This article showcases our top picks for the best India based InsurTech companies. These startups and companies are taking a variety of approaches to innovating the InsurTech industry, but are all exceptional companies well worth a follow.
We tried to pick companies across the size spectrum from cutting edge startups to established brands.
We selected these startups and companies for exceptional performance in one of these categories:
- Innovative ideas
- Innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
Top India InsurTech Companies
Digit is a general insurance company started by Kamesh Goyal and backed by the Fairfax Group. Its services include car insurance, travel insurance, home insurance, commercial vehicle insurance, and shop insurance.
The company is driven by a mission to reimagine products and redesign price processes.. .
Acko General Insurance
Acko General Insurance is an online insurance policy provider with its entire operations offered through the digital platform. It creates products and delivers opportunities in areas such as personalized insurance products based on user consumption behaviors.
Acko offers bite-sized insurance products for drivers and others working in transportation and related sectors. It has also expanded its catalog and began offering similar policies in healthcare.
The company was co-founded by Varun Dua and Ruchi Deepak in 2016.. .
Artivatic empowers insurance, broker & re-insurance businesses and developers to re-imagine insurance products for the next billion users. Artivatic builds low-cost, modular API infrastructure so that you can go live in a matter of days, not months.
The Artivatic is developing its propertioery cutting edge solutions to enable enterprises for 1 Billion people to get access to insurance, financial and health benefits with alternative data sources to increase their productivity, efficiency, automation power, and profitability, hence improving their way of doing business more intelligently seamlessly. Artivatic offers insurance underwriting, distribution, sales, agent efficiency, enabling branches /offices to go digital, fraud, prediction, personalization, recommendation, risk profiling, consumer profiling intelligence, KYC Automation & Compliance, automated decisions, monitoring, claims processing, sentiment/psychology behaviour, auto insurance claims, travel insurance, disease prediction, device based health profiling, wellness, APIs, and more.
It enables businesses to have in-depth multi source data focused intelligence & decisions. Our Pilots have demonstrated more than 50% of efficiency, 90% reduction in turnaround time, 80% better fraud identification, 70% less cost reduction, more than 60% consumer engagement, more than 40% better risk delinquencies identification and intelligence in near real time..
Coverfox Insurance is an insurtech platform that provides hassle-free online insurance broking services. It offers car, bike, health, travel, terms, investments, and home insurance products.
They also provide end-to-end support for claims. They have partnered up with 35+ insurance providers to provide the best policies and plans at the best possible premiums.
Coverfox Insurance Broking was incorporated in 2013 and is based in Mumbai, Maharashtra, India.. .
Toffee Insurance is making insurance affordable, relevant and accessible for everyone with its one simple plan that covers for health, life, household and more. Be it small insurance packs for your day to day possessions, topical health hazards or protecting you and your family for life, Toffee does all the heavy lifting in easy monthly payments.
Find your Toffee here: www.toffeeinsurance.com!. .
BimaPe simplifies Insurance and its Management for individuals and families across India. We are not in the business of selling insurance, we are in the business of helping consumers make informed insurance decisions.
Our goal is to put your insurance on “autopilot” — ‘BimaPe Bharosa Karo’. .
Mantra Labs pvt Ltd
Mantra Labs is a global technology development company that builds & designs world class customer-first products through experience strategy consulting, deep tech & engineering services for evolving enterprises.
With a team of 200+ technology tinkerers and experimenters, Mantra Labs is building the Future of Intelligent Experiences for consumer enterprise giants like Ola, Myntra, Quikr & Alkem. Mantra Labs also solves the most pressing front & back-office challenges for leading insurance enterprises like SBI General, Care Health, AIA Hong Kong & Pramerica among others.
As an Insurtech, Pentation Analytics enables insurers and intermediaries to better engage with policy holders. With our Insurance Analytics Suite, we create a new data asset for the company.
We provide predictive intelligence and process automation tools addressing the core insurance use-cases of increasing retention, cross-sales and optimizing claims. Insurance Analytics Suite® is a one stop analytical platform for Motor, Health, P&C, and Life insurance.
The process automation & predictive intelligence product enables end-to-end solutions to benefit both Insurance companies and Intermediaries. Proprietary algorithms enable policy-level scoring based on the level of renewal risk they possess.
Ensemble scoring models enable insurers to get precise insights about different policies. Operational optimization algorithm ensures automated allocation of policy (channel wise) to callers/agents to maximize retention.
Analyzing customer feedback data: Insurance Analytics Suite utilizes unstructured data such as feedback (text/voice), claims (files/images) and web activity data to enable multiple interventions across the renewal/ sales process. Flexible deployment – On premise or on cloud: Rapidly deployed modular solutions to transform and run a wide variety of operations while reducing risk exposure.
Deploy Insurance Analytics Suite on premise or on cloud. Pentation Analytics also offers cutting edge analytics to Banking, Financial Services, Capital Markets and Payments sectors.
Paysack helps Fintechs or startups build and launch fintech products in the quickest possible time. A single API platform for banking, payments, card issuance, cash management, insurance, investing, and payroll.
3rd party apps wanting to enable any of these services inside of their offerings are provided a single API layer without directly having to work with multiple API teams across companies. Neobank for students, closed loop wallet with payments using cards/QR codes, etc? Contact us..
Compare Policy is an IRDAI licensed Insurance Web Aggregator, providing insurance buyers an online platform to compare and choose the best-suited plan. They offer their customers with the opportunity to compare premium rates for all leading Insurance players, compare their prices, key features and make an informed buying decision.
Their technology enriched, smooth comparison engine provides unbiased information which is user-friendly. They, at Compare Policy, are committed in providing the best insurance solutions to their customers with the help of their team of experts.
Their highly experienced expert team assists the customers with the best insurance deals, which is hassle free and best fit, in the quickest possible time.They are partnered with all Top Insurance players in the market. Established in the year 2015, Compare Policy has managed to reach out to a considerable number of customers across the country within a short span of time through their dedicated and convenient services..
Hansa Solutions is produly offering to its esteemed Insurance customers with most innovative, robust and reliable advanced solutions that improve bottom line and enhanced efficiencies in their Insurance business processes. Hansa Solutions incorporated on 30th November 2006 with a three member team, with one solution and one client.
The research and development activities were started in 2007 with expert team from Actuarial Science and Insurance Business background. The outcome is “ReNova”, a first of its kind novel system for Reinsurance Administration.
Hansa Solutions provides mission-critical software and IT services to institutions, virtually in every segment of the Insurance Industry. The primary purpose of these systems is to automate many detailed processes associated with Insurance.
They offer core end-to-end software solutions for the Insurance and Reinsurance markets. Hansa is one of the fastest growing software service providers in Insurance sector, backing from leading Insurance and Reinsurance giants.
They pride to claim that major Reinsurance companies recommend Hansa products to be deployed in place of non-scalable solutions.. .
SME MaXX is a multi-service platform for SMEs. They have loan recommendation engine that connect SMEs to appropriate lender and moderate interest rate on existing loan.
Insuretech tool creates risk profile for the SME and provides advisory on purchasing right coverage for their needs through a network of trusted Insurance brokers. SMEs can avail all services they might need for their business through a single platform so they don’t have to go anywhere else.
For every transaction SMEs earn points which can be redeemed against personal or business use. Platforms include: Finance, Insurance, Business Growth, HR, Technology and Shopping..
Insurax is an exclusive online insurance comparison portal that provides protection through insurance.They provide an unbiased and most competitive comparison between insurance policies and a wide range of product options to choose from. It is an easy-to-use platform which attends to your every insurance need.
Simple interface, more options, instant quote and personalized service. they get the lowest possible rates directly from the insurance companies.
Prices are displayed here without bias. Hence, customer has the final word.
Buying insurance with reliability has never been so easy. Simply providing best quotes does not end their role.
they feel it is their moral responsibility to guide you through the whole process of buying insurance. their dedicated team of professionals is always there at your disposal..
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