The emergence of Insurance Technology (InsurTech) in India is reshaping the conventional insurance landscape in remarkable ways. By seamlessly integrating cutting-edge technology with insurance services, these innovative companies are transforming complex processes into streamlined solutions, significantly improving customer experiences and broadening accessibility for all.
This insightful exploration delves into the top 10 InsurTech companies in India, each one pioneering advancements that make insurance not only smarter but also infinitely more user-friendly, paving the way for a new era in this vital industry.
List of 10 Leading Insurtech Companies in India
1. Zopper
Zooper is the best insuretech company in India, founded in 2011. It specializes in API enabled distribution and partners with over 40 insurance providers and more than 2500 ecosystem players. As of the Financial year 2024, Zooper reported an annual revenue of ₹448 crore, reflecting a 170% year-over-year growth. The company operates in over 1,200 cities across India and employs approximately 583 individuals.
Zooper’s mission is to simplify and democratize insurance through technology. This makes Zooper accessible, affordable, and transparent for all.
2. Coverfox
Coverfox is a Mumbai-based InsureTech company founded in 2013, offering a digital platform for comparing and purchasing various insurance policies. As of March 2024, the company reported an annual revenue of ₹14.5 crore ($1.75 million) and had 81 employees.
Coverfox has raised a total funding of ₹458 crore, and had a valuation of $80 million, roughly ₹668 crore, as of June 2017. Coverfox aims to reach a wide range of people, including young adults (millennials), working professionals, and families.
3. Plum Insurance
Plum Insurance, founded in 2019, is a Bengaluru-based insurtech company specializing in employee health and wellness benefits. As of FY2024, Plum reported an operating revenue of ₹41.3 crore, marking a 2.5x year-on-year growth. The company reduced its losses by 54% to ₹25.5 crore, demonstrating significant financial progress. Plum’s mission is to ensure 10 million people in India by 2025.
Plum Insurance has made significant strides in its financial performance, reducing its losses by 54%, which resulted in a loss of ₹25.5 crore for FY24. This reduction highlights the company’s efficient operations and growth trajectory.
4. Help by InsuranceDekho
Help by InsuranceDekho is an AI-driven support system designed to improve the efficiency and accuracy of insurance advisory services. It utilizes generative AI models like Amazon Bedrock and Anthropic’s Claude ‘Help, which empowers agents to provide precise policy information and streamline customer interactions.
In the fiscal year ending March 2024, InsuranceDekho reported a significant financial turnaround, achieving a net profit of ₹85.7 crore compared to a loss of ₹51.6 crore in FY23. The company’s operating revenue surged by 670% to ₹743.6 crore, up from ₹96.5 crore the previous year.
5. BimaKavach
BimaKavach, established in 2021, is a prominent InsurTech company specializing in business insurance solutions for SMEs and startups. The workforce of approximately 53 employees as of October 2024.
BimaKavach raised ₹16.7 crore in seed funding, reaching a post-money valuation of ₹77 crore. As of March 31, 2024, it reported an annual revenue of ₹2.47 crore. The company targets ₹100 crore in gross written premiums by FY 2024–25, marking rapid growth in India’s InsurTech space.
6. PolicyBazaar
Policybazaar, founded in 2008, is India’s leading digital insurance marketplace, offering a platform for users to compare and purchase various insurance policies. The company has sold over 42 million policies and holds a 93% market share in India’s digital insurance sector.
In FY24, Policybazaar’s core online marketplaces, including Paisabazaar, achieved a 39% revenue growth, reaching ₹2,375 crore, with an adjusted EBITDA of ₹324 crore. The total insurance premium for the quarter was ₹5,127 crore, indicating an annual run rate of ₹20,000 crore. These statistics underscore Policybazaar’s significant role in transforming India’s insurance landscape through digital innovation and customer-centric services.
7. Acko General Insurance
Acko General Insurance is a leading InsureTech company in India, offering fully digital insurance solutions. It focuses on low-cost, paperless policies for motor, health, and travel insurance. In the fiscal year 2023–24 (FY24), Acko General Insurance reported a revenue of ₹2,106 crore, marking a 19.8% increase from ₹1,758 crore in FY23.
Gross premiums contributed ₹1,587 crore, accounting for 73.35% of the total income. Despite total expenses rising to ₹2,830 crore, the company reduced its net losses by 9.3% to ₹670 crore. Acko aims to achieve profitability by FY27, focusing on its general and health insurance segments.
8. RenewBuy
RenewBuy, established in 2015, is a prominent insuretech company in India. It operates as a digital insurance aggregator, offering a range of insurance products, including motor, health, and life insurance. As of early 2025, RenewBuy has raised a total funding of ₹1,175 crore across 13 rounds, reaching a valuation of approximately ₹3,030 crore.
The company employs around 4,848 individuals and has insured over 30 lakh customers through a network of nearly 70,000 point-of-sales persons (POSP) agents. In the fiscal year ending March 2024, RenewBuy reported an annual revenue of ₹410 crore.
9. Toffee Insurance
Toffee Insurance is an insuretech startup founded in 2017, aiming to make insurance accessible and relevant to millennials. Toffee Insurance leverages AI and behavioral data to create user-friendly insurance solutions.
As of April 18, 2025, Toffee Insurance has raised approximately ₹597.7 crore in funding, equivalent to USD 7 million. This substantial investment underscores the company’s commitment to leveraging technology to make insurance more accessible and tailored to the needs of younger, underserved demographics in India.
10. Servify
Servify was established in 2015, is an InsureTech innovator specializing in device protection and lifecycle management. By integrating services like extended warranties and insurance claims into a unified digital platform.
Its global span covers over 40 countries, collaborating with major brands such as Apple, Samsung, and Amazon. As of the Financial year 2024, Servify reported an annual revenue of ₹755 crore, marking a 23.6% year-on-year growth.
Conclusion
In conclusion, the top 10 insuretech companies in India are transforming the insurance sector by utilizing technology to improve accessibility and customer experience. Through innovative solutions, they are reshaping traditional models, offering tailored services, and driving financial inclusion, ultimately paving the way for a smarter insurance landscape.
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