• Sun. Feb 5th, 2023

Insurtechs boosting Microinsurance distribution to increase Insurance Penetration in India

Jan 9, 2023

In the year 2018, 67.4% of India’s rural population contributed less than 25-30% of India’s GDP. India’s insurance penetration when compared to the global average of 6.33% was 3.67%. Reason of such a low penetration rate was lack of financial inclusion, majorly in rural sector but now, Insurtechs are working on micro ecosystem and are aiming to create more opportunities in rural areas. New age Insurtechs are functioning by leveraging the omnichannel reach of online & offline, which creates the maximum output for the customer. Look into these Insurtechs, boosting microinsurance distribution in India to increase insurance penetration.

Bimaplan

Bimaplan is an insurtech startup helping drive insurance adoption through technology. India has a low insurance penetration, and the low/middle income population is underserved by legacy insurers and distributors. Bimaplan’s full-stack embedded insurance platform enables businesses to seamlessly distribute relevant insurance products to their customers. They partner with financial services companies, technology startups, e-commerce platforms, and companies in various segments to build customized insurance products for their users. Bimaplan is recognized by the Center for Financial Inclusion as one of the emerging global insurtech startups driving financial inclusion.

Riskcovry

Riskcovry is the fastest growing startup in India in the ‘Insurtech Infrastructure’ space, which is defined as a one-stop platform that can enable omni-channel distribution (DIY, assisted, embedded) for any business, across any insurance product (retail, micro group sachet, etc.) & insurer category (health, general, life), claims Prusty. In the last calendar year, it grew by more than 100% in terms of both premium and policy volume. It offers products like Sachet; 7 in 1, Cancer Care, Dura Care, Renters Package, Bill Protector, Bags n More, Start-up Package, Retail Business Package etc. It also provides Configurable products like Home, MSME Business, Smart Group Policy, etc.

Zopper

Zopper is an insurance infrastructure API platform that democratizes access to insurance distribution. It works with insurance providers to create smaller and personalized insurance products that it supplies to distribution partners. It was founded in 2011 and is headquartered in Noida, India. Zopper’s application programming interface (API)-based platform connects insurers and banks with third-party platforms and includes modules for policy issuance, policy administration, claim management and regulatory reporting. It also has a system for managing leads and campaigns.

Symbo

Symbo is an insurtech company & a part of Symbo Platforms Pte, a Singapore-based Insurance Broking company that also runs Symbo Platform – An Enterprise SAAS platform for insurance companies to manage their distribution. The future of insurance is digital, and insurers of all sizes need to transform fast. Symbo’s platform gives the power to make the shift quick, agile, and seamless. They do it by working closely with retail, e-commerce, and digital companies to bundle relevant and intuitive insurance products in their customer’s
purchase journey.