While the Covid-19 pandemic caused havoc across industries & sectors, the demand for insurance products has increased, as consumers became more aware of the importance of insurance to protect people from financial losses during the time of emergency. Therefore, the increase in sales of insurance led to a rise in the demand for premium financing since consumers purchased insurance because of the rising awareness. But, to pay the premium amount, consumers adopted premium financing, which actually led to a growth of the market. Thus, COVID-19 positively impacted the premium finance market forecast.
India is the fifth largest life insurance market in the world’s emerging insurance markets, growing at a rate of 32-34% each year
However, the loan application process and risk of default in premium payment is expected to hamper the market growth. Contrarily, the rise in adoption of internet-of-things and the usage of artificial intelligence (AI) insurance platforms can be seen as an opportunity for the market.
So looking at importance of tech connected insurance, here are 5 insurtech startups causing a disruption in the premium financing sector without any manual intervention:
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.
Finsall: Finsall has pioneered India’s insurance premium financing industry and it is determined to maintain its position as the most trusted partner for the ecosystem. As of now it has worked with 30,000+ intermediaries and served around 500 + cities/towns impacting over 70,000+lives.
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
