4 embedded insurance platforms transforming the InsurTech landscape in India
By Leandra Monteiro
Covid-19 pandemic boosted the digitisation of numerous sectors, similarly, the insurance sector has gone under automation and digitisation. Embedded insurance is an innovative way of coupling insurance with the service at the point of sale. Embedded insurance will accelerate the penetration of insurance worldwide making the process more accessible to all. Mentioned below are 4 platforms to watch for in India:
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.
Riskcovry is among the fastest growing startup in India in the ‘Insurtech Infrastructure’ space, which is defined as a one-stop platform that can enable omnichannel distribution (DIY, assisted, embedded) for any business, across any insurance product and 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 is an insurance infrastructure API platform that democratizes access to insurance distribution. It works with insurance providers to create smaller and more 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 is an InsurTech company and 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 journeys.
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