July 20, 2024
Discover the top 10 InsurTech startups in India revolutionizing the insurance industry with innovative digital solutions. These companies, including ACKO, Digit Insurance, Policybazaar, Medi Assist, RenewBuy, Zopper, InsuranceDekho, Plum, Religare, and PB Fintech, offer a range of products and services such as auto, health, and life insurance, as well as healthcare benefits administration and trading platforms. With significant funding and advanced technology, these startups are making insurance more accessible, transparent, and user-friendly for consumers and businesses alike.

InsurTech startups are pioneering the transformation of the traditional insurance industry by leveraging innovative technologies to streamline processes, enhance customer experience, and drive efficiency. These startups utilize advanced analytics, artificial intelligence, machine learning, and digital platforms to offer a wide range of insurance products and services tailored to modern consumers’ needs. From digital insurance platforms enabling seamless policy purchases and claims processing to data-driven risk assessment models and personalized insurance offerings, InsurTech startups are reshaping the landscape of insurance by making it more accessible, transparent, and adaptable to the digital age. With their agility, tech-savvy approach, and focus on customer-centric solutions, InsurTech startups are driving significant disruption and innovation within the insurance sector, ultimately improving outcomes for both insurers and policyholders.

1.ACKO

Overview: Founded in 2016 and based in Bengaluru, ACKO is a multi-category digital insurance provider offering a range of insurance solutions for individuals and businesses. Their products include auto, health, employee, and device insurance.

Innovation: ACKO leverages technology to simplify insurance processes, providing a fully digital platform for purchasing, administering, and claiming insurance. Their solutions include micro insurance and vehicle paperwork management, enhancing convenience and efficiency.

Impact: With substantial funding and a high Tracxn score, ACKO has significantly disrupted the traditional insurance market in India, making insurance more accessible and user-friendly through digital solutions.

Key FactsDetails
Founded Year2016
LocationBengaluru, India
StageSeries E
Funding$489M
InvestorsCPP Investments, General Atlantic, and 40 Others
Tracxn Score87/100
Competitors Rank1 of 32 Competitors
ACKO Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.acko.com/

2. Digit Insurance

Overview: Digit Insurance, established in 2016 in Bengaluru, offers app-based insurance products such as auto, health, travel, and flight delay insurance. It is known for its user-friendly platform and digital consultant tools.

Innovation: Digit Insurance uses digital tools and a robust app platform to help customers choose suitable insurance coverage. Their digital-first approach simplifies claims processing and enhances customer experience.

Impact: Digit Insurance has attracted substantial investment and gone public, indicating its strong market presence and trust. It has improved the accessibility and simplicity of insurance products for a wide range of customers.

Key FactsDetails
Founded Year2016
LocationBengaluru, India
StagePublic
Funding$544M
InvestorsPeak XV Partners, TVS Capital Funds, and 10 Others
Tracxn Score82/100
Competitors Rank2 of 11 Competitors
Digit Insurance Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.godigit.com/

3. Policy bazaar

Overview: Policy bazaar, founded in 2008 and headquartered in Gurgaon, is an online platform that helps consumers compare and purchase various life and general insurance plans.

Innovation: By offering an extensive comparison of insurance products, Policy bazaar empowers consumers to make informed decisions. The platform’s comprehensive database and user-friendly interface streamline the insurance selection process.

Impact: Policy bazaar has transformed the insurance buying experience in India, making it easier for consumers to access and compare insurance products. Its public listing reflects its significant role in the industry.

Key FactsDetails
Founded Year2008
LocationGurgaon, India
StagePublic
Tracxn Score77/100
Competitors Rank1 of 140 Competitors
Policy bazaar Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.policybazaar.com/

4. Medi Assist

Overview: Medi Assist, founded in 2002 in Bengaluru, provides healthcare benefits administration services, focusing on employees. Services include managing prescriptions, test reports, medical history, and facilitating claims.

Innovation: Medi Assist has developed technology for efficient healthcare management, enabling online access to medical history and streamlined claims processes. Their collaboration with healthcare providers enhances service delivery.

Impact: Medi Assist has improved the administration of healthcare benefits, making healthcare more manageable for employees and employers. Its significant funding and public listing highlight its industry influence.

Key FactsDetails
Founded Year2002
LocationBengaluru, India
StagePublic
Funding$28.9M
InvestorsBessemer Venture Partners, Innoven Capital, and 37 Others
Tracxn Score75/100
Competitors Rank10 of 1,126 Competitors
Medi Assist Details in Table
Read more: Top 10 InsurTech Startups in India:

https://mediassist.in/

5. Renew Buy

Overview: Established in 2015 and based in Gurgaon, Renew Buy is an insurance platform that offers multiple insurance policies and financial products. It helps customers find insurance plans by comparing quotes from various providers.

Innovation: Renew Buy uses technology to provide a seamless comparison and purchasing experience for insurance products, including health, life, and motor insurance. Their platform simplifies the insurance selection process.

Impact: Renew Buy has increased transparency and choice in the insurance market, helping customers find the best deals. Its series D funding indicates strong investor confidence and market potential.

Key FactsDetails
Founded Year2015
LocationGurgaon, India
StageSeries D
Funding$145M
InvestorsInnoven Capital, responsAbility, and 37 Others
Tracxn Score73/100
Competitors Rank2 of 140 Competitors
Renew Buy Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.renewbuy.com/

6. Zopper

Overview: Zopper, founded in 2011 in Noida, is an API-enabled insurance distribution platform. It provides solutions for B2C companies to distribute various insurance products, including automobile, health, and life insurance.

Innovation: Zopper leverages deep-tech APIs to enable seamless insurance distribution, customer engagement, and digital onboarding. Their technology-driven approach enhances efficiency for both businesses and consumers.

Impact: Zopper has facilitated greater integration of insurance products into various consumer platforms, expanding the reach and accessibility of insurance. Its substantial funding and top ranking among competitors reflect its success.

Key FactsDetails
Founded Year2011
LocationNoida, India
StageSeries C
Funding$96M
InvestorsBessemer Venture Partners, Ventureast, and 19 Others
Tracxn Score72/100
Competitors Rank1 of 47 Competitors
Zopper Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.zopper.com/

7. Insurance Dekho

Overview: Insurance Dekho, founded in 2016 in Gurgaon, is an online insurance comparison platform. It helps users choose and compare multiple policies for health, cars, and bikes, offering support during claim settlements.

Innovation: The platform simplifies the insurance selection process through detailed comparisons and easy-to-navigate options, enhancing user convenience and decision-making.

Impact: Insurance Dekho has made insurance more accessible and transparent for consumers, helping them find the best policies. Its series B funding and competitive ranking demonstrate its significant market impact.

Key FactsDetails
Founded Year2016
LocationGurgaon, India
StageSeries B
Funding$310M
InvestorsEurazeo, Investcorp, and 22 Others
Tracxn Score72/100
Competitors Rank3 of 140 Competitors
Insurance Dekho Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.insurancedekho.com/

8. Plum

Overview: Plum, established in 2019 and headquartered in Bengaluru, offers a cloud-based platform for managing employee health benefits. It covers a range of services, including dental care, nutrition, mental wellness, and hospitalization.

Innovation: Plum’s comprehensive platform integrates various health benefits, providing holistic care for employees and their families. Their digital-first approach ensures efficient management of health benefits.

Impact: Plum has enhanced the provision of employee health benefits, making comprehensive care accessible to more employees. Its early-stage funding and high ranking among competitors reflect its growing influence.

Key FactsDetails
Founded Year2019
LocationBengaluru, India
StageSeries A
Funding$20.7M
InvestorsPeak XV Partners, Tiger Global Management, and 40 Others
Tracxn Score72/100
Competitors Rank17 of 986 Competitors
Plum Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.plumhq.com/

9. Religare

Overview: Founded in 1984 and based in Noida, Religare provides an online trading platform for stocks, commodities, and investment products, offering market insights and support services to investors.

Innovation: Religare’s platform leverages technology to provide valuable market insights, trading support, and investment tools, enhancing the trading experience for users.

Impact: Religare has established itself as a significant player in the financial services sector, aiding investors with comprehensive trading solutions. Its public listing and competitive ranking underscore its market presence.

Key FactsDetails
Founded Year1984
LocationNoida, India
StagePublic
InvestorsAres Management, Burman Family Holdings, and 5 Others
Tracxn Score70/100
Competitors Rank16 of 774 Competitors
Religare Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.religareonline.com/

10. PB Fintech

Overview: PB Fintech, founded in 2008 in Gurgaon, is an online comparison platform for life and non-life insurances, offering solutions for risk assessment, fraud detection, and underwriting.

Innovation: PB Fintech uses advanced models for risk assessment and fraud detection, providing reliable and efficient insurance comparison and underwriting solutions.

Impact: PB Fintech has improved the insurance selection process, helping consumers find suitable insurance products. Its substantial funding and competitive ranking highlight its importance in the industry.

Key FactsDetails
Founded Year2008
LocationGurgaon, India
StagePublic
Funding$596M
InvestorsTemasek, Tencent, and 209 Others
Tracxn Score70/100
Competitors Rank4 of 140 Competitors
PB Fintech Details in Table
Read more: Top 10 InsurTech Startups in India:

https://www.pbfintech.in/

FAQ: Top 10 InsurTech Startups in India

Q1.What is ACKO and what services does it offer?
Founded in 2016, ACKO is a digital insurance provider based in Bengaluru, India. It offers a variety of insurance products, including automobile, health, employee, and device insurance. ACKO’s platform simplifies insurance management by providing digital solutions for purchasing, administering, and claiming insurance.

Q2.How does Digit Insurance stand out in the market?
Digit Insurance, established in 2016 in Bengaluru, is known for its app-based platform that offers auto, health, travel, and flight delay insurance. The company uses digital tools to help customers select suitable insurance coverage and simplifies the claims process, enhancing overall customer experience.

Q3.What is the primary focus of Policy bazaar?
Policy bazaar, founded in 2008 and headquartered in Gurgaon, is an online platform that allows consumers to compare and purchase various life and general insurance plans. By offering extensive comparisons and a user-friendly interface, Policy bazaar empowers consumers to make informed insurance decisions.

Q4.What services does Medi Assist provide?
Medi Assist, established in 2002 in Bengaluru, provides healthcare benefits administration services primarily for employees. Its offerings include managing prescriptions, test reports, medical history, and facilitating reimbursement claims, thus improving healthcare management for organizations.

Q5.How does Renew Buy help consumers with their insurance needs?
Renew Buy, founded in 2015 and based in Gurgaon, is an insurance platform that offers a range of insurance policies and financial products. It helps customers find suitable insurance plans by comparing quotes from various providers, thereby simplifying the insurance selection process.

Q6.What makes Zopper unique in the InsurTech industry?
Zopper, established in 2011 in Noida, is an API-enabled insurance distribution platform. It provides solutions for B2C companies to distribute various insurance products, including automobile, health, and life insurance, using deep-tech APIs to enhance customer engagement and digital onboarding.

Q7.What does Insurance Dekho offer to its users?
Insurance Dekho, founded in 2016 and headquartered in Gurgaon, is an online insurance comparison platform. It enables users to compare and select multiple policies for health, cars, and bikes, and provides technical support and assistance during claim settlements, making the insurance process more transparent and accessible.

Q8.What type of services does Plum provide?
Plum, founded in 2019 in Bengaluru, offers a cloud-based platform for managing employee health benefits. The platform covers various services, including dental care, nutrition, mental wellness, and hospitalization, providing comprehensive health benefits management for employees and their families.

Q9.What is Religare known for in the financial services sector?
Religare, founded in 1984 and based in Noida, provides an online trading platform for stocks, commodities, and investment products. It offers market insights and support services to investors, leveraging technology to enhance the trading experience and provide valuable market information.

Q10.How does PB Fintech contribute to the insurance industry?
PB Fintech, established in 2008 in Gurgaon, is an online comparison platform for life and non-life insurances. It offers solutions for risk assessment, fraud detection, and underwriting, helping consumers find suitable insurance products through reliable and efficient comparison and underwriting solutions.

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