National Insurance Awareness Day 2023: Five tech-enabled insurtech startups bridging the insurance divide in India
Insurance, as a means of managing risks, was not widely accepted in India until recently. It remains unfamiliar to many individuals residing in semi-urban and rural areas. Consequently, the level of insurance penetration in India has traditionally been extremely low, particularly in the non-life segment, where it stood at a mere 4% in 2022.
Historically, the insurance sector in India was dominated by public sector companies. However, these state-owned insurers were ill-prepared to cater to the vast market due to several evident reasons. They lacked the ability to innovate their product offerings and were slow to adopt the technology. Furthermore, limited financial resources posed a significant obstacle for them.
However, the new-age insurtech companies are transforming the insurance industry in India by bridging the gap between traditional insurers and untapped markets. These startups are streamlining the sector and increasing the adoption rate with their tech prowess.
Riskcovry: Riskcovry is a B2B2C insurtech startup that provides a cloud-based platform for businesses to distribute any type of insurance product across any channel. Riskcovry enables businesses to offer insurance as a value-added service to their customers without having to worry about the regulatory, operational, or technological complexities involved. Riskcovry also offers a suite of APIs that allow businesses to integrate insurance into their existing workflows and systems. Riskcovry aims to democratise insurance distribution and make it accessible and affordable for everyone.
Digit Insurance: Digit Insurance is a general insurance company that offers simple and transparent products across categories such as health, motor, travel, and home. Digit Insurance uses technology to simplify the entire insurance process, from buying to claiming. Digit Insurance also leverages data and analytics to provide personalised and dynamic pricing, as well as smart features such as smartphone-enabled self-inspection and instant claim settlement. Digit Insurance has partnered with various platforms such as Amazon, Flipkart, Paytm, Cleartrip, and Policybazaar to reach out to customers.
Acko: Acko is a digital-first general insurance company that offers products such as car, bike, health, and travel insurance. Acko uses data and technology to create customised and low-cost insurance policies for customers based on their behaviour and preferences. Acko also offers hassle-free claims and services through its online platform and network of partners. Acko has collaborated with various digital platforms such as Ola, Amazon, Zomato, redBus, and UrbanClap to provide contextual and on-demand insurance solutions to customers.
Turtlemint: Turtlemint is an online insurance platform that helps customers compare and buy various types of insurance policies from different insurers. Turtlemint uses artificial intelligence and machine learning to provide personalised recommendations and guidance to customers based on their needs and preferences. Turtlemint also offers a network of trained advisors who assist customers throughout their insurance journey. Turtlemint covers products such as health, life, motor, travel, and business insurance.
Plum: Plum is a group health insurance platform that enables employers to provide affordable and comprehensive health benefits to their employees. Plum uses technology to streamline the entire health insurance process, from policy design to enrollment to claims management. Plum also offers features such as telemedicine, health check-ups, fitness rewards, and wellness programs to enhance the employee health experience. Plum works with various insurers such as ICICI Lombard, Care Health, Star Health, and New India Assurance to offer customised plans for different segments of employees.
These are some of the insurtech startups that are transforming the insurance sector in India with their innovative and customer-centric solutions. On National Insurance Awareness Day 2023, let us celebrate their achievements and recognise their contributions to the digital economy.
