India's insurance tech space is dominated by policy comparison engines that have raised over $166M in aggregate funding and count Sequoia Capital India, Tiger Global, and Accel among their backers.
While funding to venture-backed startups in India hit $7.86B in 2015, funding for insurance tech in India has centered on just a handful of startups that aggregate policies and offer comparison engines working across both non-life and life insurance lines. These services aggregate offerings, allow Indian consumers to do side-by-side online comparisons of policies and pricing, and then act as brokers for the carriers.
BankBazaar, which offers a comparison portal for term life, health, and car insurance, is the most well-capitalized Indian insurance startup with $70M from investors including Sequoia Capital India, Amazon, and Walden International. Not far behind is Tiger Global-backed PolicyBazaar, which has $70M in funding and aggregates policies in the same lines. PolicyBazaar has in the past claimed to represent 90% of India’s online insurance market.
Using CB Insights’ Business Social Graph, we mapped the investors and startups vying to shape India’s online insurance market. Updated: 9/7/2016
The table below highlights total funding and the types of policies covered by investor-backed insurance tech startups in India.
| Company | Insurance Policy Categories | Total Disclosed Funding ($M) |
|---|---|---|
| BankBazaar | Term Life, Auto, Health, Travel, Home | $79 |
| PolicyBazaar | Term Life, Auto, Health, Travel, Home | $69.80 |
| Coverfox | Health, Auto, Travel | $14 |
| Easypolicy | Term Life, Auto, Health, Travel | $2.20 |
| RenewBuy | Auto | $1M |
| Turtlemint | Auto, Health | – |
| Bimadirect | Auto, Health, Life, Business, Travel | – |
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