3 Embedded InsurTech platforms disrupting the insurance industry
By Gloria Mathias
Insurance has been an instinctual need of humans since time immemorial, be it insurance of life or assurance of word, our innate need to be insured has only been intensified. With an unclear projection of the future, claiming insurance seemed the only safest option. Owing to the shift in the insurance industry, it has deepened its roots with the integration of technology and offering Insurtech capabilities, reshaping the way people claim insurance.
According to a report, India stands out as a country with a general insurance penetration of less than 1% and a life insurance penetration of just over 3% However, amidst this landscape, the evolution of the digital age has given rise to embedded InsurTech platforms, which are now revolutionizing the insurance sector.
In this listicle, we’ll explore three embedded InsurTech platforms that are not only closing the insurance gap but also delivering seamless and unmatched customer experiences.
Below listed are 3 InsurTech platforms reshaping the insurance industry:
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.
Penni is a trailblazer in embedded insurance. They excel in integrating insurance into digital platforms, making it easy for businesses to provide coverage. Their advanced tech enhances user experiences and adds valuable protection. Penni is a trusted partner for those navigating the digital transformation of the insurance industry. Discover the potential of embedded insurance with Penni to elevate your business offerings in today’s market.
Plum provides high-quality health insurance and corporate benefits at affordable rates. Benefits for employees for using Plum include an increase in employee satisfaction, improvement in employee health & productivity and Reduction in health benefits cost. They are providing a simplified purchase and setup process for health insurance and benefits for employees. Their highlighting features are no negotiations with your broker and agents, transparent pricing directly from the insurer, customization of your insurance and benefits to your needs, Covid-19 treatment included, no waiting periods, no room rent or disease-wise limit, maternity & newborn covered, pre-existing diseases covered, additional benefits provided, doctor consultation, health checkups, mental wellness, dental care, fitness and nutrition.
IBSi Daily News Analysis
December 08, 2023
Most consumers seek safer, easier payment verification, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage