5 Insuretech start-ups offering customizable solutions for employee

By Sony T
6 Min Read
5 Insuretech start-ups offering customizable solutions for employee 1

The InsurTech start-up system has witnessed incremental changes with the COVID 19 pandemic prompting a substantial growth in generation adoption, in addition to urgency of instating virtual solutions. According to S&P Global Market Intelligence data, India is the second largest Insurance technology market in the Asia Pacific, accounting for 35% of the $3.66 billion of venture capital getting into the sector in the region. In addition to this, custom worker benefits programs that pass above and beyond medical insurance are increasing.


Here are five Insurtech start-ups offering customisable insurance solutions for employee insurance:

Nova Benefits:

Nova Benefits is an Employee Wellness Marketplace with a core focus on corporate health insurance. The company has been helping small scale businesses purchase the best health insurance for their employees since its launch in 2020. In addition to this, the company also provides wellness benefits such as free doctor teleconsultation, health checkups, mental health counseling and more. The startup helps companies buy insurance, weigh their options and help them make a better choice. In occasions where the company has brought insurance already, Nova Benefits equips them with a tool that helps them administer and manage their policies. From consultation to guidance at every step, Nova Benefits provides all-in-one solutions in insurance. With close to handling 10,000 claims, Nova works with 100+ companies across India, with over 50,000 users.


Riskcovry is building a ‘financial infrastructure’ stack for insurance distribution in India.  As an Insurance-in-a-Box for any company, they are enabling any insurance product from any insurer across any customer engagement channel, holistically and seamlessly. With growth of companies looking at sachetizing products that are more palatable to a larger market., Riskcovry is working closely with insurance companies to design products that cater to the needs of a broader population.

Their customers range from mainstream distributors like Banks, NBFCs, Brokers etc., to alternative players who are new to insurance distribution like retail, payment networks, BCs, digital, telecom, fintech, tech startups etc.  For such alternative distribution partners, they not only help you to start your digital distribution journeys, but work with you as your partners to accelerate your insurance distribution growth.


PolicyBazaar is India’s foremost insurance aggregator and a leading fintech player globally, with the objective — Customer First and Sustained Profitability for the entire insurance ecosystem. The company allows the users to view and compare different insurance policies online based on their preferences. Users can buy, sell, and store policies online as well. The company provides an end-to-end solution to track policies and claims assistance, and hosts over 100 million visitors annually and records nearly 1,000,000 sales transactions/month. Currently,

PolicyBazaar accounts for nearly 32% of India’s life cover & retail health business collectively. The company has been supported by an array of scrupulous investors like SoftBank, InfoEdge(Naukri.com), Temasek, Tiger Global Management, True North, and Premji Invest.

Insurance Dekho:

InsuranceDekho, an online platform that lets people compare insurance quotes from top-rated insurance companies and purchase the insurance policy that best suits their needs. Buying an insurance policy on this platform is very simple. The customer just needs to choose the type of policy they want, fill in the required details, compare various quotes and make payment, and their insurance policy is issued. From issuing  best policies to the customers  in just 5 mins, the company has  been successful in providing a delightful experience to more than 11.5 lac customers with the help of their transparent and quick process, a dedicated support team along with the availability of numerous insurers. A dedicated support team is available for your assistance all the 7 days.


Acko, India’s first fully-digital general insurance company, founded in 2017. Provides personalized pricing to customers through deep-data analytics. It studies the customers’ interaction patterns and behaviours and accordingly suggests insurance products. Currently, Acko has insured over 40 million Indians, acquiring 8% of the car insurance policies bought online in India. It has also introduced Ola Ride Insurance for lost baggage, laptops, missed flights, accidental medical expenses, and ambulance transportation cover. The company has partnered with some of the best businesses in the digital world. Ola, redBus, Amazon and OYO are some of the popular partners alongside whom we’ve launched innovative products like trip insurance, electronics cover and hotel-stay insurance.


Plum is a series A funded group health insurance startup that is simplifying insurance for large companies and small startups  with as few as seven employees. The startup which started just before the pandemic has seen immense growth and is on a mission of redesigning the insurance tech industry. Using advanced technology the platform has made claims as easy as three clicks for employees. The hassle free process of claims and smart fraud detection has saved many from falling in the trap of an ugly experience. The company has witnessed a growth rate of 110% from quarter to quarter onboarding 600 clients in less than 2 years. As one of the leading players in the insurance tech industry Plum has been catching the eyes of most.

Share This Article
By Sony T
Sony is a passionate bloggers writes on Futuristic technologies ...