Story of 5 Indian Insurtech startups recently funded

Insurtech is a growing sub-section of Fintech startups. Mostly work on B2C as insurance recommendations and easy to select the best available insurance with a particularized model.

Some Insuretech players are well funded like PolicyBazaar, Paytm, Coverfox, Acko General Insurance, etc.  

  • PolicyBazaar is funded more than $200 million in Series F round in June 2018.
  • Paytm funded more than $1.4 billion in May 2017, in parent company.
  • Coverfox Last funding in parent brand is $22 million in April 2018.
  • Acko General Insurance Last funding in parent brand is $12 million in May 2018.

Insurance is a sector in India that requires a large investment and also has a broad possibility. The insurance coverage ratio in India is very low and now improving with support of government and overall awareness in the general population.

Improving online purchase of vehicle insurance, health insurance, house insurance, with a comparison of the plan and it is the scope for third party apps and players to provide the alternative to buy the right product at the right price.

Here listed 5 Insurtech startups are funded recently and coming up with new technology.

5 Insurtech startups are funded recently and coming up with new technology

1. Digit Insurance:

Digit Insurance logo

A third party Startups in Insure tech; providing recommendation services to the customer led by Kamesh Goyal, as a chairman, former Head of Group Planning and Controlling Allianz insurance. Digit Insurance is a General Insurance Company. At Digit Insurance, they are a General Insurance company on a mission to Make Insurance Simple for people. They have insurance for Cars, Mobiles, Travel, and Jewellery.

  • Categories         : Finance, Financial Services, Insurance, InsurTech
  • Headquarters Location: Bengaluru, Karnataka, India
  • Founded Date: 2016
  • Awarded:  Among Top 5 Indian Startups, LinkedIn has ranked us in the top 5 best Indian Startups 2018.
  • Funding Detail : Digit Insurance has raised a total of $45M in funding over 1 round. This was a Venture – Series Unknown round raised on Jul 25, 2018. Digit Insurance is funded by Fairfax Financial Holdings. Digit Insurance has acquired ITI Reinsurance Ltd. on Jul 2, 2018. They acquired ITI Reinsurance Ltd. for $72.8M.

2. Toffee Insurance:

Toffee Insurance logo

Toffee Insurance is an all-digital, insurance technology company, offering bite-sized insurance for everyday moments.

  • Categories : Finance, Financial Services, FinTech, Health Insurance, Insurance, InsurTech, Personal Health, Property Insurance
  • Headquarters Location: Gurgaon, Haryana, India
  • Founded Date:  Jul 1, 2017
  • Founders : Nishant Jain, Rohan Kumar
  • Funding Detail: Toffee Insurance has raised a total of $1.6M in funding over 2 rounds. Their latest funding was raised on May 29, 2018 from a Seed round. Toffee Insurance is funded by 4 investors. Kalaari Capital and Omidyar Network are the most recent investors.

3. Symbo:

Symbo serves the insurance industry across product, distribution and operations. Symbo comprehensive offerings span all lines of insurance with capabilities across reinsurance and direct insurance (general & life, personal & commercial).  Leading reinsurance platform is a comprehensive workflow automation solution built to digitize and facilitate the exchange of complex re-insurance transactions amongst cedants, re-insurers & brokers.

  • Category         : FinTech, Insurance, InsurTech
  • Headquarters Location: Mumbai, Maharashtra, India

Founders:

1. Anik Jain is Co-founder and Chief Executive Officer of Symbo. Prior to joining Symbo, Anik was the Head – Commercial at Mahindra Insurance Brokers Limited. Anik has also been associated with Marsh, Reliance Life and ICICI Lombard in previous roles. Anik holds a post-graduate diploma from the Indian Institute of Management (IIM) Calcutta.

2. Anurag Jaroli joins Symbo from Releague (recently acquired by Symbo), where he was the Co-founder and Chief Operating Officer. Anurag was Vice President of First Policy Insurance Brokers, leading the Mumbai operations and creating the biggest revenue centre of the company. Anurag is a Chartered Accountant and Company Secretary, with a Masters in International business, trade and commerce. He is also an Associate Member of Insurance Institute of India, with a specialization in marine.

3. Mitesh Jain is Co-Founder & Chief Technology Officer of Symbo. Mitesh co-founded and scaled Happy2Refer, an HR Tech start-up, till 2017. Happy2Refer was selected as one of the 11 among 500 startups at GenNext and Microsoft Accelerator’s Summer 2016 cohort.

4. Nimit Bavishi is Co-Founder & Head of Networks at Symbo India Insurance Broking Limited. Nimit was a Consultant with the World Bank Group’s International Finance Corporation, Nimit co-founded and scaled Happy2Refer, an HR Tech start-up.

Symbo has acquired ReLeague Enterprises Pvt. Ltd. on Aug 8, 2018.

4. Pentation Analytics:

Pentation as an Insurtech enables insurers and intermediaries with our Insurance Analytics Suite- an Insurance specific AI/ML Software Suite.

Pentation Analytics, as an InsurTech, provides state-of-the art analytics applications for the Insurance Industry, centering which is our evolutionary analytical product – Insurance Analytics Suite®.

Targeting core insurance use-cases, the objective is to deliver in the areas of Soliciting & Customer Acquisition, Risk Assessment & Policy Development, Claim Assessment & Customer Service, Fraud Analytics, and Customer Retention & Cross Sell. The core of Insurance Analytics Suite® is Advanced Predictive Analytics – it exploits algorithms and techniques such as Artificial Intelligence, Natural Language Processing, Deep Learning, Gradient Boosting trees, LPP Optimizations, etcetera, to analyze structural and unstructured data residing at various sources.

Pentation Analytics also offers cutting edge analytics to Banking, Financial Services, Capital Markets and Payments sectors.

  • Category         : Information Services, Information Technology, InsurTech
  • Headquarters Location: Mumbai, Maharashtra, India
  • Founded Date: Aug 1, 2015
  • Funding: Pentation Analytics has raised 1 round. This was a Seed round raised on Dec 11, 2018. Pentation Analytics is funded by Startupbootcamp FinTech Mumbai.

5.  Mantra Labs pvt Ltd:

Mantra Labs is a B2B tech solutions provider. Work in the space of IOT, AI, and Fintech/Insurtech, design Services, Web Development, Mobile Development

  • Categories: Artificial Intelligence, Industrial Automation, InsurTech, Internet of Things, Machine Learning, Web Development
  • Location    : Bengaluru, Karnataka, India
  • Founded Date: Feb 16, 2009

Products:

  • Industry Specific AI Enabled Chatbot
  • Visual AI Platform for Insurer Workflows
  • Insurance Lead Conversion Accelerator

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