10 Best Insurtech Companies In India 2024

Insurtech Companies in India

The traditional insurance industry, often criticised for its cumbersome processes, is being reshaped by digital insurance companies in India. Insurtech companies in India are emerging as a transformative force in the Indian insurance landscape.

These insurance provider startups leverage cutting-edge technology to offer innovative insurance products that cater to the unique needs of Indian consumers. With tools like artificial intelligence, machine learning and data analytics, these insurtech companies are revolutionising how we understand risk, distribute coverage and process claims.

The rise of health insurance startups in India can be mainly attributed to their ability to provide cost-effective solutions whilst improving customer experience.

This blog aims to introduce the top 10 insurtech companies that are driving this change in India. These include names that have become synonymous with high-quality, affordable and transparent insurance services.

Also, Read: Potential of Insurance in India with Insurtech Solutions

What is an Insurtech Company?

An Insurtech company is essentially a digital innovation that strives to refine and modernise the insurance landscape.

Originating as mere tech startups daring to disrupt the Indian insurance industry, today, these companies have proliferated across the country, drawing from diverse sectors such as healthcare, transportation, wealth management and agriculture. The goal is to provide superior value-added services to insurers and their customers.

The Growth of the Insurtech Industry in India

Insurtech companies in India are reshaping conventional insurance products making them more accessible, tailored and user-friendly. The funding for insurance startups in India doubled over the last few years, making India one of the fastest-growing markets globally.

This growth is fuelled by several factors, as follows:

• Rising insurance awareness across Tier 2 cities
• The significant market opportunity in Indian FinTech, expected to reach $1.3 trillion by 2025
• The role of insurtech companies in accounting for 26% of this market.

As these trends continue, digital insurance companies in India are set to bring innovative insurance products that meet consumers’ evolving needs. Furthermore, with the advent of fintech, these insurance startups are able to cater to a more extensive customer base, thereby transforming India’s insurance landscape.

Key aspects of this transformation include the following:

• A wider range of coverage options
• Streamlined claims processing
• Enhanced customer support

10 Best Insurtech Companies in India

1. Onsurity
2. PolicyBazaar
3. Acko General Insurance
4. Go Digit Insurance
5. InsuranceDekho
6. Even Healthcare
7. RenewBuy
8. SecureNow
9. Toffee Insurance
10. Turtlemint

1. Onsurity

Onsurity, an Indian-based health tech company, offers comprehensive, monthly employee healthcare and wellness plans designed to meet the needs of startups and small to medium-sized businesses.

Recognised as one of the leading insurtech companies in India, its innovative and affordable healthcare services are tailored for teams as small as three members.

Onsurity’s extensive catalogues include the following:

• Group health insurance
• Group term life insurance
• Group personal accident insurance
• Wellness initiatives.

The flexibility to upgrade plans and include family members makes Onsurity’s digital insurance products stand out, appealing particularly to those employers who understand the importance of employee welfare and its impact on productivity.

Impressively, Onsurity has influenced millions across 5,000+ companies in 26 Indian states. Their dedicated customer service team consistently receives positive feedback for their approachable nature and prompt service. With a strong commitment to digitalisation, Onsurity strives to maintain an efficient, paperless process.

Quick Read: Onsurity Secures $24 Million in Series B Funding

2. PolicyBazaar

PolicyBazaar, based in Gurgaon, India, with 1,001-5,000 employees has made a significant mark in the insurance sector. Between 2014 and 2018, the company raised over $238M in funds led by SoftBank Group. As an insurtech giant in India, PolicyBazaar simplifies buying insurance plans by offering:

• Life insurance
• Medical and health insurance
• Auto insurance
• Group and travel insurance

PolicyBazaar’s unique selling point is their ability to offer comparisons of various schemes in the market, evaluating them based on costs, coverage and features. They work with various insurance brokers to provide more than 250 insurance policies from about 50 insurance companies.

This comprehensive approach allows customers to make informed purchasing decisions tailored to their needs. Their clients have praised them for their website’s user-friendly interface, reliable information and prompt services.

Quick Read: Difference Between Life Insurance and Health Insurance

3. Acko General Insurance

Headquartered in Bangalore, India, Acko General Insurance is the first digital general insurance company in India. The insurtech startup began operations in 2016 and provides personalised rates based on data analytics.

As one of the leading insurance startups in India, Acko offers:

• Vehicle and cab insurance
• Bike Insurance
• Health Insurance
• Mobile Insurance

What sets Acko apart is its Ola Trip Insurance – a unique microinsurance solution that aids in cab passenger insurance. With Acko’s streamlined process, customers get customised pricing and swift claim settlements. Acko’s impressive claim settlement has been noted by their clients as one of its strongest suits.

Related Read: What is Employer Employee Insurance?

4. Go Digit Insurance

Based in Bengaluru, India, Go Digit Insurance is one of the leading insurtech companies in India. With a sizable employee network and a whopping total funding of over $200M since 2017, this digital insurance company is reshaping the Indian insurance industry.

Priding itself on customer-centricity and innovation, Go Digit offers various insurance products, such as:

• Car
• Travel
• House
• Commercial Vehicle Insurance

One unique feature is their coverage for flight delays exceeding 75 minutes. In contrast, other insurance firms that only cover delays beyond six hours. Also noteworthy is their “Pay As You Drive” (PAYD) scheme for car insurance that benefits customers who drive less.

Also, Read: Network and Non-network Hospitals

5. InsuranceDekho

Launched in 2016, InsuranceDekho is a frontrunner among insurtech companies in India, offering a range of insurance products online. This startup in India revolutionises buying and renewing insurance by facilitating quick issuance of policies.

The platform comes with dedicated support personnel operating 7 days/week to assist customers. Their transparent and speedy process serves over 50 lakh customers with comprehensive coverage options across health, term and motor insurance segments.

6. Even Healthcare

Even Healthcare is a well-recognised health-tech platform in India. Even Healthcare’s unique approach focuses on preventive care and wellness. The platform offers unlimited consultations with in-house doctors and specialists, free diagnostic tests, 24×7 access to medical professionals and personalised care on the basis of an individual’s lifestyle and medical history.

Furthermore, their managed care programme is aimed at keeping their members healthy. They also have a cashless health insurance scheme, which many have found beneficial.

Their innovative approach to healthcare has garnered positive testimonials from countless customers who particularly commend the platform’s 24×7 customer service, home sample collection convenience, cashless visits at partner hospitals, and seamless end-to-end service.

Even Healthcare’s resilience and forward-thinking strategy have led to remarkable collaborations. A prime example is their recent partnership with the UK self-care mobile app Healthily, adding another feather in their cap.

Also, Read: Why To Invest in Customised Healthcare Plans for Employees?

7. RenewBuy

RenewBuy is reshaping the insurance landscape in India. Launched in 2015, this insurance startup has simplified insurance for millions using bespoke technologies. Known for offering customised insurance solutions, they stand as a noteworthy digital insurance company in India. Here’s a glimpse of what they offer:

• Digitally-optimised process, leading to swift issuance of policy
• Diverse insurance portfolio covering motor, health and life insurance
• Round-the-clock customer care service

Collecting an impressive $40 million in funding proves the market’s belief in their model. Their customer testimonials reflect the satisfaction derived from their flexible, affordable plans.

8. SecureNow

An innovative player in the Indian insurtech world, SecureNow, was established in 2011. Their vision was to deliver unfettered commercial insurance solutions to small and medium-sized businesses utilising a robust insurtech system.

Within a decade, SecureNow has expanded its reach to more than 25,000 clients in India. They offer diverse insurance products ranging from liability and building to marine and group medical insurance.

Some of SecureNow’s unique offerings include its user-friendly smartphone app and a CRM platform, which streamlines the claims process. The company has raised more than $6M in funding in 2021 from investors like Charan Singh, Apis Partners, and Elevar Equity.

They have received praise from clients for their exceptional services and support, such as help with buying and renewing insurance policies digitally and offering dedicated claims support.

Also, Read: 7 Best Fitness Apps in India

9. Toffee Insurance

Toffee Insurance is an entirely digital insurtech firm targeting millennials, with tailor-made insurance solutions for routine risks. Having raised more than $5.5M from investors like Accion Venture Lab, Omidyar Network and Kalaari Capital, Toffee Insurance is rewriting the rules for digital insurance companies in India.

They’ve distinguished themselves by creating bite-sized insurance covers for urgent lifestyle requirements such as:

• Damages to bicycles or backpacks
• Injuries sustained at the gym or during daily commute
• Mosquito-borne illnesses like dengue and chikungunya

Through the use of behavioural data, artificial intelligence, and machine learning, they empower customers in their insurance journey.

Relevant Read: Top 5 HealthTech Products

10. Turtlemint

Set up in 2015 and with its headquarters in Mumbai, Turtlemint is a digital insurance aggregator that aims to simplify insurance by making it user-friendly and accessible.

They offer a marketplace for car, health and life insurance sectors. With funding of more than $120M from investors like Amansa Capital, Jungle Ventures, and Nexus Venture Partners, Turtlemint is one of the leading insurtech companies in India. Here’s what makes Turtlemint shine:

• Personalised insurance guidance with unique algorithm-based suggestions
• Robust panel of 40+ insurers
• A dedicated claim assistance team guiding you at every step

As you consider the plethora of insurance startups in India, remember that Turtlemint stands out among health insurance startups India trusts. Choose wisely for your business. Insurtech in India is poised to redefine your employee benefit programs.

Also, Read: What is Group Health Insurance Policy?

Benefits of Insurtech for Consumers

Increased innovation among insurtech startups in India has made insurance more accessible to consumers. Here are a few key advantages that insurtech companies bring to the table:

• Personalised Coverage: One-size-fits-all no longer applies here. These insurtech startups in India provide tailored plans suiting individual requirements.

• Hassle-free Process: The days of cumbersome paperwork are history. A digital insurance company in India ensures an easy buying process, swift claim settlements and transparency.

• Cost Saving: With operation costs reduced, these insuretech startups can provide economical premiums without compromising on coverage.

• Greater Access: The digital approach of insurtech companies democratises health coverage, extending its reach even to remote areas.

Challenges and Future of Insurtech

While the potential of insurance startups is tremendous, there are a few challenges that insurtech companies face. These include the following:

• Regulatory Compliance: Conforming to stringent regulations can be tough for budding insurance startups in India.

• Market Penetration: Since insurance is often a low-priority for many Indians, convincing them to purchase policies requires a strategic approach.

• Technological Adaptation: Not all consumers are tech-savvy. Ensuring that digital insurance platforms are user-friendly for everyone is vital.

These hurdles, although significant, provide opportunities for growth and innovation. The future of insurtech in India appears promising as companies strive to bridge the gap between traditional insurance models and contemporary insurtech solutions.

Within the insurance market, insurtech companies in India have emerged as game changers. Key players like health insurance startups in India are leveraging technology for automation to simplify procedures and reduce operational costs, leading to increased customer satisfaction.

Intriguingly, these insurtech companies are making judicious use of artificial intelligence and machine learning to make informed decisions, minimise fraud, and increase customer retention rates.

The future for insurtech companies appears promising. They’re set to unveil new possibilities, spearheading innovations that will revolutionise the insurance sector. If you’re eager to explore digital insurance options for your company, we invite you to explore Onsurity’s offerings. Let’s reimagine insurance together with Onsurity, one of the pioneering insurtech startups in India.

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