4 InsurTechs making insurance easily accessible for Indians
By Leandra Monteiro
InsurTechs tackle diverse insurance distribution challenges by using technology to create new distribution channels, simplify distribution processes, and provide better customer experiences.
They use data analytics to identify customer needs and preferences and offer personalised insurance products and services to the underserved. By automating underwriting and claims processing, InsurTechs reduce costs and increase efficiency.
Here are 4 InsurTechs that are transforming the insurance industry and improving access to insurance for all:
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.
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 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 insuring 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.
Plum is providing high-quality health insurance and corporate benefits at affordable rates. Benefits for employees for using Plum: 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: No more negotiations with your broker and agents, get transparent pricing directly from the insurer, customize 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.