6 Insurtech startups revolutionizing the corporate Insurance landscape in India.

By Srikanth
8 Min Read
6 Insurtech startups revolutionizing the corporate Insurance landscape in India. 1

The ongoing global pandemic has brought the health insurance industry into the spotlight. Over 80% Indian population does not have any personal health insurance cover and the others are heavily dependent on their employers for insurance and other regular welfare benefits. 


Covid-19 until very recently was not part of all the insurance claims till the government of India made it mandatory for Insurance policies to include the same. While most companies are supporting their employees with financial resources and additional employee benefits including their families, they are now taking the responsibility of their employees in the crisis. Infact, the trend has been such that even employees are looking for companies with better and more secure insurance cover. Providing financial and health insurance to the employees allows for a safer and secured working experience. 

To pick the right policy for all your employees can still be a challenging task which needs close monitoring. With the evolution of technology in our daily work lives and in all the industries, from digital payments to digital insurance, making advanced technology like IoT (internet of things) is only further simplifying things from both ends. India being the third largest start-up ecosystem in the world, has led to a shift in the employee insurance landscape through modern tech,data driven solutions. These insurtech startups are not just helping companies in the metro cities but are also highlighting the importance of such initiatives in the tier-2, tier-3 and tier-4 markets.

Here are 6 Indian insurtech startups that a company should watch out for their employees’ benefits and well being:

Nova Benefits: 

Nova Benefits, an insurance tech startup is helping small scale businesses and corporations pick the best health insurance for their employees health and wellbeing. It helps HR save all the manual workflows saving time and energy with better results. Employees can use the platform to access their insurance e-cards, find cashless hospitals and make claims. The startup helps companies buy insurance, weigh their options and help them make a better choice. If the company already bought one, Nova Benefits has a tool to help them administer and manage their policy. Insurance consultations is one of the key propositions of the startup. From consultation to guidance at every step for your claim, Nova Benefits has it all covered for them. The startup also helps companies offer wellness benefits such as free doctor teleconsultation, health checkups, mental health counseling, and more. Handling close to 10,000 claims, the startup helps their clients with their expertise at no additional cost. 


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.


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.  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.  


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. 

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