List of Top Insurtech Companies in India

In 2024, India's insurtech market aggregated $2.5 billion in investment, and India is home to 10 insurtech unicorns and 45 minicorns. Insurtech has been a trend since the Indian population has become more tech-savvy, and has adopted a digital culture. This immense transformation has been in multiple aspects, such as the evolution of Artificial Intelligence (AI), and Machine Learning (ML) becoming more stringent. The impact of these has been in multiple sectors, such as the insurance sector. The insurance sector has witnessed a tremulous shift, integrating new technology such as machine learning. This has given rise to a completely new paradigm of the insurance sector - the insurtech sector. Seamlessly balancing technology as well as catering to customer demands, the insurtech sector has come a long way. In this blog, a complete list of all the top insurtech companies in India will be provided. These companies have been curated based on their reach, coverage and customer service.

What is Insurtech Company?

Definition

An insurtech company uses technology such as ML and AI processes to personalise the insurance buying experience of customers. insurtech is a contemporary revolution in the insurance sector, backed by advanced technological mediums. It uses real-time analysis to understand and map customer problems, making risk assessment more accurate. In India, insurance claims were a time-consuming process before 2010, and it would often take a few days to resolve the claim. However, India's insurance market was transformed after the evolution of insurtech. While insurance penetration in India was 2.71% in 2001, this changed to 3.76% in 2019. The mobile applications launched by insurtech startups have played a crucial role in this transformation, giving people easy access to manage and track their insurance claims digitally. Moreover, the insurance plans are made highly affordable, which makes these insurance plans highly affordable to consumers.

Current market scenario

After the Covid-19 hit, there had been a rapid spike in insurance buying among Indian customers. According to reports published by the Indian government, the Indian insurance sector has inflated at 11-12% annually since 2020. In relation to which, the insurtech sector has been growing too. Currently, there are approximately 150 insurtech firms in India. According to a media report, the insurtech companies in India will grow at a CAGR of 57% by 2025.

Top Insurtech Companies

This list below consists of all the top 10 companies in the insurtech industry, take a look.

1. Covrzy

Covrzy was started by two passionate minds, with 20 years of experience in the industry. This insurtech firm has the mission of making insurance highly accessible as well as affordable for SME businesses from different sectors - from edtech to startups. Covrzy had raised ₹3.2 crore in a pre-seed funding session and has aimed to develop a highly scalable yet pathbreaking process to solve the hassles of SMEs in getting insured.

Insurance products: Employee Wellness Plan, Commercial Crime Insurance, Cyber Risk Insurance

Major partners: ICICI Lombard, Go Digit Insurance, IFFCO-TOKIO General Insurance

2. Acko General Insurance

Acko General Insurance was started in 2016. The company soon rose to soon rose to fame as a startup that provides insurance services for a wide range of services. Founded in Bangalore, Acko raised $65 million in Series C funding and partnered with major companies such as Ola and DriveU.

Insurance products: Bike insurance, car insurance, health insurance, life insurance, travel insurance

Major partners: OLA, Zomato, HDFC Bank, Cred

3. InsuranceDekho

This is another startup launched in 2016, offering tailored insurance solutions with 5-minute quick insurance issuance. Among many insurtech companies in India, InsuranceDekho quickly became a success with 50 lacs customers as its total customer base because of the quick issuance feature and its transparent grievance redressal process.

Insurance products: Health insurance, car insurance, pet insurance, family health insurance

Major partners: Acko General Insurance, Aditya Birla Group

4. PolicyBazaar

PolicyBazaar started as an insurtech company in 2008, and slowly it evolved with the primary goal of creating transparency in the insurance process. The company has gained almost 77 million customers since 2008, and recently it has partnered with Star Health and Allied Insurance to improve health insurance.

Insurance products: Term insurance, car insurance, health insurance, travel insurance, family health insurance

Major partners: Aditya Birla Capital, Bharti AXA, Bajaj Allianz

5. Go Digit Insurance

This insurtech company started out in Bengaluru and was backed by the famous Indian cricketer, Virat Kohli. Being one of the top 5 insurance companies in India, Go Digit Insurance accumulated a combined funding of $141 million from anchor investors in 2024. The total customer base of the company has ranged to 5 crores customers, with insurance policies for global travel to fire calamities.

Insurance products: Automobile insurance, health insurance, home and property insurance

Major partners: Paytm, Policybazaar, Tanishq

6. Toffee Insurance

Founded in 2017, Toffee Insurance serves as a forerunner in the insurtech sector. This company secured $5.5 million in Series A funding in 2019, with a current base of more than 2 lakh customers. Toffee Insurance stands out among major insurtech companies in India because of two major benefits. One is providing completely differentiated insurance products, such as cycle insurance, and the second is offering a highly affordable insurance plan that starts from Rs.145 monthly.

Insurance products: Insurance on cycle, pet insurance, EV insurance

Major partners: ICICI Prudential, TATA AIG, HDFC Ergo

7. SecureNow

SecureNow was a unique market entrant in 2011 among the top 5 insurance companies in India, and since then it has been a notable performer in the insurtech industry. The company offers a range of insurance solutions starting from group personal accidents to getting doctors consultation. Due to its high performance, the company received the Fintech Innovation Award and SKOCH Order of Merit Award from 2017-2019.

Insurance products: Group Health Insurance, Doctor’s Indemnity Insurance, Officers Liability

Major partners: SBI General, TATA AIG, Oriental Insurance

8. Turtlemint

Turtlemint has been added to this list because of its efforts to make insurance simple and more accessible. In 2022, the company raised a funding valuation worth $120 million and has accelerated its growth since then. The approach of Turtlemint is different from most other insurtech, as this firm enables financial advisors to analyse insurance and reach out to the maximum customers.

Insurance products: Car insurance, health insurance, term insurance

Major partners: SBI Life, Life Insurance Corporation of India, Reliance Nippon Life Insurance

9. Pazcare

Pazcare started its journey in 2020, to transform insurance into a highly convenient and user-friendly approach. The company mostly serves startups and businesses, so it has a range of products aimed at making insurance for businesses simpler. Due to its diligent efforts, the company raised $12 million to date.

Insurance products: Group Health Insurance, Group Personal Accident Insurance, Group Term Life Insurance

10. RenewBuy

RenewBuy is one of the innovative insurance startups in India, started in 2015. A company providing easy insurance solutions for health, motor and life, this insurtech firm raised $40 million in Series D funding. The company has also acquired an AI-based solution firm, Artivatic AI for creating a highly personalised insurance buying experience for customers.

Insurance products: Motor insurance, Health insurance, Life insurance

Major partners: Digit, Aditya Birla Capital, Bajaj Allianz

How to Start Insurance Company in India?

The first answer to the question of “how to start insurance company in India” is straight and concise - the business needs to follow the guidelines laid down by the Insurance Regulatory and Development Authority of India (IRDAI). The second step should be seeking funding from investors based on investors' market knowledge, expectations of earnings and risk tolerance. Currently, India hosts almost 83.5 million unique investors, which implies a large pool of investors to choose from.

Here are some easy steps to follow:

• Developing a business plan is essential for starting, which includes a complete competitor's research on the major insurance startups in India and estimating their weakness.
• Setting firm objectives and understanding major roadblocks is the second step.
• Setting up the initial investment capital budget and firm structure, such as partnership or limited liability
• Getting registered with IRDAI and obtaining GST registration
• Reaching out to potential investors and pitching This outline can be followed to begin with, and gradually the line of action will be clear.

Conclusion

The insurtech industry of India is pacing towards achieving its peak with 10 unicorns. In this blog, all the top 10 insurance companies are listed based on the insurance benefits provided, funding and customer base. Also, a concise outline of steps has been mentioned about how to start insurance company in India.