India’s Insurance Future: 5 InsurTech Startups to watch by 2025
By Gloria Mathias
The insurance sector in India is undergoing a transformative shift owing to the emergence of InsurTech, a powerful combination of insurance and technology. In a country where vast populations remain underinsured, InsurTech platforms are bridging critical gaps, offering security and safety that is now just a step away for millions. These platforms leverage digital innovations to make insurance more accessible, affordable, and personalised, catering to both urban and rural populations.
Today, InsurTech is more critical than ever. As uncertainties grow in health, finance, and livelihoods, having the right insurance coverage has become essential to safeguard against unforeseen risks. FinTech’s influence on the insurance landscape is undeniable. It drives seamless digital processes, creates innovative microinsurance products, and ensures better financial inclusion. These advancements are not just reshaping traditional insurance but also empowering individuals and businesses to protect their futures with confidence.
Listed below are 5 emerging FinTechs driving the Insurance wave in India in 2025:
Established to serve emerging middle-class and lower-income groups, particularly in rural and Tier 3 and Tier 4 cities, Finhaat offers a B2B insurance distribution and servicing platform. Their SaaS-based digital platform enables partner institutions like NBFCs, MFIs, and NGOs to implement insurance efficiently and service customers. Finhaat aims to democratise insurance and provide financial security to underserved communities.
BimaKavach is a notable InsurTech platform that is gaining traction in India. Founded in 2021, it is focused on making insurance accessible and affordable for the masses. BimaKavach offers micro-insurance products through its digital platform, targeting low-income groups, including rural populations and migrant workers. The platform leverages technology to simplify the insurance process, ensuring that users can easily understand and purchase policies that cater to their specific needs.
With its “Insurance in a Box” model, Riskcovry is redefining insurance distribution in India. It provides a comprehensive infrastructure for enabling any insurance product from any insurer across various channels. Serving diverse partners, including banks, NBFCs, and FinTech startups, Riskcovry accelerates digital insurance distribution journeys, empowering businesses to integrate insurance into their offerings effortlessly.
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