The insurance penetration essentially depends on the level of disposable income in the country and the sector is less than 5% of the GDP. Insurance is recognized as one of the oldest industries with conventional practice in both -life & non life insurance. In today’s rapidly evolving world, the importance of insurance cannot be overstated. It’s the safety net that shields us from unexpected financial hardships, providing a sense of security and peace of mind. However, despite its undeniable significance, there exists a considerable gap between the insurance coverage people need and what they actually have. This protection gap has left many vulnerable, especially in times of crisis. Fortunately, the world of finance and technology has given birth to a new wave of innovators – finsuretech startups.
These trailblazing startups are on a mission to not only bridge the protection gap but also revolutionize the insurance industry, making it more accessible and efficient than ever before. From leveraging cutting-edge technologies to redefining traditional insurance models, these startups are reshaping the landscape of financial protection.
Bima Pay-
BimaPay (BimaPay Finsure Private Limited), is a lending service provider that facilitates personal loans for the purpose of insurance premium payments through its partner lenders. Their aim is to help its customers have easy access to their insurance by providing them flexible payment options for insurance premiums. The entire process is done without any manual intervention.
Bimaplan
Bimaplan is an insurtech startup helping drive insurance adoption through technology. India has a low insurance penetration, and the low/middle income population is underserved by legacy insurers and distributors. Bimaplan’s full-stack embedded insurance platform enables businesses to seamlessly distribute relevant insurance products to their customers. They partner with financial services companies, technology startups, e-commerce platforms, and companies in various segments to build customized insurance products for their users. Bimaplan is recognized by the Center for Financial Inclusion as one of the emerging global insurtech startups driving financial inclusion.
Digit Insurance:
It’s a startup which is reimagining products, and redesigning processes. It goes back to the basics and helping build a simple and transparent insurance solutions, that matter to people. It leverages modern technology to simplify insurance and have roped in Virat Kohli as its ambassador.
Acko:
Started way back in 2016, entered as India’s first digital insurer, and are currently the fastest growing insurance company in the country. In a span of three years, It has revved up insurance with technology and given it a snazzy makeover—we’ve taken it online, wiped out much of the paperwork associated with it, created products that are a cut above the ho-hum, and sold them to over 50 million unique customers. Its micro-insurance product—Ola Trip Insurance, which insures cab passengers, was awarded the Golden Peacock Innovative Product last year.
Policy Bazaar:
Founded back in 2008, with one objective: bringing transparency in insurance, Policy Bazaar today is e India’s best & largest online insurance marketplace. Over 9+ million (90 lakh+) individuals have come to us & bought the best insurance plans from the top insurers in the country. We have sold over 19 million policies since inception with pioneering technologies & innovations to the field continues to grow.
