Top Insurtech Companies In India

Prashanth Kancherla

Jul 10, 2024 | 12 mins read

The need for insurance is universal, irrespective of age, income, or background. Insurance acts as a safety net, offering peace of mind and protection against unforeseen events. Insurtech companies are revolutionizing this space by providing more personalized, affordable, and efficient insurance solutions. These innovations ensure that, no matter your life stage, there’s an insurance option to safeguard your health, car, home, and financial future.

With India’s insurance sector projected to record the fastest growth among G20 countries, increasing by 7.1% annually over the global average of 2.4% — technology is set to play a pivotal role in how insurance is understood, distributed, and claimed.

In this article, we’ll explore some of the top insurtech companies in India that are at the forefront of this digital revolution. Keep reading.

Overview of Top Insurtech Companies in India

Before we get into the details of each company, here’s a table that provides a clear overview of each provider’s strengths and key features, making it easier to determine which solution fits specific business needs:
SI. No. Provider Name Value Proposition Key Features
1 Digit Insurance Seamless online claim processing

Paperless claims

Data-driven personalized policies

Unique coverage options (e.g., flight delay)

2 Acko Lightning-fast claim processing

AI-powered risk assessment

Microinsurance options

Mobile app for policy management

3 One Assist Comprehensive protection solutions

Credit and payment card protection

Smartphone insurance

Identity theft protection

4 Coverfox Combines digital and human expertise

AI-powered policy recommendations

Wide range of insurance products

Dedicated customer support team

5 Kenko Subscription-based healthcare coverage

OPD (outpatient) coverage

Prepaid benefits plan

Flat rates for all clients

6 Turtlemint Personalized policy recommendations

AI-driven suggestions

Access to 40+ insurers

Dedicated claim assistance team

7 PolicyBazaar India’s topmost insurance marketplace

Comparison of 250+ policies

AI chatbots for 24/7 support

Comprehensive comparison tools

8 Fincover NextGen fintech platform and insurance aggregator

Partnerships with 23+ insurers

App for Point of Sales persons

Multiple financial products

9 Paytm Insurance Policy issuance within 2 minutes

Completely paperless process

Best price guarantee

Integration with Paytm ecosystem

10 Pazcare India’s leading employee benefits platform

Customizable benefits packages

Digital monitoring of claims

Group insurance options

11 RenewBuy Simplifies insurance buying and renewal

Digital optimization for swift issuance

Varied insurance portfolio

24/7 customer care service

12 Toffee Insurance Micro-insurance solutions

Bite-sized insurance covers

Protection for everyday risks

AI for personalized solutions

13 OneInsure Multiple insurance products under one roof

Wide range of insurance products

Easy comparison tools

Fast claim processing

14 Gromo Social commerce platform for financial literacy

Empowers micro-entrepreneurs

Partnerships with banks and NBFCs

Focus on financial inclusion

What are Insurtech Companies?

Insurtech companies combine insurance expertise with advanced technology to make insurance solutions efficient, cost-effective, and user-friendly. They use technologies like AI, machine learning, big data analytics, and mobile apps to simplify everything from creating policies and pricing to managing claims and customer service.

The primary goal of insurtech companies is to enhance the insurance experience for both consumers and providers. They make insurance more accessible and understandable by offering digital platforms that allow customers to research, compare, and purchase policies online without the need for in-person interactions.

Insurtech firms also focus on improving operational efficiency for insurance providers through automation of routine tasks, real-time data analysis for risk assessment, and the use of AI-powered chatbots for customer support.

Rise of Insurtech In India

According to Inc42’s State Of Indian Fintech Report Q2 2022, the Indian insurtech industry presents a $339 billion market opportunity, projected to grow at a 57% CAGR by 2025. This growth is fueled by improved distribution channels, technological advancements, and the development of tailored products.

The year 2021 was particularly noteworthy, with 34 insurtech startups raising a total of $822 million in funding, highlighting the sector’s potential. A major reason for this growth was the COVID-19 pandemic which led to the emergence of various insurtech segments, including digital brokers, corporate insurance brokers, insurance SaaS companies, digital insurance underwriters, and health clubs.

List of Best Insurtech Companies and Startups in India

India’s insurtech landscape is evolving rapidly, with innovative companies leveraging technology to simplify insurance for consumers. These startups are changing how you buy, manage, and claim insurance by offering user-friendly digital platforms, personalized solutions, and quick services. Let’s explore ten leading insurtech companies in India that are making waves in the industry.

Go Digit Insurance

Digit Insurance aims to make insurance simple and accessible. They offer a wide range of products including car, property, travel, and health insurance.

Key features:
  • Paperless claims processing
  • Data-driven personalized policies
  • Unique coverage options (e.g., flight delay compensation)

Digit stands out with its quick, paperless claim settlements and innovative offerings like the “Pay As You Drive” scheme for car insurance. Their use of data analytics helps tailor policies to your specific needs, potentially saving you money without compromising coverage.

User Rating: 4.3/5 stars by GooglePlay

User Review: “Best experience whether it’s the service, the premium, the app or a claim.”


Acko takes a digital-first approach to insurance, focusing on car, bike, health, and mobile coverage.

Key features:
  • AI-powered risk assessment
  • Microinsurance options
  • Fast claim processing via mobile app

Acko’s strength lies in its use of technology to streamline the insurance process. Their mobile app allows you to manage policies and track claims easily. Unique offerings like Ola Trip Insurance demonstrate their innovative approach to meeting modern insurance needs.

User Rating: 4.6/5 stars by GooglePlay

User Review: “The Best User Interface, Lowest Rates with Add on options and most importantly Quick & Professional Service Support.”

One Assist

OneAssist specializes in protection solutions for digital assets and everyday emergencies.

Key features:
  • Credit and payment card protection
  • Smartphone insurance
  • Identity theft protection

If you’re concerned about digital security, OneAssist offers peace of mind. Their services go beyond traditional insurance, covering scenarios like lost credit cards or stolen smartphones. The Identity Risk Calculator is a handy tool to assess your online vulnerability.

User Rating: 4.7/5 stars by GooglePlay

User Review: “Awesome good one assist good service India best claim very easy to use thank you one assist team.”


Coverfox serves as an insurance marketplace, allowing you to compare and choose from multiple providers.

Key features:
  • AI-powered policy recommendations
  • Wide range of insurance products
  • Expert guidance throughout the process

Coverfox simplifies insurance shopping by bringing multiple options to one platform. Their AI engine helps suggest policies based on your profile, while human experts are available to guide you through the decision-making process.

User Rating: 4.4/5 stars by GooglePlay

User Review: “App is really good and user friendly. But the customer care of coverfox is always busy as tried many times but not reached.”


Kenko focuses on making healthcare more accessible through subscription-based insurance models.

Key features:
  • OPD (outpatient department) coverage
  • Subscription-based payment model
  • Comprehensive health services

Kenko’s approach to health insurance is particularly relevant if you have regular medical expenses. Their subscription model covers a wide range of outpatient services, potentially saving you money on routine healthcare costs.

User Rating: 4.2/5 stars by GooglePlay

User Review: “Always helpful and always available. They are professional, friendly and care about their customers.”


Turtlemint is a digital insurance platform that aims to simplify the insurance buying process.

Key features:
  • AI-driven personalized insurance advice
  • Access to over 40 insurance providers
  • Dedicated claim assistance team

Turtlemint stands out by combining technology with human expertise. Their algorithm-based suggestions help you find policies that best fit your needs, while their extensive network of insurers ensures you have plenty of options. If you need to make a claim, their dedicated team is there to guide you through the process.

User Rating: 4.3/5 stars by GooglePlay

User Review: “Good app to view all insurances in one place & also able to share my policies directly with my family.”


PolicyBazaar is one of India’s largest and most established insurance aggregators.

Key features:
  • Comparison of 250+ policies from 50+ insurers
  • AI chatbots for 24/7 customer support
  • Comprehensive policy comparison tools

As a pioneer in the insurtech space, PolicyBazaar offers you a vast selection of insurance products. Their user-friendly interface and AI-powered tools make it easy to compare and choose policies. Whether you’re looking for health, life, or auto insurance, PolicyBazaar’s extensive network gives you plenty of options to consider.

User Rating: 4.3/5 stars by GooglePlay

User Review: “Policy Bazaar is a standout insurance service app, redefining the industry with its unbiased guidance and genuine assistance.”


Fincover is a newer player in the fintech space, offering a one-stop platform for various financial products.

Key features:
  • Partnerships with 23 insurers and 50+ banks
  • Rapid growth with over 10,000 policies sold in the first year
  • App and web portal for Point of Sales persons

Despite being relatively new, Fincover has quickly made a name for itself. Their platform allows you to explore not just insurance, but also loans and mutual funds. If you’re a Point of Sales person, their tools can help you assist customers and potentially earn a significant income.

User Rating: 4.7/5 stars by Google Reviews

User Review: “Fincover is a great platform that has a wide range of products including, Insurance, loan, mutual funds and other investment plans.”

Paytm Insurance

Leveraging the popularity of the Paytm brand, Paytm Insurance offers quick and easy insurance solutions.

Key features:
  • Policy issuance within 2 minutes
  • Completely paperless process
  • Best price guarantee

Paytm Insurance brings the convenience you expect from Paytm to insurance. Their quick policy issuance and paperless process make getting insured hassle-free. If you’re looking for the best deals, their price guarantee ensures you’re getting competitive rates.

User Rating: 4.5/5 stars by GooglePlay

User Review: “The application works smoothly most of the time, and the user experience has substantially improved since its inception, however it might be streamlined further.”


Pazcare focuses on making employee benefits and insurance more accessible for businesses.

Key features:
  • Customizable employee benefits packages
  • Digital monitoring of claims and benefits usage
  • Group insurance options

If you’re an employer, Pazcare offers a streamlined way to provide and manage insurance benefits for your team. Their user-friendly dashboard makes it easy to keep track of claims and benefits usage, potentially saving you time and resources in managing your employee benefits program.

User Rating: 4.6/5 stars by GooglePlay

User Review: “Very impressive. Very fast process took only 4 days to settle. thanks!”


RenewBuy simplifies the process of buying and renewing insurance policies through a digital platform.

Key features:
  • Swift policy issuance through digital optimization
  • Diverse insurance portfolio (motor, health, life)
  • 24/7 customer support

RenewBuy stands out by empowering insurance agents with technology. Their platform allows you to compare policies quickly and get instant quotes. Whether you’re looking for car, health, or life insurance, RenewBuy’s diverse portfolio and round-the-clock support make the process smoother.

User Rating: 3.7/5 stars by GooglePlay

User Review: “Best platform outside income and timely received commission but few mistakes in app are very slow so I suggest please upgrade your server and go fast process.”

Toffee Insurance

Toffee Insurance focuses on micro-insurance products tailored for millennials and their lifestyles.

Key features:
  • Unique, bite-sized insurance covers
  • Protection for everyday risks (e.g., bicycle damage, dengue)
  • AI and machine learning for personalized solutions

If you’re looking for unconventional insurance products, Toffee Insurance might have what you need. They offer coverage for specific risks like bicycle damage or mosquito-borne illnesses. Their use of AI helps tailor products to your lifestyle, potentially filling gaps in your insurance coverage.

User Rating: 4.4/5 stars by Google Reviews

User Review: “I am extremely happy to see such quick customer support from toffee insurance peeps.”


OneInsure provides a one-stop platform for comparing and purchasing various insurance plans.

Key features:
  • Wide range of insurance products
  • Easy comparison tools
  • Fast claim processing using advanced algorithms

OneInsure simplifies your insurance shopping experience by bringing multiple options to one platform. Their advanced algorithms not only help you compare plans but also speed up the claim settlement process. If you value convenience and efficiency in managing your insurance, OneInsure offers a comprehensive solution.

User Rating: 3.3/5 stars by GooglePlay

User Review: “Good app for our policy premiums reminder & all in one.”


Gromo is a social platform focused on financial inclusion through insurance and other financial products.

Key features:
  • Empowers micro-entrepreneurs to serve customers
  • Partnerships with banks and NBFCs
  • Recently acquired insurance broking license

Gromo takes a unique approach by combining social elements with financial services. If you’re interested in becoming a micro-entrepreneur in the financial sector, Gromo provides a platform to do so. For customers, this means potentially more personalized service when shopping for insurance and other financial products.

User Rating: 4.2/5 stars by GooglePlay

User Review: “This is a great app. Very user friendly and easy to use.”

Research Methodology

The world of insurtech is rapidly evolving, with new players entering the market and established companies innovating constantly. To help you navigate this dynamic landscape, we’ve curated a list of top insurtech companies in India.

Our research methodology included various factors to provide you with a comprehensive and unbiased overview of the most impactful players in the industry. Here’s how we approached this task:

  • Funding and Market Presence: We considered companies that have secured significant funding, indicating investor confidence and potential for growth. This includes unicorns and those on track to achieve unicorn status. A strong financial backing often translates to better resources for innovation and customer service.
  • Innovative Solutions: We looked for companies offering unique products or services that address gaps in the traditional insurance market. This could be microinsurance options, usage-based policies, or tech-driven solutions that simplify the insurance process for both agents and customers.
  • User Reviews and Ratings: Customer feedback is crucial. We analyzed user reviews and ratings across various platforms to gauge customer satisfaction and the real-world performance of these insurtech companies.
  • Feature Set: We evaluated the range and quality of features offered by each company. This includes aspects like AI-driven policy recommendations, seamless claim processing, and user-friendly interfaces.
  • Pricing and Value: While not the sole criterion, we considered the pricing models and overall value proposition of each company. This helps ensure that our list includes options for various budget levels.
  • Technology Integration: We assessed how effectively each company leverages technology to improve the insurance experience. This includes the use of AI, machine learning, blockchain, and other cutting-edge technologies.
  • Market Impact: We considered each company’s impact on the broader insurance industry. This includes factors like market share, industry recognition, and influence on insurance trends.

By applying these criteria, we’ve aimed to create a balanced and informative list that showcases the best of India’s insurtech sector. Whether you’re an insurance agent looking to expand your offerings or a consumer seeking innovative insurance solutions, this list should provide valuable insights into the companies shaping the future of insurance in India.


How Digital Experience Platform Can Help Insurtech Companies?

Digital Experience Platforms (DXPs) are becoming increasingly crucial for insurtech companies looking to enhance customer interactions and streamline operations.

Seamless Interactions: DXPs enable insurtech firms to improve customer engagement across digital touchpoints, enhancing overall interaction quality.

Omnichannel Excellence: DXPs support omnichannel capabilities, allowing agents to manage WhatsApp messages during calls, which boosts first-call resolutions and streamlines sales processes.

Effortless Customer Journeys: Platforms like Ozonetel’s Customer Journey Studio empower insurtech companies to design tailored customer experiences using AI and Natural Language Processing, optimizing engagement for sales and customer satisfaction.

Real-Time Communication: DXPs facilitate real-time communication, as seen with Lifeshield’s use of Ozonetel’s platform for field teams to respond via WhatsApp, ensuring responsive customer service and efficient prospect conversion.

AI-Powered Insights: AI solutions, such as Ozonetel’s Speech Analytics, analyze customer interactions in real-time, providing agents with contextual insights to refine sales strategies and enhance customer experience.

These capabilities demonstrate how DXPs, exemplified by Ozonetel’s solutions, are pivotal for insurtech companies seeking to elevate customer service, operational efficiency, and sales effectiveness through advanced digital tools.

Future of Insurtech In India

With over 140 insurtech companies already operating in the country, the sector is poised for significant growth, offering a market opportunity of $339 billion. Key trends shaping the industry include the increased use of artificial intelligence and machine learning to streamline processes from underwriting to claims handling.

To keep up with trends, these insurtech companies offer unique features and approaches, whether it’s RenewBuy’s agent empowerment, Toffee’s micro-insurance for millennials, OneInsure’s comprehensive comparison platform, or Gromo’s focus on financial inclusion. 

As you explore your insurance options, consider how these innovative approaches might best serve your needs.

You may also explore the best healthtech companies in India.

Want to see what Ozonetel can do for your company? Sign up today for a free 21-day trial.

Prashanth Kancherla

Chief Product Officer, Ozonetel Communications

Over the past decade, Prashanth has worked with 3000+ customer experience and contact center leaders...

Share this post: