Within Insurance Regulatory and Development Authority framework, digital Insurance players are making it trouble free for customers to understand & buy insurance. The increasing online aggregators and insurers have now become the preferred choice as other financial service availing insurance in India has also seen a drastic change. Alike other sectors pandemic backed insurance into digitization & from there Insurtech industry is growing in size. Fintechs that are volunteering into insurance are also growing in numbers rapidly.
Below mentioned are the top 4 Insurtech startups that are revamping the insurance industry & are ready to help the customers from the huge technological opportunities.
Bimaplan
Founded by Vikul Goyal, Bimaplan claims to work with insurers to create over-the-counter, low-premium insurance products ($5-50 annually) relevant to the needs of low and middle-income populations. Bimaplan is creating contextual and affordable insurance plans in partnership with insurers, and building a unique distribution using digital channels. India has over 700 million internet users, which is expected to reach 975 million by 2025. Bimaplan aspires to tap into this huge opportunity to create affordable insurance products relevant to the needs of this unserved population, and distribute them through digital channels. The company’s vision is to provide financial security to the 150 million underserved Indian households through relevant insurance products. Bimaplan has launched its insurance-in-a-box product which allows its partners to sell embedded insurance products to their customers seamlessly.
Digisafe
Digisafe aims to bridge the glaring gap in insurance penetration between urban and rural areas with curated products that span motor, health, livestock, crop and life insurance. It offers simplified and affordable products that span across the motor, health, livestock, crop and life insurance for people living in the rural areas, at their doorsteps. Digisafe started operations in September 2021, and has successfully launched DigiOne, a partnership programme in association with its channel partners that identify, train and develop a team of certified point-of-sale persons (PoSPs) for insurance distribution through a combination of physical and digital modes. This model will assist clients with pre-sales, post-sales, and claim services. Digisafe has already tied up with more than 10 insurance companies and also partnered with reputed startups such as Aquaconnect, Niruthi Technology and Ecosystem, Wingsure Inc., for co-creating insurance solutions for rural India.
Riskcovry
Riskcovry is the fastest growing startup in India in the ‘Insurtech Infrastructure’ space, which is defined as a one-stop platform that can enable omni-channel distribution (DIY, assisted, embedded) for any business, across any insurance product (retail, micro group sachet, etc.) & insurer category (health, general, life), claims Prusty. In the last calendar year, it grew by more than 100% in terms of both premium and policy volume. It offers products like Sachet; 7 in 1, Cancer Care, Dura Care, Renters Package, Bill Protector, Bags n More, Start-up Package, Retail Business Package etc. It also provides Configurable products like Home, MSME Business, Smart Group Policy, etc.
Plum
Plum is providing high quality health insurance and corporate benefits at affordable rates. Benefits for employees for using Plum: Increase in employee satisfaction, Improvement in employee health & productivity and Reduction in health benefits cost. They are providing simplified purchase and setup process for health insurance and benefits for employees. Their highlighting features: No more negotiations with your broker and agents, get transparent pricing directly from the insurer, customize your insurance and benefits to your needs, Covid-19 treatment included, No waiting periods, No room rent or disease wise limit, Maternity & newborn covered, Pre-existing diseases covered, Additional benefits provided – Doctor consultation, Health checkups, Mental wellness, Dental Care, Fitness and Nutrition.
