InsurTech startups in India are focused on addressing various pain points in the insurance sector, including complex and time-consuming processes, lack of transparency, limited product options, and difficulties in customer engagement. By leveraging technology, these startups aim to simplify insurance operations, improve customer experience, and promote financial inclusion by reaching underserved segments of the population.
These InsurTech startups offer a wide range of innovative solutions across different insurance domains, including health insurance, motor insurance, life insurance, travel insurance, and more. They provide online platforms and mobile applications that enable users to compare policies, purchase insurance plans, file claims, and access personalized recommendations based on their unique requirements.
“Insurance Reinvented: India’s Top 15 InsurTech Startups Driving Transformation”
Agara Labs
Founder: Arjun Maheswaran, Abhimanyu Saxena
CEO: Abhimanyu Saxena
Year: 2017
Impact: Agara Labs is an artificial intelligence (AI) company that provides conversational AI solutions for customer service and support. While not solely focused on insurance, their technology can be applied in various industries, including insurance, to improve customer interactions and support processes.
InsureFirst
Founder: Varun Dua
CEO: Varun Dua
Year: 2017
Impact: InsureFirst is an InsurTech company that offers insurance products and services. They provide personalized insurance solutions and focus on simplifying the insurance buying process for customers.
ClaimGenius
Founder: Sasidhar V. Chavali
CEO: Sasidhar V. Chavali
Year: 2016
Impact: ClaimGenius is an InsurTech company specializing in artificial intelligence and computer vision. They provide solutions for automated vehicle damage assessments and claims processing, streamlining the claims management process for insurers.
HDFC ERGO
Founder: HDFC Ltd., ERGO International AG
CEO: Ritesh Kumar
Year: 2002
Impact: HDFC ERGO is one of the leading general insurance companies in India. They offer a wide range of insurance products, including motor insurance, health insurance, travel insurance, and more. With a focus on customer-centric solutions, they leverage technology to enhance the insurance experience.
Raheja QBE
Founder: Praveen Gupta
CEO: Pankaj Arora
Year: 2008
Impact: Raheja QBE is a general insurance company providing a range of insurance products, including motor insurance, health insurance, home insurance, and more. They strive to offer innovative and customer-friendly insurance solutions.
Toffee Insurance
Founder: Nishant Jain, Rohan Kumar, Harshid Pandya, and Pradeep Prasad
CEO: Nishant Jain
Year: 2017
Impact: Toffee Insurance is an InsurTech startup that offers bite-sized insurance policies for everyday risks. They focus on providing affordable and accessible insurance coverage tailored to the needs of millennials and the digital-savvy population.
Plum
Founder: Abhishek Poddar, Saurabh Arora
CEO: Abhishek Poddar
Year: 2019
Impact: Plum is an InsurTech startup that offers group health insurance solutions for small and medium-sized enterprises (SMEs). They provide digital-first and customizable health insurance plans to cater to the needs of employees in SMEs.
UniApply
Founder: Prashant Shrivastava
CEO: Prashant Shrivastava
Year: 2018
Impact: UniApply is an education technology company that provides a platform for students to discover, compare, and apply for higher education programs. While not solely an InsurTech startup, they may offer insurance-related services or partnerships to cater to students’ insurance needs.
Broctagon Fintech Group
Founder: Don Guo, Yoav Aziz
CEO: Don Guo
Year: 2009
Impact: Broctagon Fintech Group is a global technology company specializing in financial and blockchain solutions. While not exclusively focused on insurance, they may offer technology solutions or services that can be applied in the insurance industry.
OneInsure
Founder: Ankit Garg
CEO: Ankit Garg
Year: 2011
Impact: OneInsure is an insurance broking platform that offers a range of insurance products and services. They aim to simplify the insurance buying process and provide personalized insurance solutions to individuals and businesses.
Insuremile
Founder: Mallesh Reddy, Satishwar Reddy, Venkat Raghavendra, and Shashidhar Mopuri
CEO: Shashidhar Mopuri
Year: 2017
Impact: Insuremile is an InsurTech company that offers an online insurance marketplace. They provide a platform for customers to compare and purchase insurance policies from multiple insurers, offering convenience and choice.
Riskcovry
Founder: Suvendu Prusty, Sorabh Bhandari
CEO: Suvendu Prusty
Year: 2018
Impact: Riskcovry is an InsurTech startup that provides a modular and customizable insurance platform. It enables businesses to offer innovative insurance products and services to their customers through digital channels.
Coverfox
Founder: Varun Dua, Devendra Rane
CEO: Premanshu Singh
Year: 2013
Impact: Coverfox is an online insurance broker and comparison platform. They offer a wide range of insurance products, including motor insurance, health insurance, travel insurance, and more. Their platform simplifies the insurance buying process and provides personalized policy recommendations.
InsuranceDekho
Founder: Ankit Agrawal
CEO: Ankit Agrawal
Year: 2017
Impact: InsuranceDekho is an online insurance platform that enables customers to compare and purchase insurance policies. They offer a wide range of insurance products, including motor insurance, health insurance, and more, and provide a seamless digital experience for insurance buyers.
Toffee Insurance
Founder: Nishant Jain, Rohan Kumar, Harshid Pandya, and Pradeep Prasad
CEO: Nishant Jain
Year: 2017
Impact: Toffee Insurance is an InsurTech startup that offers bite-sized insurance policies for everyday risks. They focus on providing affordable and accessible insurance coverage tailored to the needs of millennials and the digital-savvy population.
