Top 10 Best Insurtech Companies in India 2022

Top 10 Insurtech Companies in India 2022

The world is changing with the new and advanced technologies, but many things are carried out traditionally with all the documents on paper. Same in this, many policyholders get the insurance policies on the water going with the traditional method. Still, if we are moving towards the era of modern consumers, this will have to shift digitally and make you free from the burden of policy paper missing.

If we see according to the reports, there are more than a hundred insurance start-ups based on the digital way in India and in this way, we have a clear vision of how the insurance market has changed its dynamics and Insurtech companies are coming up with new ideas and innovation and change the picture of insurance marketing.

Due to the pandemic, people are locked, and there is no guarantee of what will happen next. Still, the pandemic has taught us to use the digital way more efficiently and prioritize our savings by implementing the solutions urgently. The market has noticed an increase in insurance by 7% during the pandemic.

The companies are coming up with many new ideas, with solid strategies to gain the customers’ faith and trust. At present, there is an increase in the tie-ups between the Insurtech companies and the insurance industry, which is the beginning of a new market.
This competition will bring the traditional insurers to focus on claim management, product development, and less writing, which will make Insurtech increasingly crucial for the remaining value chain.
These are the top 10 Insurtech companies that you can consider to solve your confusion of which company you should choose.

1) Digit Insurance


The company Digit Insurance is a privately owned insurance company founded in the year 2016. Digit Insurance has its roots in Bengaluru, Karnataka. The company is the first Unicorn of the year 2021 that has a value of $1.9 billion and has won many awards for its service.

Digit Insurance has raised around $100 Million through funding since 2016. The company offers insurance services in health, travel, automobiles, mobile phones, jewellery, bikes, etc.

The main highlight of the company is that they simplify the procedure of buying the insurance policies, and they have unambiguous terms with the documentation, which is very easy to understand by the customers.

Digit Insurance has also used the smartphone self-implementation process that gear up the procedure of claim settlement means you can get your claim settled even in minutes.

The company was recognized as the top start-up in India twice in 2018 and 2019. Also, in the list of global top 250 Fintech companies, Digit Insurance is the only Indian company that stands on the list. They have also won the General Insurance Company of the Year from Asia in 2019 and 2020 and the Insurance start-up of the year in India in 2020.

2) Acko General Insurance

Acko Mobile Insurance

Acko General Insurance was established in 2016, but in 2017, the company received a license from the IRDAI (Insurance Regulatory and Development Authority of India). Acko General Insurance is operated from a digital platform as the company follows an online-led model. Still, it has its headquarters in Mumbai, Maharashtra, and it was founded was Varun Dua, who is currently serving as the Chief Executive Officers of the Insurance company.

The company has raised around Rs 274 crore via funding, and they have got big investors like Accel Partners, Amazon, SAIF Partners, Catamaran Ventures, and more.
Acko General Insurance offers the policies at low rates in a concise amount of time to the customers online. They also provide the service of instant claim settlement in case of minor damages.

Acko has tie-up with OLA cabs, and in that, they have introduced in-trip insurance that is functional in more than a hundred cities across India. They also have a partnership with Amazon, and through that, they provide mobile insurance plans to the customers.

In 2020, Acko General Insurance came into partnership with Amazon Pay and offered an auto insurance policy to the customers. More than 2.5 crores of Indians use Acko General Insurance and have more than 95% satisfied & happy customers.

3) Policy Bazaar

Success Story of PolicyBazaar | Business Model | Founders

Policy Bazaar is one of the earliest companies in the Insurtech sector. The company was established in 2008 when the internet was not so used for the people, but the company was started with planning the future. Policy Bazaar is widely recognized with its name, and they provide policies on online mode. Policy Bazaar is India’s most prominent insurance collector, and now they have also expanded their working operation in the United Arab Emirates.

The company was founded by Alok Bansal, Yashish Dahiya, and Avaneesh Nirjar. Policy Bazaar provides a simple app and website option to the customers that help them to compare the insurance policies from the other service providers in the insurance marketing sector.

Policy Bazaar is the flagship company of PB Fintech Limited and that company also owns Paisa Bazaar. The company was planned to erase the problem of transparency as, at that time, the agents used this for their profit that resulted in the loss of customers, so the company started posting the details of the various insurance policies for the help of customers.

So, in the beginning, Policy Bazaar was just a comparison website and information portal. Still, with time it expanded and became the hub for insurance policies, and the company launched its app for android and ios in the year 2015.
The company has announced to set up hundred offline outlets in India and they have raised around $ 372 million from the investors.

4) One Assist

OneAssist goes the stand-up comedy route to launch India's first  comprehensive Home Appliance Protection Service 'HomeServ' - Agency Reporter

One Assist is one of the leading insurance service providers, and over the past few years, it has developed itself for the same. One Assist has its roots in Mumbai, Maharashtra who has collected $ 32 million through funding and has many renowned firms as partners like Axis Bank, Hotspot, ICICI Bank, Kotak Bank, Amazon, Paytm, Snapdeal, Poojara, Xiaomi, Yes Bank, HDFC Bank, RBL Bank, Sargam, and it is also apple authorized.

The company was founded by Subrat Pani and Gagan Maini in the year 2011. Both the founders were into the Fintech industry and decided to create something different for themselves by providing additional services to the customers and after a lot of research they ended up with the fact that the most common thing that everyone carries is a mobile phone and other is a wallet, so they started providing service for the same.

One Assist also tells about the problems of cyber risk, the dark web, and identity theft in the modern world. They provide protection services for gadgets, home appliances, tablets, mobile phones, etc and they also cover durable repairs. The company also has an agreement with the Original Equipment Manufacturers (OEMs). It is operated from Mumbai itself.

5) Policy Boss


Policy Boss is one of India’s leading insurance companies, a place where you can get every insurance cover like travel, home, health, car, and many more. The company is also India’s leading motor insurance broker when it comes to the retail segment.

The company was established in the year 2003 and since this 13 years, the company is providing service to the customers. They are the only company in the industry that helps the customers facing claim problems even if they have bought a claim from any other company or service provider.

Policy Boss has more than 3 lac satisfied customers with a presence in over 22 cities across India. It is also an application where you can compare the buy the insurance policy. The company has received around $10 million through funding.
Policy Boss provides claim assistant, advisory assistant, and customer support and through this, they have over three lakh satisfied customers who have received their claim money.

6) Insure First

Insure First | LinkedIn
Insure First is one of the leading companies that has its roots in Kolkata, West Bengal. The company was founded in the year 2016 and since then they are proving insurance services to customers all across India.

Insure First provide insurance that covers commercial vehicles, fire, marine, business interruption, workers compensation, contractor risk, corporate risks, and many more under the facility of motor insurance, life insurance, health insurance, asset insurance, home insurance, travel insurance, etc.

They have a partnership with many renowned companies like HDFC ERGO, SBI general insurance, Bajaj Alliance, Oriental Insurance, Reliance General Insurance, Tata AIG Insurance, HDFC Life, ACKO, LIC, Aditya Birla Health, Kotak, and many more.

The most exciting highlight of the company is they from customized insurance plans according to the requirement of the client and in this facility, the clients don’t have to buy any expensive or unnecessary plans and for this, the company is very well appreciated by the customers.

Insure First has already sold over three thousand policies that are worth over Rs 60 million.
7) Cover Fox

Insurance Innovation Award-Coverfox

The company Cover Fox is known for providing top plans and policies to the customers for a long time. The company was established in the year 2013 and has its roots in Mumbai, Maharashtra. The company has expanded itself from the start-up phase and has managed to gain the trust of the customers by providing a simple, secure, and fast platform for insurance-related work.

Cover Fix is also found as a very reliable place when it comes to settling the claims, and since their foundation, they have collected funding of around $ 42 million through their investors.

Many companies like IFC Catamaran, Saif partners, TransAmerica and Accel Partners have provided funds to Cover Fox. The company has tried to make the procedure very easy and secure so that everything can be easily accessed by the customers without any complaints.

Cover Fox has won many awards like Top 10 Fintech companies, Smart CEO Award, and many more. The company has over 50 lakh customers and over thirty insurance partners.

They offer insurance policies that cover personal accidents, critical illness cover, corona, travel, private vehicle, commercial vehicle, health, term life, and many more.

8) Renew Buy

RenewBuy - Apis Partners

The company Renew Buy is a brokerage platform that provides policies for vehicle insurance. The company was founded in the year 2015 by Balachander Sekhar and Indraneel Chatterjee.

Renew Buy works with both website and app on B2B and B2C model that activates their service in which they offer policies to the customer. The company operates from Gurgaon which is the hub of many operations for various companies.

Renew Buy has collected around $ 15 million from its investors. They have more than 26 lakh active and satisfied customers. The company is working with 35 insurance partners from five different sectors. Renew Buy has reached more than 650 districts across India and has a network of more than sixty thousand POSP strong advisors.

They offer free customized advice to the customers and other services like full claim support and comparison with more than 35 insurance companies.
They have a partnership with companies like ICICI Lombard, New India Assurance, Reliance General Insurance, Tata Life Insurance, and many more.

9) Paytm Insurance

Swiss Re to buy 23% stake in Paytm Insuretech

Paytm is one of the recognized companies which is known for the usage of money transfer but it has managed its position in the Insurtech company market. In the year 2010, the company was established as a digital wallet app, and after that, they came up with the subsidiaries like Paytm General Insurance Limited and Paytm Life Insurance Limited.

The company has its highlight feature in which everything is at its fingertips and works according to the need of the client. They offer easy cancellation and refunds to the customers. They have a straightforward navigation process and they will show the plans & policies according to the search of the customer. They have the policies lined up in the criteria for easy access.

They have insurers like Aditya Birla Health Insurance, Aditya Birla Life Insurance, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, Edelweiss Tokio Life Insurance, Excide Life Insurance, HDFC Life Insurance, and many more.

10) Turtle Mint

Turtlemint wins the “Insuretech Start-Up of the Year Award” in the “11th  Annual Entrepreneur Awards 2021” event

The company Turtle Mint has its roots in Mumbai, Maharashtra and it was founded in the year 2015. They started the company as an insurance aggregator. It is one of the leading Insurtech companies and has managed to make in the list of top 10.
The company has sold over 3 million policies digitally via this start-up company. They have over 15 crore claims settled of the customers with satisfaction. They offer guidelines for health insurance, life insurance, and bike insurance.

Turtle Mint guides the customer according to the requirement and saves them from unnecessary policies by providing a team of expert insurance advisors for assistance. They have straightforward settlement and claim procedure and the customers are very much satisfied with the service.

They have partners that include Aditya Birla Capital, Tata AIA, SBI General, Edelweiss Tokio Life, Max Life, IDBI Federal, Reliance General Insurance, and many more.

So this is the list of Insurtech companies who have managed to be a part of the top 10 list with their service and happy customers.

edited and proofread by: nikita sharma

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button