Introduction:
Insurtech startups adopt technology to bring betterment to the whole insurance business model. They are adopting different advanced technologies like AI and data analytics to enhance pricing accuracy, operational efficiency, and customized customer experience.
Bangladesh:
Daily Star, 2022, reported 110 InsurTech startups in India and 335 in Asia-Pacific. 10 Bangladeshi firms work with insurance companies to develop digital solutions or enable insurance via technology. Adorsho PraniSheba partners with Phoenix Insurance Company and Green Delta Insurance Company to offer livestock insurance against theft or death using IoT-based cow monitoring technology, machine learning, and AI to resolve claims.
“Multi-Factor Identity Verification & Authentication system” and “Automated AML tools” from GIGA EKYC identify “fraud person”, “fake ID” and “fraud transactions” to help financial institutions comply with EKYC guidelines and reduce account creation costs and time. bKash, Trust Axiata Pay, and Guardian Life, a pioneer in digital insurance in Bangladesh, partner to buy policies, pay premiums, and receive claim payments through the app.
Green Delta Insurance and iFarmer offer livestock insurance. Farmers receive funds from investors via an app. ‘Aamartaka.com’ compares insurance services. Nagad’s mobile financial service lets customers pay the National Life Insurance Company Limited’s premium policy fee, Takaful insurance, and public insurance online, saving time and money. MicroInspire, a reliable Bangladeshi insurance platform, connects underwriters and partner organizations and manages policy data and claims.
Truck Lagbe, a digital trucking company that connects truck owners and shippers online and on smartphones, now offers annual life insurance for truck and pickup drivers. Farmers, SMEs, NGOs, insurers, and financial institutions can insure their cattle online with InsureCow, a 360° technology-powered bovine insurance and wellness monitoring platform.
Kenya:
In 2016, Kenya had 27% financial inclusion; in 2019, it was 83%. Digitization improved Kenya’s pandemic response and financial inclusion. M-Pesa, Ecocash, and E-wallet enabled financial inclusion in Kenya, Zimbabwe, and South Africa. The region leads with 46% of global mobile money accounts. Bismart customers compare insurance by price, perks, user ratings, and other factors.
Jubilee Insurance helped create Imarishi Jamii mobile micro-insurance. USSD access to Safaricom’s MPesa costs 20 Kenyan Shillings (nearly 20 cents) weekly. Bluewave Insurance offers a digital administrative platform and micro-insurance products with Jubilee Insurance and Safaricom (M-Pesa) and Airtel mobile money systems (Airtel Money).
Go Ltd., an insurance aggregator, provides product categories for customer groups to generate quotes for insurance on the pay platform. MotiSure offers African commuters and riders on-demand personal accident insurance.
Elastic FS is a next-generation FinTech firm that provides middleware and front-end services for insurance and payment companies. GrassRoots’ cloud-based digital insurance management, WazInsure, simplifies, transparently, and cost-effectively automates the whole insurance value chain and reduces distribution and administrative costs. Bima, a Nairobi-based InsurTech business, simplifies insurance company-client communication. It includes customer onboarding, distribution, policy administration, claim administration, and policy renewal.
Insurers, agents, and brokers may use Kakbima online to provide insurers with actuarial model-based risk analytics. Brokers can automate claims, renewals, and quotation creation. It offers agents a CRM and communication platform for consumers, insurance, payments, and bulk report dissemination.
India:
FinTech companies can help boost competition and accelerate financial inclusion in India by lowering costs and enhancing access to financial services for people in low-income groups, rural areas, and other underserved sectors of the Indian economy (Asif et al., 2023).
The blockchain-enabled solution in India created digital, immutable land ownership records that can track ownership changes. All parties (utilities, insurance, etc.) can view new transactions on the blockchain (NITI, 2020).
Digitalization simplifies claim monitoring for insureds and insurers, improving customer satisfaction. Claims AI has grown in established markets. AI detects fraud and other issues. US and European insurance firms are already seeing large cost reductions in this area, which may make them more viable and keep premiums low (Susan, 2019).
Indian banks and insurers use chatbots to improve customer service 24/7. Each banker needs an AI-powered chatbot with 70% of banking online. Advanced bots create accounts, make payments, verify application progress, apply for loans, check balances, and freeze debit cards. Facebook and Twitter bots are available.
Contact center systems have end-to-end encryption and easy third-party integration. Video KYC with contact center systems can complete banking and insurance KYC online. Since the epidemic, few banks and insurance companies have implemented video KYC, but it relies on third-party applications or hosts, raising security concerns. Contact center solutions don’t use third parties, so data isn’t lost or compromised.
In FY16–FY20, bank deposits rose 14%, but India’s insurance business may rise 15%. (India Tv Tech Desk, 2021). In India, cloud adoption, awareness, quality of service or efficiency, and relative advantage were all positively correlated (Senarathna et al., 2018).
India’s Virtusa insurance cloud solutions optimize migration. Digital transformation may boost company efficiency. It helps insurers quickly deploy new digital client experiences, remodel or build more flexible core systems, and use data to create innovative risk detection and personalization strategies (AWZ, 2021). Cloud-based claim and e-prescription systems should improve healthcare. The app lets users check medicine availability without visiting multiple pharmacies, improving market competition (Alqattan et al., 2018).
In India, success comes from allowing innovation throughout the insurance value chain using new technologies like blockchain, big data analysis, AI, and ML to target underpenetrated areas like life, health, property, and crops. Indian InsurTechs are attractive for investment due to strong founding teams, a large under-penetrated domestic market, strong insurance technical knowledge, and world-class UI/UX, technology, and data science talent.
Digit Insurance, is a leading Indian general insurer. Private Indian general insurer Acko General Insurance simplifies insurance purchases, paperwork, and claims. India’s Probus Insurance leads InsurTech. They simplified online insurance. 29+ insurer partners offer top auto, bike, health, life, travel, commercial vehicle, home, fire, and marine insurance. Policybazar compares and sells Indian insurance online.
Artivatic-RenewBuy.com uses AI, which improves agent renewals for many large life and non-life insurers by providing underwriting and claims solutions. RenewBuy uses D2C Insurance Broking for semi-urban and rural third-party vehicle, health, and life insurance. RenewBuy has over three million customers and 70,000 PSPs.
AI-first solutions from Mantra Labs solve insurance carriers’ biggest front- and back-office issues. AI-enabled insurance chatbot ‘FlowMagic’ and AI-driven lead conversion accelerator increase sales funnel potential. Mantra Labs serves Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hongkong.
Mantra Labs relies on MongoDB, IBM Watson, and Nvidia. APIs, mobile, and SMS transactions enable Toffee Insurance to provide cycling, income protection, daily commuting, and dengue insurance to those earning under USD 300. Toffee Insurance works with Hero Cycles, Wildcraft, Eko, Apollo Hospitals, ICICI Prudential, Religare, HDFC Ergo, Tata AIG Insurance, and others.
Pentation Analytics’ Insurance Analytics Suite helps insurers and intermediaries improve policyholder engagement, retention, cross-selling, and claims with predictive intelligence and process automation. Finally partners with top banks and non-banks for loans (NBFCs). Lack of premium financing limits Indian insurance penetration. Finsall solves this with end-to-end insurance premium financing technology.
The platform connects clients, insurance providers, banks, and NBFCs to provide insurance for various categories. Finsall, an insurance partner, finances such consumers’ insurance premiums through our Business Associates’ B2B mobile app. Bimaplan insures. Bimaplan partners with insurers to offer $5-$50 annual over-the-counter insurance to low- and middle-income groups.
PAM CRM software streamlines insurance and claims. Clinikk is creating 600 million Indians’ first managed care program. Prevention reduces catastrophic health insurance claims in this integrated health strategy. Kin Insurance offers digital natives phone-based home insurance. Kin automatically gathers internet data before asking for confirmation, saving users time.
Indian auto site CarDekho offers research, financing, insurance, used cars, and other car-buying and selling services. The firm works with automakers, dealers, and financial institutions to simplify car purchases. AI and design make Metromile insurance affordable, fair, and customized. Insurance rates are improved by sensor and telematics data from all customers’ cars. The company is best known for pay-per-mile auto insurance in the US and is building a community of drivers who come for the savings and stay for the experience.
Shift Technology’s strong and accurate AI-native SaaS solutions enable insurance firms to fight fraud and confidently automate claims. Hippo Insurance (NYSE: HIPO) uses data like municipal building records and technologies like satellite imaging and smart home devices to simplify the quotation and onboarding process for protecting appliances, consumer electronics, and home offices.
Zenefits, a SaaS cloud-based HR software, enables more small and mid-sized firms to empower their employees, manage change, and remain compliant. Indio Technologies’ workflow management software automates carrier quotations and customer insurance applications. Indio minimizes the operational overhead of typical insurance agencies, letting brokers concentrate on sales and client management. Indio Software makes insurance submissions and applications online, digital, and user-friendly for agencies, brokers, and insureds.
Pakistan:
In Pakistan, Wada is operating as a digital insurer. Easy Insurance, Karlocomapre, Smartchoice, Mawazana, and Letcompare operate as insurance aggregators. As the first fully digital Non-Bank Microfinance Company, Tez Financial Services is operating in Pakistan to offer digital insurance. Hefazat Tech provides a digital insurance brokerage platform. BIMA and MicroEnsure provide micro-insurance through a partnership with jazz. Oracle’s digital insurance delivers insurance solutions.
Salaam Takaful Limited (1st Shari’ah-compliant InsurTech in Pakistan) and First Digital Takaful Company (Private) Limited offer takaful products online. Ozoned is an InsurTech startup aiming to transform the insurance value chain digitally. Smartbenefit, a health insurance startup, provides employers and employees with more flexibility, transparent pricing, and high-quality healthcare experience with a partnership of Jubliee, Salaam, TPL, Adamjee, Allianz, IGI, and Pak-Qatar. Centegy Technologies is leading in enterprise software solutions in the Sales & Distribution and Insurance industries. ‘Hayaat. pk’ and Hello Doctor are offering online health insurance.
Morocco:
One pay is operating as a payment aggregator. CIWA provides digital platforms. Wafa Cash offers digital insurance premium payment. HPS is offering a payment software company. MES and DAK are offering FinTech Solutions, including insurance. Premium Technology operates as a digital financial software provider. ‘Sygma.AI’ offers insurance claim management services using AI/ML.
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