4 InsurTechs in India offering microinsurance coverage

By Leandra Monteiro

Microfinance in India has a notable impact on economic development. It offers access to loans, insurance and savings accounts. Microinsurance is a component of microfinance that supports low-income individuals by offering customised insurance coverage according to their needs. It aims to enable insurance penetration globally and support financially weak communities in achieving a higher extent of benefits. The microfinance movement is largely driven in developing countries, and in India, you can follow these InsurTech companies for microinsurance.

• 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.

• Toffee

Founded in 2017 with a vision to reimagine how insurance is bought and sold in India, they continue to be one of the fastest-growing InsurTechs globally. In a short span of time, they have introduced innovative products such as Cycle, EV and Pet insurance, created one-click processes around issuance and claims, and earned the trust of millions through fairness, transparency, and customer-centeredness. They are now forging ahead towards their goal of insurance for everyone.

• Digisafe

DigiSafe Insurance is an InsurTech company aiming to bridge the glaring gap in the penetration of insurance between urban and rural areas. It focuses on empowering rural people, including farmers, by supporting them to make informed decisions and increasing employment opportunities and revenue. They are providing the most tailored insurance options to different insurance buyers and supporting them in managing financial risks and contingencies more efficiently.

• M-insure

M-INSURE is a technology-driven company that focuses on digital health inclusion for India’s NEXT 500 million. They offer affordable preventive and primary healthcare while enabling insurance solutions digitally. Their motive is “Sanrankshan – Swasthya – Suraksha ” providing quality accessible digital health solutions, as well as ensuring the mass market population from various risks. By backing up technology with strong human emphasis, including highly personalized customer service, they provide a 360 ° Health ecosystem including insurance.