The InsurTech sector in India has been witnessing rapid growth and innovation, driven by advancements in technology and a strong demand for improved customer experiences. Here are the top 10 InsurTech startups in India that are making significant strides in revolutionizing the insurance industry:
1. Acko General Insurance
Acko General Insurance, founded by Varun Dua in 2016, is a digital-first insurance company based in Mumbai. Acko offers a variety of insurance products including car, bike, health, and electronics insurance. Known for its customer-centric approach, Acko leverages data analytics to provide personalized insurance products and ensures seamless, hassle-free claim settlements. The company has received funding from major investors like Amazon and Accel.
| Attribute | Details |
| Founded | 2016 |
| Founder | Varun Dua |
| Headquarters | Mumbai |
| Key Products/Services | Car, bike, health, and electronics insurance |
| Notable Features | Digital-first approach, personalized products, seamless claim settlements |
| Funding/Investors | Amazon, Accel |
Founded: 2016
Founder: Varun Dua
Headquarters: Mumbai
Acko General Insurance is a digital-first insurance company that aims to disrupt the traditional insurance model by leveraging technology. Acko offers a wide range of insurance products including car, bike, health, and even electronics insurance. What sets Acko apart is its customer-centric approach, focusing on personalized insurance products and seamless, hassle-free claim settlements. The company uses data analytics to assess risk and customize policies, providing a more accurate and fair pricing structure for customers. Acko has raised significant funding from investors like Amazon and Accel, underscoring its potential in the InsurTech space.
Also read: Top 10 HealthTech Startups in India
2. PolicyBazaar
PolicyBazaar, founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, is an online insurance aggregator headquartered in Gurugram. It allows customers to compare and purchase various insurance policies such as health, life, motor, and travel insurance. The platform emphasizes transparency and user-friendly access, helping customers make informed decisions. PolicyBazaar has expanded its offerings to include financial services and has secured investment from SoftBank, Info Edge, and Temasek.
| Attribute | Details |
| Founded | 2008 |
| Founder | Yashish Dahiya, Alok Bansal, Avaneesh Nirjar |
| Headquarters | Gurugram |
| Key Products/Services | Health, life, motor, and travel insurance |
| Notable Features | Online insurance aggregator, transparent policy comparison, extensive database |
| Funding/Investors | SoftBank, Info Edge, Temasek |
Founded: 2008
Founders: Yashish Dahiya, Alok Bansal, Avaneesh Nirjar
Headquarters: Gurugram
PolicyBazaar is one of the pioneers in the Indian InsurTech industry, operating as an online insurance aggregator. The platform allows customers to compare and purchase various insurance policies including health, life, motor, and travel insurance. PolicyBazaar has revolutionized the way insurance is bought in India by providing transparency and ease of access to insurance products. The platform’s extensive database and user-friendly interface enable customers to make informed decisions. PolicyBazaar has also expanded its offerings to include financial services like loans and credit cards.
Also read: Top 10 Fintech Startups in India
3. Digit Insurance
Founded by Kamesh Goyal in 2016, Digit Insurance is a Bengaluru-based company that simplifies insurance through technology. It offers products like health, motor, travel, and home insurance with a focus on straightforward policies and quick, digital claim settlements. Digit Insurance’s seamless processes and customer-friendly approach have attracted funding from Fairfax Financial Holdings.
| Attribute | Details |
| Founded | 2016 |
| Founder | Kamesh Goyal |
| Headquarters | Bengaluru |
| Key Products/Services | Health, motor, travel, and home insurance |
| Notable Features | Simplified policies, seamless digital processes, quick claim settlements |
| Funding/Investors | Fairfax Financial Holdings |
Founded: 2016
Founder: Kamesh Goyal
Headquarters: Bengaluru
Digit Insurance focuses on simplifying insurance through technology. The company offers a variety of insurance products including health, motor, travel, and home insurance. Digit is known for its straightforward policies and seamless digital processes, which make buying and claiming insurance hassle-free. The company uses advanced analytics and AI to streamline operations, ensuring quick claim settlements and efficient customer service. Digit has received backing from Fairfax Financial Holdings and has seen rapid growth in its customer base.
Also read: Top 10 Agritech Startups in India
4. Turtlemint
Turtlemint, established in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, is headquartered in Mumbai. It is an online platform that helps users compare and purchase insurance products such as health, motor, life, and travel insurance. Turtlemint also provides digital tools to insurance advisors, enhancing their ability to serve customers. The company is backed by investors like Sequoia Capital and Nexus Venture Partners.
| Attribute | Details |
| Founded | 2015 |
| Founder | Dhirendra Mahyavanshi, Anand Prabhudesai |
| Headquarters | Mumbai |
| Key Products/Services | Health, motor, life, and travel insurance |
| Notable Features | Online platform, empowers insurance advisors with digital tools, personalized recommendations |
| Funding/Investors | Sequoia Capital, Nexus Venture Partners |
Founded: 2015
Founders: Dhirendra Mahyavanshi, Anand Prabhudesai
Headquarters: Mumbai
Turtlemint is an online platform that simplifies the purchase of insurance products. It provides tools and information to help users make informed decisions about their insurance needs. Turtlemint’s platform allows customers to compare different insurance policies and buy them online. Additionally, it empowers insurance advisors with digital tools to enhance their services and reach a broader customer base. Turtlemint offers a wide range of insurance products including health, motor, life, and travel insurance. The company has raised significant funding from investors like Sequoia Capital and Nexus Venture Partners.
Also read: Top 10 CleanTech Startups in India
5. Toffee Insurance
Founded in 2017 by Nishant Jain and Rohan Kumar, Toffee Insurance is based in Gurugram. It offers microinsurance products tailored to specific needs, including insurance for gadgets, fitness-related risks, and travel. Toffee Insurance’s unique approach targets younger, tech-savvy consumers with affordable and customizable solutions. The company has received funding from Omidyar Network and Accion Venture Lab.
| Attribute | Details |
| Founded | 2017 |
| Founder | Nishant Jain, Rohan Kumar |
| Headquarters | Gurugram |
| Key Products/Services | Microinsurance for gadgets, fitness-related risks, travel, and more |
| Notable Features | Bite-sized insurance products, data-driven approach, affordable and customizable solutions |
| Funding/Investors | Omidyar Network, Accion Venture Lab |
Founded: 2017
Founders: Nishant Jain, Rohan Kumar
Headquarters: Gurugram
Toffee Insurance focuses on offering microinsurance products designed for specific needs. These include insurance for gadgets, fitness-related risks, travel, and more. The company’s unique approach makes insurance more relevant and accessible to younger, tech-savvy consumers. Toffee Insurance uses data analytics and technology to create bite-sized insurance products that are easy to understand and purchase. The company aims to address the protection gap in India by offering affordable and customizable insurance solutions.
Also read: Top 10 InsurTech Startups in India
6. Coverfox
Coverfox, founded by Varun Dua and Devendra Rane in 2013, is an online insurance broking firm headquartered in Mumbai. It offers a wide range of insurance products such as health, motor, life, and travel insurance. The platform focuses on user experience, providing transparent policy selection and personalized insurance recommendations. Coverfox also offers post-purchase support and has secured investments from SAIF Partners and Accel.
| Attribute | Details |
| Founded | 2013 |
| Founder | Varun Dua, Devendra Rane |
| Headquarters | Mumbai |
| Key Products/Services | Health, motor, life, and travel insurance |
| Notable Features | User-friendly platform, transparent policy selection, personalized insurance recommendations |
| Funding/Investors | SAIF Partners, Accel |
Founded: 2013
Founders: Varun Dua, Devendra Rane
Headquarters: Mumbai
Coverfox is an online insurance broking firm that simplifies the process of comparing and buying insurance policies. The platform offers products across various categories including health, motor, life, and travel insurance. Coverfox emphasizes user experience and transparency in policy selection and purchase. The company uses technology to provide personalized insurance recommendations and assist customers throughout the policy lifecycle, including claims support. Coverfox has received funding from prominent investors such as SAIF Partners and Accel.
Also read: Top 10 LegalTech Startups in India
7. Plum
Plum, established in 2019 by Abhishek Poddar and Saurabh Arora, is based in Bengaluru. It specializes in providing comprehensive and affordable employee health insurance plans for startups and SMEs. Plum leverages technology to streamline policy administration and offers wellness programs and mental health support. The company is backed by Sequoia Capital and Tiger Global Management.
| Attribute | Details |
| Founded | 2019 |
| Founder | Abhishek Poddar, Saurabh Arora |
| Headquarters | Bengaluru |
| Key Products/Services | Employee health insurance plans for startups and SMEs |
| Notable Features | Comprehensive and affordable plans, wellness programs, mental health support |
| Funding/Investors | Sequoia Capital, Tiger Global Management |
Founded: 2019
Founders: Abhishek Poddar, Saurabh Arora
Headquarters: Bengaluru
Plum is a B2B InsurTech startup that focuses on providing comprehensive and affordable employee health insurance plans for startups and SMEs. Plum leverages technology to streamline policy administration, making it easier for companies to offer robust health benefits to their employees. The company offers customizable health insurance plans that include wellness programs, preventive health checkups, and mental health support. Plum’s digital platform simplifies the onboarding process and provides employees with easy access to their health benefits.
Also read: Top 10 GovTech Startups in India
8. Lemonade
Originally a US-based company, Lemonade was founded in 2015 by Daniel Schreiber and Shai Wininger. It has recently expanded into the Indian market. Lemonade uses artificial intelligence and behavioral economics to provide renters and homeowners insurance, offering a seamless and efficient customer experience through its AI-driven platform. The company has received significant investment from SoftBank and Sequoia Capital.
| Attribute | Details |
| Founded | 2015 (US-based) India Entry (2021) |
| Founder | Daniel Schreiber, Shai Wininger |
| Headquarters | New York (US), expanding in India |
| Key Products/Services | Renters and homeowners insurance |
| Notable Features | AI-driven platform, behavioral economics, efficient customer experience, chatbots for claims |
| Funding/Investors | SoftBank, Sequoia Capital |
Founded: 2015 (US-based)
Founders: Daniel Schreiber, Shai Wininger
Indian Entry: 2021
Headquarters: New York (US), expanding in India
Lemonade is a US-based InsurTech company that has been making inroads into the Indian market. Lemonade uses artificial intelligence and behavioral economics to provide renters and homeowners insurance. The company’s innovative approach includes a digital platform that uses chatbots to sell policies and process claims, offering a seamless and efficient customer experience. Lemonade’s entry into India brings its customer-focused insurance solutions to a new market, potentially transforming the way insurance is bought and managed.
Also read: Top 10 RetailTech Startups in India
9. OneInsure
OneInsure, founded in 2008 by Amit Bhandari and Vikalp Chaturvedi, is headquartered in Mumbai. It offers a comprehensive platform for comparing and purchasing various insurance policies, including health, life, motor, and travel insurance. OneInsure emphasizes post-purchase support, including claims assistance and policy management, to ensure a smooth customer experience.
| Attribute | Details |
| Founded | 2008 |
| Founder | Amit Bhandari, Vikalp Chaturvedi |
| Headquarters | Mumbai |
| Key Products/Services | Health, life, motor, and travel insurance |
| Notable Features | Comprehensive platform, post-purchase support, claims assistance |
| Funding/Investors | Undisclosed |
Founded: 2008
Founders: Amit Bhandari, Vikalp Chaturvedi
Headquarters: Mumbai
OneInsure offers a comprehensive platform for comparing and purchasing insurance policies. The company provides services across health, life, motor, and travel insurance. OneInsure emphasizes post-purchase support, including claims assistance and policy management, to ensure customers have a smooth experience throughout their insurance journey. The platform’s user-friendly interface and extensive database of insurance products make it a valuable resource for consumers looking to make informed insurance decisions.
Also read: Top 10 PropTech Startups in India
10. Symbo Insurance
Founded in 2017 by Anik Jain, Anurag Chauhan, and Shivaraaj Subramaniam, Symbo Insurance is based in Mumbai. The company provides digital insurance solutions, focusing on simplifying the buying and selling processes. Symbo offers a wide range of insurance products and partners with various insurers to provide tailored solutions. The company is supported by investors like Insignia Ventures Partners and Dymon Asia.
| Attribute | Details |
| Founded | 2017 |
| Founder | Anik Jain, Anurag Chauhan, Shivaraaj Subramaniam |
| Headquarters | Mumbai |
| Key Products/Services | Health, life, motor, and travel insurance |
| Notable Features | Digital solutions, streamlined operations, flexible and scalable platform |
| Funding/Investors | Insignia Ventures Partners, Dymon Asia |
Founded: 2017
Founders: Anik Jain, Anurag Chauhan, Shivaraaj Subramaniam
Headquarters: Mumbai
Symbo Insurance provides digital insurance solutions focusing on simplifying the buying and selling processes. Symbo offers a wide range of insurance products and partners with various insurers to provide tailored solutions to customers. The company uses technology to streamline operations, reduce costs, and enhance customer experience. Symbo’s platform is designed to be flexible and scalable, catering to the needs of both individual customers and businesses.
Also read: Top 10 FoodTech Startups in India
Conclusion
The InsurTech sector in India is booming with innovation, driven by startups that are leveraging technology to enhance customer experiences and streamline insurance processes. These top 10 InsurTech startups are at the forefront of this transformation, making insurance more accessible, transparent, and user-friendly for the Indian market. As the industry continues to evolve, these companies are set to play a crucial role in shaping the future of insurance in India.
These startups are not only providing innovative insurance solutions but are also contributing to financial inclusion by making insurance products accessible to a broader segment of the population. Their success is a testament to the potential of technology to disrupt traditional industries and create value for consumers.
Also read:
Top 10 HealthTech Startups in India
Top 10 Fintech Startups in India
Top 10 Agritech Startups in India
Top 10 CleanTech Startups in India
Top 10 InsurTech Startups in India
Top 10 LegalTech Startups in India
Top 10 GovTech Startups in India
Top 10 RetailTech Startups in India
