Market dynamics

5 insurtech startups changing the dynamics of the insurance market

According to S&P Global Market IntelligenceIndia has the second largest insurtech market in the Asia-Pacific region after China. In fact, Mordor Intelligence predicts that by 2024, the online insurance market in India is expected to reach a value of around 220 billion rupees.

The growing popularity of digital channels made users prefer self-service portals for quick access and immediate results to their ever-changing financial and insurance needs. Moreover, users are now more aware of possible threats than ever before.

Your story curated a list of insurtech startups that are changing the dynamics of IIndian insurance industry by providing hassle-free solutions.

Coverfox

Founded in 2013 by Become Rana and Mumbai-based Varun Dua Inasmuch asCoverfox InsuranceInasmuch as provides online insurance brokerage services for health, travel, investment, home insurance, automobile, and motorcycles.

Devendra Rané

It aims to help offline agents go digital, boost their business, get instant and transparent quotes from insurers, increase operational efficiency, reduce paperwork and earn faster.

In late 2017, the Mumbai-based startup turned to insurance agents – around 2.6 million are registered under IRDA – and rolled out coverdrive, a B2B sales platform.

In a 2019 interview with Your storyspecifies the startup, in a little over a year, Coverdrive claims to have distributed nearly a million policies and recorded a 300% growth in earned premiums.

More than 50,000 insurance agents, most of whom had never sold a policy before, use the platform. Coverdrive app recorded 80,000+ downloads.

The startup is backed by leading investors, including NR Narayana Murthy, World Bank IFC, Inasmuch asSAIF PartnersInasmuch asand Accel Partners.

Caramel Insurance

Based on Gurugram Inasmuch asToffeeInasmuch as Insurance provides contextual and relevant insurance offers to a growing demographic of young people. Founded in 2017 by Nishant Jain and Rohan Kumar, it makes insurance accessible and affordable by creating multiple innovative single-event products in new categories.

Rohan Kumar, CEO and Co-Founder, Toffee Insurance

The startup says it takes less than 90 seconds to purchase insurance on the platform, and simple claims are processed in less than two hours through a digital interface.

“The underserved and disempowered segment of the Indian population can easily slide below poverty with a slight setback in health or income. Our goal is to create strong distribution partnerships contextual to the lifestyle products and risks of this target segment and to provide sufficient financial scaffolding,” Rohan said in a previous conversation.

As of December 2019, the startup had raised $5.5 million from IVM Intersurer and others to expand and leverage three areas – data and product, merchant and customer experience, and lateral distribution.

turtle mint

Founded in 2015 by Anand Prabhudesai, Kunal Shah, and Mumbai-based Dhirendra Mahyavanshi Inasmuch asturtle mintInasmuch as follows an online and offline insurance model, which gives recommendations to customers based on proprietary algorithms and data analytics.

It also offers a network of offline organizers to help you finalize the insurance purchase and provide claims assistance.

“We’ve seen very limited efforts to help insurance agents digitize their work, where they could have all the necessary tools at their disposal,” Dhirendra said.

In March 2021, the startup raised a $46m Series D funding round from Jungle Ventures to boost insurance distribution and innovation in India.

Risk protection

Founded in 2018 by Mumbai-based insurtech startup Suvendu Prusty, Sorabh Bhandari, Chiranth Patil and Vidya S. Inasmuch asRisk protectionInasmuch as enables businesses across all industries to deliver digital products and services to end customers through its “insurance in a box” value proposition.

Founders of Riskcovry

The startup claims that it gives all the essential building blocks to its partners to offer insurance to its users’ services, underwritten by technology from reputable insurers to manage customer touchpoints and digital methods for the policy issuance, management and claims, all under one roof.

“Insurance is a very pushy type of product, and we’ve pivoted to an idea where we become a technology one-stop-shop for the distribution of these products,” Chiranth said, in a conversation with Your story.

In March 2021, the startup raised $5 million in a Series A led by Omidyar Network India to invest across all core functions including product, partnerships, growth, technology and data science.

RenewBuy

Founded by Balachander Sekhar and Indraneel Chatterjee in 2015, Digital insurance aggregator based on Gurugram Inasmuch asRenewBuyInasmuch as operates as a digital agent model, which provides transparency and instant insurance at a lower cost, and offers auto health insurance, as well as personal accident coverage.

(L to R) Devesh Joshi (CMO), Balachander Sekhar (CEO), Sandeep Nanda (CTO), Sulbha Rai (HR Head), Harman Preet Singh (CDO) and Indraneel Chatterjee (Principal Officer)

“Insurance penetration in India continues to be low at around 3.76%. Insurance demand is strong in India; supply has always been a gap. At RenewBuy, we have addressed this issue by creating a cutting-edge technology solution that over 50,000 POSP advisors use in over 650 cities,” Balachander said in an earlier conversation with Your story.

He added: “We take insurance in the most remote part of the country, which is traditionally underserved.”

The startup uses AI throughout the consumer insurance lifecycle — from purchasing insurance to servicing and claiming settlements.

In August 2021, the startup raised an additional $10 million to close a $55 million Series C funding round from Evolvence Capital (Evolvence India Fund).