy terms, pricing, and claims processes.
- Expert Advice: Offers expert advice through trained insurance advisors to help customers choose the right policy.
- Customer Support: Provides robust customer support to assist with policy selection, purchase, and claims.
Easypolicy Table
Aspect | Details |
---|---|
Founded | 2011 |
Headquarters | Noida, Uttar Pradesh, India |
Industry Focus | Insurance sector |
Products/Services | – Motor Insurance <br> – Health Insurance <br> – Life Insurance <br> – Travel Insurance <br> – Home Insurance |
Key Features | – Insurance Comparison <br> – User-Friendly Interface <br> – Paperless Transactions <br> – Claims Assistance <br> – Customizable Plans <br> – Transparency <br> – Expert Advice <br> – Customer Support |
Recognition/Awards | Recognized as a leading InsurTech company in India; various accolades for innovation and excellence |
Funding | Significant funding from investors including Unilazer Ventures and other prominent investors |
Business Model | Online insurance marketplace offering products from multiple insurance providers |
Customer Experience | Detailed policy information, easy comparison tools, expert advice, efficient customer support |
Innovations | Integration of advanced technologies to enhance user experience and streamline processes |
Market Position | Prominent player in the Indian InsurTech space known for comprehensive offerings and customer-centric approach |
Website | Easypolicy |
9. PolicyX
An online insurance aggregator that provides a platform for comparing and purchasing insurance policies, including health, life, and motor insurance.
Founded: PolicyX was founded in 2013 by Naval Goel. Headquarters: The company is headquartered in Gurugram, Haryana, India. Industry Focus: Insurance sector, offering a variety of insurance products.
Products/Services:
- Motor Insurance: Comprehensive insurance policies for cars and two-wheelers.
- Health Insurance: Health insurance plans covering hospitalization, critical illnesses, and other medical expenses.
- Life Insurance: Term life insurance policies providing financial security.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies, trip cancellations, and other travel-related risks.
- Home Insurance: Protection for homes and their contents against risks like fire, burglary, and natural disasters.
Key Features:
- Insurance Comparison: Allows users to compare policies from multiple insurers to find the best coverage and pricing.
- User-Friendly Interface: Simplified and easy-to-navigate website and mobile app.
- Paperless Transactions: Entire process is paperless, making it convenient and environmentally friendly.
- Claims Assistance: Provides assistance with the claims process to ensure quick and hassle-free settlements.
- Customizable Plans: Personalized insurance plans tailored to meet individual needs.
- Transparency: Ensures transparency in policy terms, pricing, and claims processes.
- Expert Advice: Offers expert advice through trained insurance advisors to help customers choose the right policy.
- Customer Support: Provides robust customer support to assist with policy selection, purchase, and claims.
PolicyX Table
Aspect | Details |
---|---|
Founded | 2013 |
Headquarters | Gurugram, Haryana, India |
Industry Focus | Insurance sector |
Products/Services | – Motor Insurance <br> – Health Insurance <br> – Life Insurance <br> – Travel Insurance <br> – Home Insurance |
Key Features | – Insurance Comparison <br> – User-Friendly Interface <br> – Paperless Transactions <br> – Claims Assistance <br> – Customizable Plans <br> – Transparency <br> – Expert Advice <br> – Customer Support |
Recognition/Awards | Recognized as a leading InsurTech company in India; various accolades for innovation and excellence |
Funding | Significant funding from investors including Inventus Capital Partners and other prominent investors |
Business Model | Online insurance marketplace offering products from multiple insurance providers |
Customer Experience | Detailed policy information, easy comparison tools, expert advice, efficient customer support |
Innovations | Integration of advanced technologies to enhance user experience and streamline processes |
Market Position | Prominent player in the Indian InsurTech space known for comprehensive offerings and customer-centric approach |
Website | PolicyX |
10. Insuremile
A digital insurance platform that offers personalized insurance recommendations and facilitates the purchase of policies online.
Founded: Insuremile was founded in 2016. Headquarters: The company is headquartered in Bengaluru, Karnataka, India. Industry Focus: Insuremile operates in the insurance sector, offering various insurance products and services.
Products/Services:
- Motor Insurance: Comprehensive insurance policies for cars and two-wheelers.
- Health Insurance: Health insurance plans covering hospitalization, critical illnesses, and other medical expenses.
- Life Insurance: Term life insurance policies providing financial security.
- Travel Insurance: Coverage for domestic and international travel, including medical emergencies, trip cancellations, and other travel-related risks.
- Home Insurance: Protection for homes and their contents against risks like fire, burglary, and natural disasters.
Key Features:
- Digital Platform: Offers a user-friendly digital platform for purchasing and managing insurance policies.
- Insurance Comparison: Allows users to compare policies from multiple insurers to find the best coverage and pricing.
- Paperless Transactions: Entire process from purchase to claims is paperless, making it convenient and environmentally friendly.
- Claims Assistance: Provides assistance with the claims process to ensure quick and hassle-free settlements.
- Customizable Plans: Personalized insurance plans tailored to meet individual needs.
- Transparency: Ensures transparency in policy terms, pricing, and claims processes.
- Expert Advice: Offers expert advice through trained insurance advisors to help customers choose the right policy.
- Customer Support: Provides robust customer support to assist with policy selection, purchase, and claims.
Insuremile Table
Aspect | Details |
---|---|
Founded | 2016 |
Headquarters | Bengaluru, Karnataka, India |
Industry Focus | Insurance sector |
Products/Services | – Motor Insurance <br> – Health Insurance <br> – Life Insurance <br> – Travel Insurance <br> – Home Insurance |
Key Features | – Digital Platform <br> – Insurance Comparison <br> – Paperless Transactions <br> – Claims Assistance <br> – Customizable Plans <br> – Transparency <br> – Expert Advice <br> – Customer Support |
Recognition/Awards | Recognition for its innovative approach in the insurance sector |
Funding | Information not readily available |
Business Model | Likely operates as an online insurance marketplace, offering products from multiple insurance providers |
Customer Experience | Provides a seamless and user-friendly experience with detailed policy information, easy comparison tools, expert advice, and efficient customer support |
Innovations | Likely integrates advanced technologies to enhance user experience and streamline insurance processes |
Market Position | Aims to establish itself as a prominent player in the Indian InsurTech space with a customer-centric approach |
Website | Insuremile |
conclusion:
the InsurTech landscape in India is witnessing significant growth and innovation, with several key players leading the way in transforming the insurance industry. These InsurTech startups are leveraging technology to revolutionize the way insurance products are distributed, purchased, and managed, ultimately enhancing customer experience and accessibility. These startups have been prominent players in revolutionizing the insurance industry in India by leveraging technology to provide more accessible and efficient insurance solutions to customers. However, it’s essential to conduct updated research to get the latest insights into the rapidly evolving InsurTech landscape.