IIA-BCG Annual Report 2023

+
India Insurtech
Landscape and Trends
Insurance for all
September 2023
2 INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
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About the Authors
Alpesh Shah Pranay Mehrotra Vivek Mandhata Suhail Bhansali

orectMangiD orectMangiD orectMangiD Principal
and Senior Partner and Senior Partner and Partner G‰
BC Mumbai
Lead – CEO Advisory, APAC Lead - India BCG, Chennai
G‰
BC Mumbai Insurance Practice
G‰
BC Mumbai
Prerak Sethi Subhajit Mandal Shwetank Verma

Co-founder Co-founder Co-founder
India Insurtech Association India Insurtech Association India Insurtech Association
Foreword
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Prerak Sethi, Subhajit Mandal, and Shwetank Verma

Co-founders, India InsurTech Association
INDIAINSURTECH
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At A Glance (I/II)
2022 saw a slowdown in global Insurtech funding vs the heights of 2021 ; India relatively more robust
with stable share of Insurtech funding
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Driving towards "Insurance for all"
tub y a w gnol a emoc sah yrtsudni ecna rusnI ehT engthdDisrbuoS

n o i t a r t e n p r e d n u h t i w t n e s r p y t ificn u tg ri osp o t n a Last-mile reach, improved productivity,
stnemges rem‰ o s t c u d o r n p a s e o i hr pc a r g o e g new channels
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eodrivythms kF Insurance for all ‰
s y enr‰
u no j i ts a ze il m a ne o S s r e p
transparency
ensitzaopdNScCrwA oryenablsgut R
fici l p m i s‰
n t o c i u r d eao m r P t s u c d e t g r a t
communication and last mile activation
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R INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
At A Glance (II/II)
PERFIOS
Insurtechs can be a driving force for
"Insurance for All" GRAMCOVER POLICYBOSS
ationvechsdrgMulpI
across key levers ZYLA
AUTOWIZ
DIGSAFE MICROENSURE
BLINK BIMAPLAN WOLFRISK
In conclusion
‰ sre usnI ‰ s hrce d tl ro uh se nkIa tr‰ so l a A u g e R

n o i t a r ob a l o c ‰
n si e k dro b w t no e t m n d r e vn o G c t e
Insurtechs can : Insurers can :

fici c ep s r o f s n o i t u l o s e v i t c n i t s i d l i u B pihsrotnem dna noita von i tnioj ni e ga nE
opportunities across the ecosystem Set-up to operate in a two-speed world
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INDIAINSURTECH
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Table of
Contents
01
Trends In
Funding For
Insurtechs
#10 – 15
02 03 04 05
Driving Towards Insurtechs Can Be Summary Appendix:
Insurance For All A Driving Force For Implications India Insurtech
Insurance For All Association
Member
Information
#16 – 39 #40 – 53 #54 – 55 #56 – 84
INDIAINSURTECH
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01
Trends In
Funding For
Insurtechs
LM INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
SHC ET RUSNI RO F GNID UF NI SDNERTTRENDS IN FUNDING FOR INSURTECHS M
2022 witnessed a slowdown in global Insurtech funding compared to 2021;
India relatively more robust with stable share of Insurtech funding
ostheigfNLM‰ P
Highestmpacn Relatively, lesser impact
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in Americas FundigNL Ia
elstiPxofNLMRv
echsuityfndgIrlobaEqG echfundig¿lobaIsrtG India¿echsuityfndgIrEq

(in $Bn) alspithcGeogr (in $Mn)
MPL TL
QL
RN QU
RT RT
SQ 78
SM
OPL
QL NUL
M
MN
MS MO
MT MN OL
NR
MQ MU ML
ML
NLMR NLMT NL NLM NL NLMR NLMT NL NLM NL NLMR NLMT NL NLM NL
Americas Asia Europe
eoprtinfchudgasI
antosemidchfugrF
11% 11%
NLM NL
Source: Crunchbase‰xn‰
acr T ower lTntechC T GFinBC
NM INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
Deep-dive into equity funding in Insurtechs in India
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PU M
RL M
75
M
3 4
ML M
5
M
75 UN 2 2 M
M
4 M 2
M
PL M 7
PR R
NM 2 4 4
3
M
NLMR NLMT NLMU NL NLM NL NLMR NLMT NLMU NL NLM NL
Multi Health General elAng edS Series B Series D

Series A Series C Series E+
Note: eofmulti´lHghrsa aisedMNLnyTurtlmhgb Shi¶elyoctivhak DgndAbGIfumjr

oundsiNLaePUMbthmlr
Source: Crunchbase‰xn‰
acr T ower lTntechC T GFinBC
TRENDS IN FUNDING FOR INSURTECHS O M

5 unicorns emerged in 2022 across 3 countries
23 Country Name
alfir
Digt erstinu
Key Offering
vidngopr
Unicorns emerged a«oeoptinsacdblur
Branch dynamicprg tls
in 2021 globally
with 2 in India basicton
United States alDigt platform for Auto

Caribou fineancigdsur
oenablrmtfP seamless
Glia customer service
erswithEnablIu
a‰ dt anlyticsdRk
Accelerant e˝changx for sharper
United Kingdom
underwitg
Marketplace for Life and

Vesttoo
P&C Reinsurance
Israel
Turtlemint RenewBuy InsuranceDekho

6 Soonicorns
in India OneAssist Zopper x o F re v o C
Source: CrunchBase‰xn‰
acr T chbitoPk
PM INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
Top funded Insurtechs in India
Founding Amount raised Key

Name Stage
year ($Mn) Offerings
Omnichannel insurance platform
InsuranceDekho NLMR MQLł Series A epolicsmarnutbg
esailbchovmtndfr
vidngasemlocuprfI
Digit Insurance NLMR MNQ Unknown omerscutxpin
eandomprcstEblu
Turtlemint NLMQ MNL Series E+ albuidngt echsrp
advisorchnel
oenabldsutiv Pr
Zopper NLM 75 Series C ypartnesdibuo
edistrbuonacmlgfP
WeRize NLMU MQ Series B
with a focus in Tier 2+
oductselingapmFrw
Gromo NLMU M Series A e‰ancosliurtdb ds‰ areitc
countseviga
aniztosdeg‰ Hlpr eradminst

Pazcare NL 8 Series A ebynfit mploadg sand
insurance
*Raised in Jan ‘23

Source: CrunchBase‰xn‰
acr T chbitoPk
TRENDS IN FUNDING FOR INSURTECHS Q M

02
Driving Towards
Insurance For All
RM INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
DRIVING TOWARDS INSURANCE FOR ALL S M
The Insurance industry has to increase penetration
come a long way
Life Insurance Total Premium Non-life insurance GWP

—L
Rs eorLc —L
Rs eorLc
13x STM 18x 257
OT
OS
NT NS
ON
287
RO
QR OL
MP
FYLO FYMO FYNO FYLO FYMO FYNO Life Health Crop

Health & PA edrvoscli n edrvoscli o agrilnd p
Split of Motor
non-life GWP
Others
Non-life includes Motor, Health & PA, Others

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edNLMŃinsur eaNLMUblndr ot NT
*Medinbalutchmrkg‰ posv e‰ anciFr ohltsufgpe einUSAacopsurdCLf
Source: atiscNLŃAIRD O
TM INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
Potential for penetration exists across geographies
and customer segments
aphyGeogrB ations«eTerNdmlc owthprigscef ysegmntB Low/ mid income

segmnthaiplo
Health Life Health

eagrvoswithnycfl
NL QL
OQ´PL
Q´RL
SL´SQ RL´RQ
SL´SQ RQ´SL
SQ´TL RL´RQ SL´SQ SL´SQ
TÚL
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TL
PL´PQ
QL
OQ´PL NQÓL OQ´PL
NQÓL NLŃQ NQÓL NQÓL OLÓQ
ML´MN
Metro Tier 2 Tier 3 Tier 4+ Metro Tier 2 Tier 3 Tier 4+ Elite Aspirers Nextbilon Strugles
¥TierM ¥TierM Auent
Current Insurance Penetration edrvobtc Y
Note:opulatinmLM TerOP Q iN opulatnmM TerP i oMt

A¿esLPomnNMTprichuldyagtbC A‰ emNLPElit AuentMLŃA‰
LP ersQ´MApi A‰
LP NextbilonMQ´QA‰
LP
StruglesMQ
orsfegmntwipauldbhc W
Source:eportIB ‰atIndis‰abse‰ rydtopiCIP Experviws‰
tIn ch‰
esarP si‰
GAnalyBC AIHandboRDkNLŃM
DRIVING TOWARDS INSURANCE FOR ALL U M

Customer Perspective | Limited awareness, concerns about offerings and
dis-satisfaction with experience
Example¿ Health insurance
Total 100%
Limited to no
ensaboutrw 45% Limited awareness about
health insurance alenrigcIsu
ebutarwA Limited awareness

10%
¸tdon elndf aboutenfits
Lack of satisfaction with the product

elndbut F due to
26%
¸tenvha bought
A«odabiltyr
omplexityC
edailorsntbgu F
to the need
obuylantP 19%
onfid
Lackf enc due to poor
alsenwxpithcmdr
ens‰
arwFidgo o«eoductsprenaigx
Source: yNmMLeonsurSvGCB
LN INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
Industry perspective | Key levers to drive insurance penetration
Customer awareness Data - especially for UW Distrbuon

Limited awareness of insurance aedtPricngbsolm Low channel depth
benfitoductsanpr
Life:Uped‰
at alitynurmog Limited reach & depth of
ap¿rustg T Sentiment of products ailbevnotd alndsemiúchru rban
bue‰
ingopaq ynotbeclaims Motor: ersandoivtgLk areas
honored viormsngdbeha ecruitmnof halgC
Health: Limited data on updated ents‰ ualiygq aingsut
anulrmobidtyheg productivity
oriesgatcxpndu PSBs, BC network under-
edagrlv
easlrotinucqHgh
sdael mulo v dna ezis te kcit rewoL

to low economies of scale; need to
ledom gnita rpeo nigam e r
ablishmentE‰e¥ymplo
channel development costs
impactrng
Customers seldom understand the aownerdivgNkmct lARLy ¸tydoneifthvslagA sebuin

amutofbenfit
gir sthaeirpolcy yandOLýóear ldrivngNLkms oming‰ c omna¶eerycwhisv r
manyo¶evidespr euntilzdar day pay the same premium owthinalgr
éralinsu Ldg éralinsu Ldg érinsuLadglf
Source : Industry interviews, BCG Analysis
DRIVING TOWARDS INSURANCE FOR ALL M N

In summary, five key themes across the customer lifecycle
to drive penetration
Customer Lifecycle Key themes
Awareness of insurance as a concept A
Awareness
Interest in buying insurance (feel the need)
Understanding product and terminology

B
Product offering and
Desirability (to buy the product)
affordability
Regulatory
ffordability enablers
Accessibility C
Strengthened
distribution
Decision/Purchase
Post purchase experience (e.g., claims) D

Enhanced customer
experience and trust
Satisfaction and continued usage (Renewals)
Key levers across themes that can enable Insurance for All elctxampsS
A B C D
Awareness oduct«ePr ring engthdSr Enhanced customer

and«odabiltyr distrbuon expandtrusic
Concept & need n o i s n a p x e fis e t n e b r e v o C eachDistrbuon syomerjunalctS

senitzao e‰
agrvoOPDc ersalUniv xpansioe oenabltdigD
Inclusion in formal ervobasic USspecific R distrbuon seamlxprinc
education models (BC, SHGs,
Innovative constructs k r o w t e flcn o e t s o p ersonalizt P
Product/Term size‰
Bt o‰
ugyas P OSexpansioP
andiguerst ed‰
viorlnkBha cet aleuptsconr F Transparency
'Insurance dictionary' eQualityIndxrvcS
across multiple platforms A«oemntvodabilypr Enhanced economics of
orshapefdtg Lv channel Simpler product
omerdcustag T olntrudcapigf Enablemtofchs communication
communication Parametric products echandtougr
´seLarg ampignslec eg‰eancopisur
eg‰ahiHMFS Non-traditional
oductsimplfic
Pr ation gnidliub len ahc
Last mile activation Simplfiedanrst End to end ecosystems
Involve SLIC, panchayats, sreit g e erutcurts ycilop
oli egPus SB Vernacular policies with
ampignc simple terms
E elopmntaidv ucgr F
oryegulat R aluechinosvrdgtfeua Enbli
enablrs ensarwomDivgcut
estmnadubirgcv El
Note: US¿R al‰

Rur Urban‰emiurbanS
DRIVING TOWARDS INSURANCE FOR ALL 23

Select examples
of initiatives
implemented globally
or in other industries
AWARENESS
Critical to drive a structured

eObjctiv
mass awareness program
olisnIdawthDfMFGr
E.g.: Mutual fund sahi hai ¸sUMIndia toFAwhperG GDP
egmntsSar T
ersandxtbiloIAp uRMLP
mRsMQ´MA LP o‰
livngmetr TMandNcites
orsact eFySu K
Ubiquitous traditional channels: edagrLv cricket players for
´tyablendstr o úentoadcrs
Digital channels: Created a omutalfndshic ewithbs
adsofbutmlneivx Tubeo Y orSIP‰
f cet
Clear call to actioneg‰estmnaouchizv
Vernacular campaigns: ampignsOchel esTlangu
Impact
Inclusion: 32 lakh new investorsunchwitMNmosfla
Inclusion:olisadenFYNMfrOc
Penetration:GRbetwnFYMTŃUCA O inFYNL NPRLCr s
The Life Insurance Council has started to drive focus on this aspect
e˝ancIsurhlLif bPogteS ampignc
Source: Secondary research, BCG Analysis
RN INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
AWARENESS
Last mile activation across

eObjctiv
channels critical to drive cinea olV PefOrag vocbsluthi A
awareness
E.g. pulse polio
egmntsSar T
Whole Indian population, focus on enL´Qchildr earsofnxty
bilonIdasmRMQ´MA MQLP AandStruglesR LP
livngTNbctes
orsact eFySu K
Omnipresence of channels: Government primary schools used
eradmintl eampigndtlowbyshc
ops‰
·oed‰
at esxtmagdou ampignocwekrt
360-degree marketing: USspecific R in·uulvis‰
erManc priest‰
atheds‰ y pnc sarpnch‰eachrsld‰ t abhBcnAmit
ationlhes prvmdba
Clear call to action: opsetingldrahfR
edwithDobramnszgk˝ampignc
Impact
Inclusion:aseinrlyMUL‰
omOkucF ¸sIndia lastpoi
epdinNLMortasc
Source: Secondary research, BCG Analysis

PRODUCT
OPD is a key area Momentum has driven OPD insurance

of opportunity penetration in South Africa through
Health Saver Accounts (HSA)
ormOQPDexpnsf
espndigarofhltc M ontribuedfc R 2 Low minimum
monthly payment
englibvutha ortheSignupf
eagrvocnisu Momentum HSA-OPD Payment of minimum
cover, esjutirq monthly amount of
earRPLUSFNy to RMLUSF and/ or
The current OPD administer apply for credit
dingOboar
onstruc«eedinr
etihro«emak edrlimt 3 eamlsxpSrinc 4 eofHSAundsragDiv
enotragvc
Browse for preferred Use HSA funds with
customer friendly due to clinic on insurer app Multiply Money Card for
Appointment
Make payment on the Services with
ostandheigc deskanfilorclaimsef edrgist
emiusGSTlvdonpr healthcare provider
Medical claims
asemnt Fi‰
fites‰ ndvic gym
mebrship cet
Post appointment
5 Smooth claim process R alsoedbcitrnfit

vS s
Use any channel to HSA has provisions for

submitcla – app, credit facility, health
web‰al‰
c email‰ returns and interest
WhatsApp or post incomeno tse r tni LM
e cnal b ASH e vit spo
Source: ch‰
esarondyS exprviwstn
PRODUCT
Universal Basic China’s model for universal coverage with segment

Cover (UBC) can specific products has seen strong traction
help accelerate
ervosalbicun gfdmtheC
health insurance einjustagrvoTSpmNPlcfehnstadig
coverage ationUSeprcu NLTsOQy
#people
Segment Schemes Payer Eligibility covered4
Key need for UBC : (% of popn)
eBasicyUrbnEmplo ormalsect F
Urban erýEmplo SQ
Medical Insurancen employees and NQ
employed eýEmplo NQ
ÚEBMIT retirees
New Rural Cooperative

Rural ernmt´vGo SQ Rural
Medical Schemen QL o
IndivualŃQ residents
ĆMSNLR
oductsprfizan S
oesduthaclng esidntBac UrbR esidntUrba
Urban ernmt´vGo SL
operational and product other3
Medical Insurance
IndivualÓL
ornteligbf NM o
- URBMInNLU UEBMI
omplexitsandbyc
o«et rdi«eentiaor Urban Catastrophic health URBMI and
other insurance ernmt´vGo ML NRCMS SN
and rural ĆHINLM enrollees
extonIhdiac‰ ofil
anbmerpsdcutig ethargos self-employed
edpstormnfhlaguiw
esnvombducthaprC e g a r e v o c D P O e v a h o s l a s n a l p e c n a r u s n i c i s a 1. b e rht l A
t i l p s P M L N e h t s a n o i t r op o r p e m a s n i r eb m u n ‰ e Rh Mt L Nd e nt ia l du ec lg ar ec m e r e w S2.MC RN dna IMBRU
limited traction e l p o e p n a b r u d e y o l p m e t o n o t s r e f e r 3. rehto nabrU
‰
t n eg mn ti sr ua jh dS A¿ke s ci rR u o S s l e v e l n o i t a l u p o p L N L N r e p s a e m e h c s h c a e n i d e r e v o c n o i t a l u 4. p op f o e g a
‰t s u ig su‰
y s A l t a e T n Mk A Lr Na G M C e B n ‰
i c T l n M a L o Nr u d s e n h I s i h l t b u a P e H n i n o i t a l u g e R m u i m e r P d n a
DRIVING TOWARDS INSURANCE FOR ALL U N

PRODUCT
Simplification of Australia implemented tiering and

products is a key standardization of health insurance
enabler to drive adoption
edi«eatNumbrsnc edrvoiscgatlenypfr
38
29
oductsinrzgpeCa
tiers helps customers to 21
compare products easily

and also to understand
benfitscleary
Gold Silver Copper Basic
oductsinlafyherp vmoTheg
Similar approach followed andtiers¿ouy f Gold‰‰
erSilv onzerBasic
intheMFdusry
eofachtirwlbdfin
g vT edusingm
oriesgatlcdn s
oriespcfyd«egatlnC edntbrvoypasc
no´modifiableist‰eg‰skin‰emnts‰
placjoir csietdaly
LO INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
PRODUCT
Product innovation can be driven across various dimensions
esizdBt Meets an Alternate structure Tied to

(small ticket) unmet need Pricng‰e‰
agrvoc cet vioursebha
BIMA Beam Quealth Qantas Assure

A«odablehtr Dental insurance eandpricg voC Wellness linked
linked to lifestyle rewards/discounts
Allianz FIGO
Small ticket Pet health Metromile
Dental Supplement e‰
ancbsdiurUg
Clover Health ougyas p
ervonictzsS
R+V
Vision aids &
esodurcDiagntp
Source: ch‰
esarondyS Experviwstn
DRIVING TOWARDS INSURANCE FOR ALL M O

PRODUCT
Parametrizing agri insurance can drive significant penetration
lobaG eancmtrizdgsuflyp vohanMzkst eNrKuilcv E

to control risk
Country Parametric product introduced
Launched actsonre idxu for wheat crop

anzkhstNorK
CI‰
onditexVac gvrlUs CI onditexTcaurmp
Developed eancsowidxur for livestock

oliaMng
‰
ysnowedbrvacUhigtf es‰
nowtr outsy rpaefingsdut
la gneB tse W n o i t p d a e v i r d n a t d l e i y r t be d i v o r p t x e d n i h t l a e p o r c n e v i r d e t i l e t a s r l i m s d e c u o r t n I
¿ngised toli P
86%
Scope:e¸satOQMnHRNofs NCA neunitsacoONLrpdy fP
Data sources:es‰
litnaS a‰
gridewth mobileápbasedfiealdt
x e d n i h t l a e p o r c e t i s op m C IV DN gnisu de ta rc o (chlorophyll content), LSWIp of state’s farmers

‰ r e t a w e c a f r u‰
s e ta w lios re t a cs k ab RA PA F ‰
noiqta d r alos ‰
l a fnia r c te
were enrolled into
Yield assessment process: erlastPývdoCHFmu EwN ears the state scheme
Claims payout:edansumiropBCHFc
1. Net Cropped Area;

x e d n I n o i t a t e g e 2.
V «eie D c nd e rz i l a m r o N x e d n I r e t a W e 3.
ca fruS dnaL n o i t a i d a R e v i t c A y l a c i t e h t n y s o t o h P d e b r o s b A 4.
fo noitca rF
DISTRIBUTION
Multiple new channels to drive last mile distribution
Payment Apps Ration Shops Post network

omersMQLnbcut houseldMnbNL omersMNLnbcut
SHG Network
MOLnbmers
E-Commerce
omersMNLnbcut
Village Milk
Collection Centers AAA Health Cadre Agri FPOs
armesULMnbdiyf MUnbwome armesMQnbf
Source: BCG Analysis ationpsegrcvhfXR

Insurers can leverage ecosystem to drive higher customer engagement,
better value proposition
Attract new and existing customers

through OPD and Value-Added Services
aluepomrtnsibvdfP
Capture Data and AI Use savings from value

driven analytics, nudges, Customer pool to provide wellness
auto replenishment to 2 5 benefits to customer
drive adoption Drive further customer adoption
esadutilzonfrvcI
Insurer
3 4
Cross sell/ upsell driving Longitudinal data for disease

higher ARPU (in App) management, improved lifestyle and
Revenue share from partners better treatment adherence
ompartnesizfD Revenue share from partners
Reduced costs from lower treatment
Four key levers to drive Experience and Trust
Simplified
product
constructs Personalization
Seamless Transparency
customer of information
journeys – performance,
service level, etc.

EXPERIENCE AND TRUST
Journeys: Critical to provide a seamless end to end experience for all users
Example¿yealitjournd fHhcmsp
iagnosdD Claims Prevention of

treatment decision oesingcpr re-admission
Simple claims
esomrxplCut processed automatically:
AI´beromchkyptasd Hospital initiates claim enig‰
udscraF
to recommended treatments Submits alpoghr cost estimates, and
docs and tracks status/ decisong
OCR tool digtzes
Functioales rq
documents‰actsexr
include
and processes
eálprDigt Post-care and
relevant details on
ormuthizanf Prevention of Re-
customer id, hospital
Inbuiltcheks admission
cbilset edoutmplxcaisrC
atusviblymC alptienfil Dg e
esomrxplCut eromanuldwit
ationwhegrI emntDisag
elmdicnbtoks laimsprotzedC
NHA/ABHA Platforms
appointment with doctor/ eing‰ bas omadeinf
boestk Wellness
ailbeon´tv ap
emntMag‰ost P
Hospital care for
higćostpaien
laimsrueéAIbdC esngita
Customer reaches out to automated medical, non-medical checks
the eancorsitGAIbf ´wolicy P clusionex
ation‰ uhec IDA eportsLab
+ orudEngiefaF
outlierdnfication
ećinpr ‰
ylaimjourne boks
cestnyrvimg ari«T ation‰djuc ebilsatdupc
ationdjuc lAMe
RO INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
Making the treatment decision: AI based health assistance to guide

towards relevant medical specialties
Example¿an‰
igP AX‰eoicV eCar
AI Voice-based Virtual Helping users to view ratings Services recommendation based
Health Assistant for hospitals /doctors on user’s needs and preferences
Zohngshan Hospital Fudan University

Class 3A
MTL‰
No oad‰
engliR F uhi X NMkm
1 min To know
Symptom Assessment DepartmnOM Voucher/ edback F

How to find a Good Doctor
ofin
etlickhrC dout
Insurance MOP
atingsledrD
Internal medicine 88
down to the level of
ML eviw R B Physicians >
department instead Hospital Physicians Medicine Vouchers
of overall hospital
Cardiovascular Medicine ML atings‰r enablig High-Quality Services
UL 2 Reviews Physicians >
ofin
usert dthemos
appropriate service
olgyNephr 37 provider and person
Please tell me your main symptom.
UL 3 Reviews Physicians >
AldepartmnsOM Hospital A Hospital B

1A AXA Private AXA Voucher
96%atisfie
S d 100%atisfie
S d
No voucher/insurance
Various satisfactory
ULsatified yedbashr
other users to
provide correct
UO UO TU UM expdctrin
Advanced Healthy Easy Cordial eg‰e‰ astrucinf
environment, omendatibscR
x environment appointment attitude
atiude‰cet e‰
ncrfdsap eg¿
adelgrHospit
public sevatPri
Insurance policy panel doctors
Note: enshotadfculpryimgv eR

GenAI has the potential to improve customer engagement and service
Content Sales Customer Service,

personalization assistance Engagement
´pHyper ersonalizd Real-time assistant to sales Conversational assistant

ampignsc entragm uerisomqpctndg
entoigcMark out´gA edusrgiatn

chersonalizdpt P & tutorials
ale‰
tionscrg withno
entsoragf
human touch
SimplfiedQ¥Aoductnpr ‰
oductmizeprCs e‰
agrvoc T¥C‰oescpr
oetingzralmkD
recommendation &
position SEO, automated
esuotqpric Customer sentiment and
SEM
emntxpagric
Faster & personalized Higher productivity & Increased awareness, better

content customer retention NPS, quick responses
Source: Secondary research; BCG Analysis
REGULATORY ENABLERS eustivNoxha
Reforms in recent times to enable higher

innovation and growth
evisdnormughEafty
oenablhigrutsOMmpdEv R
ationvechlgydsm
Use¥File‰evisdUWnorm‰
R ot ce
ationverhgsf
eslikoughntavprcfD
am‰BiSug NDHM‰‰
orategunc cet
DRIVING TOWARDS INSURANCE FOR ALL U O

03
Insurtechs Can Be
A Driving Force For
Insurance for All
LP INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
RO F EC RO F GNIV RD A EB NAC SHC ET RUSNIINSURTECHS CAN BE A DRIVING FORCE FOR INSURANCE FOR ALL M P
Insurtechs are driving innovation across key themes
elctxampsS
Customer Experience
Product Offering Distribution
and Trust
ersonalizd P omizedcust
alenbmtodigE ormedcisngEablf
o«erings eg ealth and
ofdistrbunpae alndigtouhr
wellness interventions
syomerjunalCtS
oductsebaprUg estplacmrkDig
ding‰
obar claims‰esrvic
Last mile reach and awareness

Parametric products
alndigtyeb
Examples of Insurtechs driving innovation
elctxampsS
omized«ersnalcut P rings Zyla Riskwolf
oductsebaprUg Autowiz
Product Offering
Parametric insurance Blink
alenbmtofprsdigE Bimaplan
etplacmrkDig Digisafe
Distribution
Last mile reach and awareness Gramcover MicroNsure
ormedcisngEablf Policyboss
Customer Experience syomerjunalctS erfio

P s
& Trust
RO F EC RO F GNIV RD A EB NAC SHC ET RUSNIINSURTECHS CAN BE A DRIVING FORCE FOR INSURANCE FOR ALL 43
P E RS O N A L I Z E D A N CU S O T M I Z E D O F E R I N G S
Zyla | Enables insurers to provide personalized healthcare to customers

while optimizing claim costs
Overview O«ering
oryasinputlecghA‰orizngpateskd c
vidngopr ersamtniolgpvbu cise‰
rxlk diet ‰
ysegmnt K – Health
underxptgiac som
Key lever addressed
y¿estionabldApug
–Product innovation –
thenaAIgi to understand patient history, recommend interventions
earpsonlizdhtc
MultingaNLPe orNPłSf es‰
pronalizdug esaldruyq
educinglamsrhtvop R
High risk
Opportunity Human assisted care
management
Claim
Moderate risk reduction
AI Health chatbot
Need for more Low risk
personalizdc to
Risk Cohorting Continuous risk scoring
drive intervention as per
omer¸scust healt
Opportunity to reduce
claim costsvidngoyprb erwithapnsu dEgmlIcer
proactive interventions to
improve health
orZyla´F eróaptnisu F
esMlbiv covered s e g n a h c h t l a e hQ Se v i t i s o p w a s s r e s u d e d r a o b n o
NPSofbL mo rf decude r eta r noitazila tipsoH N L ot Q M
devres sresu LM yreve ro f smialc ni rC Q RNI gniv as
P E RS O N A L I Z E D A N CU S O T M I Z E D O F E R I N G S
Riskwolf | Provides a comprehensive solution to insurers helping them

build and operate customized product offerings
Overview O«ering
Parametric products‰
enarioswthlcf ‰
power built cyer
segmnty K Newsgmnt andymicelturofqUsg andcelibtr
‰ weathr ‰
cyber cet ametricpobuldnskg
insurance products
Key lever addressed –
yationbvducPr oescprmatu inoflpDgt from ideation to
ehnsivomprdgc etincubaodmrk
parametric solutions ection mprgwkfaeticnsu ExmplP
orms‰
St oersu«efydivalc monet antilrsub
income losses
eásapry gevocanIsur erwhndiv amoutpcg
Opportunity
e´dormsinpt efinMÓeg oris atedc eapdinrskotb
Impact of events like Risk carrier Riskwolf

Insurer/MGA/
Insured
embd
hangiwetrc
erns‰ pat esagpowrut
edanowbmsurc and eonsumptibadfC
hence insurance solutions

eduirq a
ewholatgrinNd Underwrite Build Operate Quote eDistrbu Buys

process especially in
specialty insurance
escaournldtEx IoT data sources
Capacity oductengiamrp P Distrbuon
USAGE BASED PRODUCTS
Autowiz | Provides smart telematic solutions to insurers enabling them to

offer usage-based insurance products to drive affordability
Overview O«ering
ysegmnt K – Motor Telematics insurance solutions‰ vioranlyzedgbwth

eóbuildsagth revlpingsu ctormaef
Key lever addressed áy aemoncdlsuhPbir sýou´d´hy a endPriv ýow ou´deriv
–Product innovation
e´bnabligus ased eoptinsf«eThr eofmnbjctivrgswh olectingad
insurance a‰ nlyzigdt o«eerstinadblguv p r
custom solutions
AutoBeaconationwhegrsmplu
insurer apps
Wizout A ano´baredcontigsOBDGPSb
solution to work independently of smartphone
Opportunity AutoPulseombingarslutcedOBDh
OBD telematics with driver smartphone
pOo«ertuniy r
e´busag eancsdiur
policies to make
Impact
vehicle insurance more
a«odabler
MLkb vehicles and OLMnbkm of connected vehicle data
Increase data driven ·eedtownrsv viordngbehalyzf
decisonmakg
RP INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
PARAMETRIC INSURANCE
Blink Parametric | Designs parametric products enabling insurers to

expand product suite
Overview O«ering
ysegmnt K – weather, a‰
ombintfdAc ech‰
mobilt eal´tr o«eanlyticsmed ra
el‰
vatr cyber ormaeticplfzbCus eanyoisurpbltwhc
entablvmsur
Key lever addressed – ´selfS anboesthcdlimpruwv
eringvocat duP ormeplatfbdinsu
newsgmt
e‰
aglostuikHpnc ·ightdisrupon‰cyberims‰
weather disruptions
eancisurgExmplLot
ers·igithpolcyandmbuC eancghtidv
yOLminsedb tlag ouify epatsmdrgC
Opportunity outifslmnga¶ey drhep rPThous
Opportunity to cover new

esgmnta which have
limited options
Impact where implemented
or·eNedf oductsxiblepr
eagrlostvhc epolicsdnmthagNLkbu
ethaculdmgorbf
occurs to ensure wider
e ga r v o c
E N D O T E N D I G A L T E N A B L E M N T O A F R PE S
Bimaplan | Enables deepening distribution reach by enabling partners

with API driven platform
Overview O«ering
UNO – API driven full-stack insurance platform anbemthcd

ysegmnt K – Low/ mid e‰
siuancyomrjltdb oenablctims
osmegntacri o«eomized«erngultpacs omerscuting
aphiesogr
o«ealndmbieptrDsu oescalprfuydigt
Key lever addressed –
engthdisrbuoS Cs‰
artnehipwNBF P MFI‰orms‰
igplatfG enabligst cSME
echnolgyabrsut mile reach
POS
API API
ationegr ationegr
Opportunity
Real-time
uno UI portal,
Payment
transaction mobileap Customers

Insurer Bimaplan Partner
epartofhLg
population is underserved
olackfdistrbune
reach
Impact
Need for enablemnt
ofdistrbunchael OTLk customers served
ersuchaoglvt
ethosrvcnlgy erMRbinsu tie ups
misngdle
ationegrsSLf with partner platforms
DIGITAL MARKETPLACE
Digisafe | Expands distribution reach to rural areas for products such as

crop, health etc. by providing a digital marketplace
Overview O«ering
ysegmnt K – asl DigF parametric insurance marketplace with

Rural customers oductsmizeprC anto«eelv R ringsat«oesdablpric
al‰
infersuchmtbdop e‰ aturmp cet
Key lever addressed – User-friendly interface omerxpvingcust
engthdisrbuoS ostéecandDir «eedistrbuonchalv
reach across products such ationRskmg armsenbligf otypdc
as Crop, Health, etc level advisory
oughedtrmnacfDisb DigOne DigOnesa

alsicombntfphy ntséworkfag SPo almodesnigt (app
with user friendly interface) to reach deep rural pockets
Opportunity
epartofhLg
population in rural areas
is underserved (even in
key products like crop and Impact where implemented
health)
edgmnthasliS oMUkbpincdes covered esSLacr of land insured
custom products, hig armesMRkbf insured Lowest premium ofeacr ML Rs
ostandirbuc oingparteshwO omtingcluspr
ailbtyvendgm ersQmajoinu opsRPcr covered
Need for a platform to help esatoMOTQdirc
ornesiblcah
RO F EC RO F GNIV RD A EB NAC SHC ET RUSNIINSURTECHS CAN BE A DRIVING FORCE FOR INSURANCE FOR ALL U P
LAST MILE REACH AND AWARENESS
Gramcover | Driving insurance awareness and reach in rural areas

through tech – enabled distribution
Overview O«ering
ysegmnt K – Rural ding‰

vobarmpeltfsC eflcientdsrbuoa
customers (across motor, alpoutinhersvcg
crop, health, life) olmentMbir ding‰
vseamlobrp yment pa
olectin‰policydwna‰andfinoesingcalympr
Key lever addressed Rural focused partnershipsenurs‰ ptwihvlag social
ens‰
arwDivg aniztos‰ mpcrg finencis‰ aluog ofit rpntf
eachndxpigr aniztos‰ rg ernmtbvalodishugf
vidngasemlopr eachoxpndrmislgtuf
exprinc ationegrAPI ersnabligmxpcwthu
Gramcover app as one stop solution for Partnersaing‰ ortf
ertific c ation‰es‰ ocdutapr esandupcortym lig
Opportunity
alsegmntiRur
underserved due to limited
a‰onsumerdtc hig
transaction cost, lack of last
mile connectivity, low ticket
Impact
size
Moreover, there is limited b k N s o r c a s e t‰
as et s a bt Ls M R n ićn po dn er t u b i r t s i d e c n a r u s n i p o r C se gal iv
insurance awareness/ Rkb PoSP network
e‰ knowldg lack of curated MLnb eNLMS‰
pdsincaoltrbu 4Mn+inFYN
products, and low trust due INRSLCrb eNLMSdsincoltmuwrhfp
optrexinc
LQ INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
LAST MILE REACH AND AWARENESS
MicroNsure | Delivers microinsurance products to the low-income

segment and provides a seamless experience
Overview O«ering
ysegmnt K – Low-income omerxpvidngsalcut MIWSAfP

segmnt ultinga´M orthesiblyfcvngxpadm
ílow omesgntc
Key lever addressed – Paperless and prompt claims
oughatinrvdcP
microinsurance products Tailored micro insurance solutions ourbanetcINUslik
omerandhcigust erkids¸voctanhlfupg GoPt mKainfreduc
expandtrusic for the underserved section
alinstuowhbcrC Cs‰
includgNBF oebanks‰
ctivpr
ailers‰ t eachsingltmroMFIf
Opportunity
Limited access to and Impact

eancsboutirw
omersalcutng Mnb deomrsnbcuta
Opportunity to provide
edxpanvricom
relevant products
RO F EC RO F GNIV RD A EB NAC SHC ET RUSNIINSURTECHS CAN BE A DRIVING FORCE FOR INSURANCE FOR ALL M Q
E N A B L I N G OF R M E D C I S O N I G
PolicyBoss | Helps customers make an informed decision and choose the

best insurance policy basis needs
Overview O«ering
ationegrympsbldvfc ian R
Key lever addressed erswithPLbnu
– Enhance customer
yexpandtrusbic al‰
ydigtrnewokb P omptvidesr advice to help
vidngasolut«epr ring customers choose appropriate product basedon
comparison, advisory and
enicovadg osalchnemxprSi alydigtenb
Opportunity Impact where implemented
5Mn+ customers served
Limited information Partnerships with ersPLbinu

andlckofpersiz
advisory are key reasons PoSP network overationsSQLblc
for under penetration
Moreover, a seamless
exprinc across all
channels is critical
SEAMLESS CUSTOMER JOURNEYS
Perfios | Provides data analysis solutions to enable insurers to provide

custom products, quick claim verification and digitize customer journeys
Overview O«ering
Key lever addressed – esagrLv apbiltesongcdr obuildt detailed

Enhance customer ofil merpcust es ‰
includgety risk¥finofil
ancilpr cinget
yexpandtrusbic oductsmprbilenag
videoprstnablgu ormDigtzedplaf to simplify process and key steps such as document
solutindgzempca emntag‰erific skv ation‰oesingclampr
to customers Provides solutions across the insurance value chain
Origination & Aggression & Fraud
Sourcing erific
V ation
onboarding document analytics
Marketplace Multi-channel Realtime Account Document C F U,
integrations onboarding fic
ire v DV O fo n ita aggregation shell entity
Targeted leads for platform ´s o rC fic
ire v ¥noita & document identfication¥due
business entities fil
o rp emo tsuC gni digitization ormeplatfncdig
Opportunity Policy Customer
Decisioning Claims
issuance traceability
Financial due Pre-issuance Process automation Skip tracing for
diligence erificv alstionc ertificdahc eat unclaimed policies
Medical due VonicOSEletr erific v ation
Limited information and diligence and Health claims
automation automation
apbiltesongcr are
enricogasfyk
products
Impact
Opportunity to reduce
erific
clamv ationmed efir
ancASENisurdtlg xmpofv emwhr
expvrincom claims solution is implemented
yOxvingsbeadIcr
esolthanNLmiugcpr v A
ationleflc
mNLpr eas‰
incyr vingsaulOdto
claim pay-out
04
Summary
Implications
All stakeholders need to work in collaboration to drive
Inclusion for All
InsurTechs Insurers Driving impact across key themes
Build distinctive solutions Joint innovation and

orspecifficoprtunies mentorship Increased customer awareness
across the ecosystem
Set-up to live in a two-speed
epartnshidcEmb world
ationlbcr
oshapingetrbuC
ofit
Pr oralfbitysc oryegulatvinh e‰
ativIno a«odablenr
sustained success framework
simplfieoduct«epr rings
eandomplic Ebr
ydesignbracvo
engthdisrbuowS
ainblechdsutpr
economics
Regulator
aluechindostvrb C Enhanced customer

osdimenatcrlbp f expandtrusic
SUMMARY IMPLICATIONS 55
New pages have been added across chapter 5
05
Appendix:
India Insurtech
Association
Member Information
RQ INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
NOIT AMRO FNI REBM NOIT AICOS A HC ET¿XRIUDSNEIPAPPENDIX:
A DNI INDIA INSURTECH ASSOCIATION MEMBER INFORMATION 57
India Insurtech Association members (I/XXVII)
Year of
Organization India HQ About Offering Contact
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APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION U Q

India Insurtech Association members (III/XXVII)
Year of
Establishment
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LR INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (IV/XXVII)
Year of
Establishment
Assurekit FLCMPN‰PLMPQ‰ NLMU We are a full stack Protection platform, ext¿onC oducts‰
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APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION M R

India Insurtech Association members (V/XXVII)
Year of
Establishment
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NR INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (VI/XXVII)
Year of
Establishment
CarIQ L-4, MIDC Industrial NLMO IQisnda—s

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APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION O R

India Insurtech Association members (VII/XXVII)
Year of
Establishment
CyborgIntell ´RC PL‰abhiAprtmens‰ Su NLMT An Enterprise AI company, Zero Code ext¿onC ocdeyusingrzDJatm A anandprakash
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encyaspr Talent Explainábilty¥airnesofAIMdl‰ F Model
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PR INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (VIII/XXVII)
Year of
Establishment
Dozee e‰ntriyC DPL‰oundGr NLMQ epatinmoclsr DzC ext¿onC alsndorighptuemcTf contact

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APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION Q R

India Insurtech Association members (IX/XXVII)
Year of
Establishment
eBaoTech yDNS´LaesQuMR M NL echisaglobdrn T eBao ext¿onC emalowingsty durc MOhpIns arsndepbtik

HongLeBuild ‰
yoda T eancdisurot withbusne insurers to create products faster, solution providers to include their omechbat
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over three hundred carriers and numerous omerscutdp
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R INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (X/XXVII)
Year of
Establishment
EXL Service ers‰

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APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION S R

India Insurtech Association members (XI/XXVII)
Year of
Establishment
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Nehru Place New Delhi oalprtnewkchgydu O«ering¿ erisd´rvoamcG aginerylvIdbsku omc ervoamcg
outhDeli´S MLUDelhi create insurance access at scale efin
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insurance, livestock insurance, health insurance, asset insurance,
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Private Limited
East ‰MumbaiPLSN oughepartns dlc fompr O«ering¿ HealthAssure's specialised PPO network helps insurance
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TR INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (XII/XXVII)
Year of
Establishment
HealthySure SLN‰laz‰
mukhPr NLM HealthySure is India's Most Loved Employee ext¿onC amogrep hltcyaismndfTer sanil
Chakala, Andheri East, Welfare Platform eancthjuslirvdmop einsurhalty
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policyensure. O«ering¿ at—s
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insurance solutions that instill trust and protection for individuals
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omatin¥u A MachineUdrwtg
APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION U R

India Insurtech Association members (XIII/XXVII)
Year of
Establishment
IHX Private U‰ No enuMstv AShdg NL echangormtixkfIHXspb ext¿onC ombinedwthcasrulfyg eokAbnc ARNEDUWS

‰ Flor etNndSr‰ajmr K platform for the Indian healthcare ecosystem, oIndiaemlsty hcr dizesanut CHOWDHURY
Limited
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India MN‰QerNLofvalsndbhpit vidngsuborpatemlxfc
ountryashlecim O«ering¿ IHX—sebusinaromlwhtcdpfAI
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MumbaiPLUT ´Qunderwitg C‰e‰ orlifapnsgdmbtyc healt
Ltd & accident claims; data analytics, medical audit of health claims;
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LS INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (XIV/XXVII)
Year of
Establishment
Insure and aitúw K xOLNBo PO NLM oeCagrkBncIsu ext¿onC Ease of purchase of motor comprehensive and Third Party satihrm
Safat eancRiskur e´sinsur omecur
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O«ering¿ artiýS ationrleApcML
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ORELPTQMASING eancIsur eindustryach O«ering¿ InsureMO is an open API platform for fast innovation
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C aEstBndr‰ ethagrslvokbncIu Platform, Insurance Company Platform, Re-Insurance platform
Mumbai‰ashtrM ormansftpechlgyw
PLQM their operations, enhance customer
exps‰
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claims and stay competitive in today's
apelndscigt
APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION M S

India Insurtech Association members (XV/XXVII)
Year of
Establishment
InsurStaq orMO‰
ectS ohin‰
R Delhi‰ NL INDMoney for Insurance, an AI-powered ext¿onC Information Asymmetry that users have with Personal an y m
India amily orFeSupncAfIs e‰ancIsur omis´seultnr eling‰íervo under e‰ ancsur low omaqcinsurt
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am‰
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India Insurtech Association members (XVI/XXVII)
Year of
Establishment
Leo Capital aLebrinkDPý MP NLMT Leo capital is a venture capital fund, ext¿onC echfir
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andRIAyberSiC insurance industry
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Brokers Pvt alIndiestBgW O«ering¿ eholdrsamtinpMIBPLwk
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The purpose of our Company is to create an infrastructure for
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society for their insurance needs MIBPL will create an ecosystem
which will cater insurance needs to the most underserved section of
onsumer˝alCthciyTR
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APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION 73

India Insurtech Association members (XVII/XXVII)
Year of
Establishment
Matterhorn arSAMLOhstiNg NLMR AIorRDantsfulyCegR ext¿onC orectSansigIulfmptr y anjbhit

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sector 4, HSR layout, data access to risk assessment for medical atiosebdunrwgvmphc medpir
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Solutions Pvt
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Source: India Insurtech Association Continued
India Insurtech Association members (XVIII/XXVII)
Year of
Establishment
O«ering¿ Medworl—semo«esty EcarlHehDigt rsaolutin

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insurance protection to the populations and protect them from
useofthQD¸sbarypvingdc Death‰Destiuon‰
Source: India Insurtech Association Disea‰Disabltyndmer

India Insurtech Association members (XIX/XXVII)
Year of
Establishment
Milliman India lub‰ AIPLBsineC NLQ oundeiMUPS‰ F evatMilmnhW ext¿onC ostandrikecglmpI M ejavlitb
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PLQU
RS INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (XX/XXVII)
Year of
Establishment
OneAssure Prost Insurance NL OneAssure is a marketplace that sells and ext¿onC omaseylingtIdbpcrExu founders
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MG Road, omerwithclaHpus ormedcintf
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arhltcysmpo s ext¿onC edorthunsvpcialyfgDm samar
echnolgis‰ T oO‰Q t ompanies‰ Lbc erQlakhvingo c eSMEsgmntlik omc nsurity
Wework Vaishnavi osIndia—s mebrc SMEs‰artupsnd O«ering¿ eo«eW rmonthlysubcip´bearhltcysdmpo
ebosidtSgnaur erpisnt e‰ ancplsthiudr ebnfit arctiv wlsdp s
Central Mall, Outer enotlya«oOurps oughsetrnivdablc
oadBelnurig theOnsuriySpA
e‰ vilag ‰ arthu V
Hobli‰alur‰ Beng
aQRLMOkrnt K
Pazcare e‰
vAPREncla LÓSU‰ NL Employee Insurance & Healthcare e¥ancisurymplot A ebnfit
arhltc s sanchit
d‰ QthMainR orR‰ ectS BenfitorthemdnIiasf omecarpz
outy‰ HSRLa alur‰Beng Workforce
aQRLMNkrnt K
Perceptiviti aonurgG NLMT Perceptiviti's AI platforms helps automate ext¿onC eQbonvmpaisc hlurW sandeep
ation‰
helcmdju olingtrc udaesnfrgolikthcampd omeptivc r
udanhelpig sfrk O«ering¿ eptiv—s
cr P oductsanlipr
aneoustlm i help insurance companies save several crores in
Whileatsm ryonvgclaimek
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omhurstaindecgfj
Oursoltincde¿Mmpaf udalimfrC
entio¥vpr outÁ aloMedicut A ationNdjuc
ormsOdMLcingwthNPplafC
MLOps UnderwitgmolQ asAycPC
ormlaiOCRptf ormsplatf

India Insurtech Association members (XXI/XXVII)
Year of
Establishment
Perfios NoRQŃQ‰‰ QthFlor NLT erfio P oechnlgydutarpsiMQb ext¿onC We aim to transform human-intensive and prasad
ubIndiqe´HMVibha publicofesmanygthz human-dependent processes in the Insurance sector perfioomsc
Software
Buildng‰erLask ebusinomat dc erfio yusingPb s—ealórmwkintfdvp
Solutions Pvt oad‰ HsurR odi‰
ug A oes‰ cpr a´bvidetopr edomatus time‰a´ddt en‰riv e´faglk oescdprmatu
Ltd e´QalorBng RLO decisonmakg‰entvadifypr O«erings¿ orOn´bedcisgfmatu A ding‰
oar
fraud and risk across the customer life ewhilancosIurmUdtgC
‰ orSIsect linhBFy inIdaMQb udanRisktgFrefym
ountriesglbayc
Plum Benefits S‰T BUZWORK enth NLMU Plum, an employee health ext¿onC einsurgthmdlaW abhisek
‰S Flor umit´Tower insurance platform inIda ompluhqc
B‰oplis‰ MetradBg O«erings¿ Group Health Insurance
Mahadevpura,
efie Whit oad‰
lR
e‰alorBng e‰ alorBng
Karnataka
Pristyn care Pristyn Care, Captial NLMT videropaslnghtcPyC ext¿onC orpatiensdyfljuSmghc ajhimnsur
orRapectSiyC that performs advanced secondary care alseofhpitrucmxng earpistync
aonurgG erisug O«erings¿ oughtefpainsr ck tyC com
omtheirfir angfysju onsult‰ c OPD diagnostc‰
oes‰ cadminpr ery‰ IPDsug oes‰ cprandihg and
espot´dnur e‰ arcishg egularpostóincd ations‰
ulpc
alchekups‰ mdi e¸sPristynCa c TslotehOamng
eryothsugmfalndpi
Probus SA‰‰ SthFlor NL echtao«ebusinIrP rsone´sopt ext¿onC yorthepsblickaf umP santosh

Gopala Tower, endsacorlthiuf alwhicomprsntudeyvg eancobusirp
Insurance
e‰
alc PjndrR chofterigplanys u com
Broker Private New Delhi – O«erings¿ Findgtherpoulbcyasq
Limited MLT untigda
ProtectMeWell. echnolgis TPMW NL API´firendsaciurhvompt ext¿onC eancobuyisrtmplwhT sumit

d‰
tPvL oOSE‰Nnd anlyzer ersIndNobvcayimthpzfu omectwl pr
com
‰ Flor anBesidSur O«erings¿ API´firendsalyzrciuhvompt
e‰ olgC angudi‰ vBs e‰
oslifductarMLphny alenrhtdg
e´QalorBng RLP oeingacsur
India Insurtech Association members (XXII/XXVII)
Year of
Establishment
Prudent Peninsula Business Park NLP Prudent is a Composite Insurance Broker ext¿onC Our innovative and tailored solutions are the outcome of vsumetpal
elMumbair LowP tPrudenA‰
IyRDedbgulatr ocusnwef our passionate client custodians who come with intensely result- omersckpudntb
Insurance
aPLMOshtr onfid
elatishpdcbugr eofnc atingrskdOhem ornwkticsadv
Brokers Pvt. ´fAsaprtne ou ‰ ompanycused ost‰ lingcr and‰ wehlpcitsur ‰ uantifyq eransfdt
Ltd. aledbstívicnwhupro n´ otheiras‰ k peol‰ation‰ epudr dsarowuheingtm
esclarvi owmrbet
O«erings¿ dsfin
arowektW oruclientsadgf
ebancitsofIurph‰alines‰ omrcC eBnfit yEmplo s‰
e‰ HNISuit Specialts‰emntlaisMg‰ C e¥ancisurR Aflnity
olutinsS
QuicSolv QLMC‰ourtEasC‰heonixP NLM olntrechgyBasdRikC vToeprW ext¿onC ompaniesthlcurgvbdW omc uislvazq ry

Market City, SIorBFlutinsf ebriskdconmat
Technologies
O«erings¿ ch‰
emat kusingdplrbfyCMo
Pvt. Ltd. si‰ deplarngbtmy adhrmsking‰aldigt
e‰
ancpt uroescnigat eog´landepturcio
ationmucevdbsrgl
RIA New Delhi NLMU RIA is an Insurtech company on a mission ext¿onC omerhigcustva ndfTher aksethirp
anhelpcogysutiwbd entiovrskpc mfyoentashg eriansu
insurers provide their customers with an O«erings¿ onsitfrmwhceplaIu bvW
expwhicsml‰
rn entaspr‰and eAPIs‰
anciur ‰ erylancigAIt alityrskmobdn
·exible models‰orm‰ apltfhed ćandlow ework·oancdisu w
ormatinplfu
Riskcovry entrgusBiC R NLMT yebanwhrcvlsiuoRk ext¿onC oaSpltfvycTheRisk yalusedbwhictp

rm‰ chiranth
Private Limited, Duru vidngapowerfulfiedAPIthaenbls erpis‰ ntlag omizetscuanblyrg omc vry isk
(UMBO
House, 2nd/ 3rd & ervoancisudtbzg ework·oancisu oexistngwrk·oa clydb ws
IDTech Private ‰ PthFlor ar JuhT multipechans suchaHRMS‰ems‰ tnSyLadMg CRM‰ebankigorc
Limited) oad‰ R oJWNext ems‰ ty enabligsm·oemlysothandxrwf
Marriott Hotel, Juhu, omerxpcustin
Mumbai´PLPU O«erings¿ ry¸svocRisk ·eeíancomizblsurxdt ná´bx‰
o
API´beartupsolgmwbinchdf
y edistrbuonvaplgc
model
APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION U S

India Insurtech Association members (XXIII/XXVII)
Year of
Establishment
SBI Life oeCancIsurSBLif NLM SBI Life Insurance is one of the most trusted ext¿onC To address the state of low insurance penetration & under aorbhisek
d‰ tL eoflc atrpC e‰ private life insurers in India, incorporated in videwlhpnoTsutr ountryshecai oinecsblf
Insurance
aj‰b Ntr oimje‰ yRust esncprivWthax obOeNL engthifin sr onsumerpaÍciltyf ndia
Company oad¥R V M ernstW ‰ ountryghec ompanyhstec O«erings¿ ythe—C
nbDriv ´Fomerust irst—oach‰
pr estrivSBILf
Limited y aesHighwExpr ULoflces‰NL‰Nes‰M yTRmplo UO‰ROQ amilesyrvngofbtc umak
Junction, Andheri (E), ents‰ idvualg ents‰ agorpQUc MP oerstaducwhifpng vosItra
Mumbai´PLRU epartns‰
cub ethanOT‰L mor L ection‰
ughPrmspdval ensio‰ P vingaS
anches‰ prtb ersandothkMNUb olutinsadHehS
etingfir markcsu msaonDecOM‰
NL
SelectX oad eRlgMC NL ´belctXisaUKS échnolgyvidrft asp ext¿onC ‰

yomerjunFistcla ore«entlfadiv ectiv dwaipayan
owHAMBar eandisbltyorfu eundrwitgcvaopskm oukselctx
ales EngdW underwitg O«erings¿ oresfcmatinghudwp W
eflceholdrbaknfit
icyst s‰vidnguerwtoypb
guidelnsvaRkAp‰ebourW´basedunrwitgml
e‰alSuitDgndLf edUnrwitgRulE¥opa
orkbWench
ShePays RT‰AKSHNEM NLM oughEmpwerinlbayt ext¿onC aditonlybepfIwmhsrcT mayank

G MAR ÍDLFPHASE I‰
‰ efin ativno ancilsout‰eringostf ainfix ertsodwhc esponibltadrxc omscy hepa
Financial
aon‰urgG an Hry onmicdep‰ancigdv ‰ erHowv olving‰ earmsthc eablisnotcdhr omscy niahep
Services Pvt MNLT ualityendrqg shi¶elypursingmotawcvIdW uringc pareeta
Ltd esnotjumialybdhrvf g omscy hepa
alsofinancily pareeta
O«erings¿ op‰
sianety ShP albnkigompexdtc omscy hepa
solutin‰ouseytvidaprwmnhlfcusex
emsalongwithfin yrdpf ohelpwmnaticdu
owtheirfin andgm esanc
SKALEUP - edoLimtu BajA NLMT SKALEUP‰anSBUwithjFserv ext¿onC ‰

eindustryacI ors‰
ditbueacmnf aeshmtvb
omplex‰
C Mumbai cteDir‰esarmofchnlgyvit esoadryminxptbcluvg bajfinin serv
Bajaj Finserv
Pune Road, Akurdi, oup‰ BajFinservg edailorvngtp entlackofd´tur oéomerxp‰ ndcusti acysiloedg
Direct PuneMLOQ oitsclen‰ audg ocuswithf solutinadeflcobestwhcinmaulprg
orSIsectnBF O«erings¿ SKALEUP—seso«eITrvic elopmntfrigscudv
s‰yationdjurelpcg erpisolutn‰ mzdc
aengirdlytcs‰emntadohrclug
orSIsect BFaminvu
LT INDIA INSURTECH LANDSCAPE AND TRENDS: INSURANCE FOR ALL TO DRIVE GROWTH
India Insurtech Association members (XXIV/XXVII)
Year of
Establishment
SMC eancvismurk NLQ SMC Insurance Brokers (P) Ltd is a ext¿onC esatnolwigrvcdhfp SMCIu kavi
com edwithrgsokBancetIuDir es‰ aditonlchrg eomparMC somiefzrandwthp omecansiur
Insurance
yofavidngwerpAIfRD ¥NSinglepot masc OLbinurypl
Brokers Pvt eando´lsbrvicthlfu eif ertifie supyocb eOMang oclimshtpurdavf
Ltd esionalgudcfrp ourpalndeSMCyicst
O«erings¿ ehasxpncrtiolySMCIuf
ailbenId‰ vouctspr endrstoucliapW
e‰ impartldvc e‰ domainkwlgsvxt exprtis‰
e¥astrucinf pe‰ ostalrvic orblfexpthíncadP
retail and corporate customers
Soft Solvers MUR‰

lotNP orectS NLM eancolutizshrvgxA ext¿onC eancstigjuMofhrp WI deep
PQ‰am‰ urgG yemprdiasnutbowg ears‰ onlyOithxMLwgdjcup so¶somersclv
Solutions
Haryana, India éwithcung eso¶wdg esolutinar yenabligorutzhscv xmA
Pvt Ltd aliztondrsemgf aliztonduckhergmbsy aditonlpr
omerxpscutinavf limtespnao
O«erings¿ gilux—s
A eóats ´tf heártso¶wesolutinmpwra
ormansftlydigveprancsubdokeinr
ations‰ herp edistrbuonflc
achg ‰
iency
omerxps‰
tinalcugdv eringsamlotdf
ersactionwhu
Square UnitNoQLR‰QthFlor NLMR eatrsPivokBncIuaqTheS ext¿onC etydagnoblfrehpsv uqS lack

ms‰ eshkumar
Trimurty V-Jai City edunrgist aqSLm ation‰ egrf emntoplxcaig‰oflcemntag einacsur q
Insurance
Point Ahimsa Circle, elopmntryadDvgu RcIs es‰ chalng oduct«eepranlim eindustryacgh
Brokers ´SC chemÓLNM‰ Authority of India (Insurance Brokers) e—s uarqwithS esolutinacdrg
Private ‰
aipur J ajsthnR egulations‰
R erokBancNLMTsIu O«erings¿ lutioneSacpIsrdOghfyuqS
Limited with license to sell General and Life oducts‰
mpaniePrC vIwh emntlaigC
Insurance and also has ISNP approval for olutin‰ S OflcOSandsmorPth¥efMg eacrflint
eonliacsgur oid‰ nar web´palndIÓort ortheclinmf‰
Spa emntag
entsgadA
APPENDIX: INDIA INSURTECH ASSOCIATION MEMBER INFORMATION M T

India Insurtech Association members (XXV/XXVII)
Year of
Establishment
Symbo CQLS¥QMR‰anki K NLMS oundeiNLMS‰ F Symbechoisanurt ext¿onC antdelvsiryhmk nwacDtbuof kartik

Zilon‰LBSMarg‰ oblemcusdnvigthprf intuitive for the user eancymboisur
CST Junction Road Itrunsa edibocf O«erings¿ ext´bonablishdfcSym ased‰ com
Kurla West, edistrbuonacm ned´form‰ cusedbhplatfIn eancpowrigIsu
Mumbai´PLS etorhIndiamkf‰ uv enablig Symbo«echaseditrunpf eativrsno
ectionaprlvbuds andsml´tathons‰
ducmrepik fitnes‰aclendspt
Symboals ductpnwiher ers‰
voc ano«ewhicbuseflkd omersathicu
runs a SaaS platform which insurers and es‰
olivatcmphyRgfr casetoinpu ervithaso
edistrbuonmag ck oli‰ ductsnherpvfgayOL o«eandstrbf rthei
Symbountsleadigc omerscut
athlon‰ eDcdsikbr artLensk‰oki T
Marine, Reliance General Insurance,
asitprneB
Techmagnate ŃA PT‰‰

MstFlor athiR NLR ¸seisIndachmgt T alopdigt ext¿onC ntadelvsiryhmk nwacDtbuof bhati Nopur
Tower, Mathura Rd, Mohan ompanyescOrvitgdSEk ortheusfinv omechagnt
(SBGV
Cooperative Industrial ofin
eptualizncmFr al´seagt O«erings¿ ncyo«eetigalmrksdh T ring
Techmagnate Estate, New Delhi, Delhi ecution‰
x ewimplnthr ‰
eonlivsbtyhacu mpr aniceorgdv
Digital Private MLP egyatinsrlmkd aflc
tr ‰chengioptmza‰
usrdbv
Limited) ´pypa ćer ertisng‰ lckadv soeting‰ calmdrk eandmor
Tenacitics NQMP‰B´P‰ourtGemsC‰ NLMT Tenacitics is a provider of advanced ext¿onC acyormtheilgnsf C abIuW etingmark
azKhnwderN eanclobIsurGmfptdig elosducrmwhipatfgnovesy enacits
India Pvt. Ltd.
oad‰ R am‰
bkNung Caries ofit easthirpndc abilty
India heRLC O«erings¿ olicy vdngP rmspatfeibuloW
dmin‰ A es‰ rvicS eCarisncoIulmftBgd
TesQuirel GÓApexviw NLMT TesQuirel Solutions is a Quality ext¿onC elas˝oRmntuirqelsagOS inoe srilakhm
apartments, Assurance Solutions company that helps orkbustWaindReCG tTligsounwhI krishnamurthy
Solutions Pvt
Ittamadu Main Road, eatlrconizsgu Ouro«eFlow ouse‰ ytringclda loudbase‰C No´Script omelcuirsqt
Ltd BANASHANKARI ounches‰
dtlairp oryandegult eb‰ Womatuslin API‰ationswhPLplc MobieandAS
3RD STAGE, oughteirmnsac eacrfsinglt
U´QR ALBENG RLTQ estingoluav O«erings¿ ationslpcydhergmjuW
ontefr‰ akigh oductesinprhalg mf I
giltyeQuawhAocvmnsd
India Insurtech Association members (XXVI/XXVII)
Year of
Establishment
The Insurance d‰
QUSIeR ane‰ Nwf NL orfechinubatdHlIs ext¿onC etsdmarkounivpbfgcO pat
NYMPLT startups in underserved markets O«erings¿ artupsinoefc lgaibvBen eancisur
Elephant
ounderfativlbghcsmk oelphantc
networks
Track Four R‰oad yR BishpLefr NL ec‰

oturInf akF T apionergs¶wear ext¿onC áoesuingwlycpra vmt A ed‰
g ahulsri
ulMansio P development company, is dedicated to Artificvzechnolgsda ¥encligIta LearnigMch omencgx
Infotec Pvt.
aSLNtolk K eóatvidngsopr ´tf heárt ‰ostéc «ee‰
ctiv O«erings¿ eancgidsofurtlMp
Ltd. India eancorisulbITtfd ormeplatfncisubomgywhr
ompanies¥c A—s
TP
Turanth RLO‰eI‰ rnEdgstW NL eancousdwbirlIfR ext¿onC ofulfil

aInditechRr dsarowlthein antwsjedr
oMal‰ etrbv alIndispecfic
vgruo t a financilseurty bimand
Suraksha Web
alEstBoriv‰Mumbai insurance products from various O«erings¿ alIndiorRumefctsp V
Insurance Insurance companies
Aggregators
Private
Limited
UMBO IDTech ‰dFlorO egus R NLMT ormni´feplatsuc Dig ext¿onC TM odigtzehrGunablscI etingmark
Business Centre Pvt edistrbuonachl ailbevoundctspr mliea omc vry isk
Pvt. Ltd.
Ltd, Duru House, ando´sersyinuolwdbfcatpgr
(Riskcovry) Juhu Tara Road, Juhu, s‰ yenurjokltigb ationsdmulper
MumbaiSrn‰ orylapsegut
a‰ shtrM PLU O«erings¿ erandombligsuptfc Anr
e‰ chanlgostidrbuf healt‰eanclisur dg
oughnifie dctsIarp TMspecific
dAPIanG modules
Vieva Intech ‰
SMOD anthNelk NLR obedtpinrschaIVv ext¿onC rou«eeisthpnclfCaWdv Y ring jignesh
Business Park, echnolgis TainIsur O«erings¿ uroydctfenpalbisg V ainve
Vidyavihar(W), eptionc epairsbutlo cdnjywhg CA
MumbaiPLTR epairs‰ lmchn ehicl‰ ovtans eatncysimrg
aleofmSsutinrghvpceaW spurofclik
lan‰ P oughdi«eetrancAs viders‰
oPcntS laims‰
C
cepairstR

India Insurtech Association members (XXVII/XXVII)
Year of
Establishment
Watch Your MLO‰Lodha NLMQ Watch Your Health is B2B2C Insurtech ext¿onC vingoethpcywlmrs EabIu elpat y ja
emousNM‰ Spr easingompythclzr omerhaltcus ourhealtcy w
Health.
Near New Passport erusingHalthcyofI P O«erings¿ emstyocaremniHlhg ustdvW com
com India Oflce‰e‰ atglEs W Based Rewards erLongitudalFcBfit v elrpisvoughnt
Private oadNumber‰ R ormaspltfS
Limited ThanePLR‰
Maharashtra
WRMS US‰ark‰ NehuP NLP Pioneer of innovative solutions for ext¿onC esandplugthormwcia P asrinv thysa
‰ Jodhpur ajsthn‰
R erisknmgadcltu aegnclobudris elymadntirgbuhs
p‰ omwrsglbac
(Weather Risk
IndiaÓPNLM markets aps‰
gDt adesinhlcmrk e«oe‰ atoducr lowapeti
Management aries‰
mongtkc alestymidcvhnpork
Services) O«erings¿ ecuRisk¿S al´fir
Adigt ormeplatfncisu
arieswthcbdgomnkfpl
eryapidsgnlvombcut
XPCover Mumbai NL eancloudbsIriCv XP ext¿onC otheirusbanclmpE hi

ormlatfDisbunP O«erings¿ ywithnbulodesgajrmNcpf omc ervxpoc
Technologies
work·oatingewsdr
Zopper arpNgtMLP NLM ‰ ompanycehisurtA bridgneaw ext¿onC India—selopsdvatinPNcrIu adhmijruck

hase´MyurViP M ‰ apbonsumertwhdcg yationbepcZrslgu mNL omc zper
MLUDlehiNw ehlpingarW sondiutrb echnolgysimpfdtrbuw
ed‰ olvmpxitsnhcur omfr O«erings¿ eo«eancisurtgmlyW ouryingst
oductmixenfyghrp omnić‰
yhanelsjour oe«omprstwingcu rtlesy
orthendyfaigsmljuc OSalePointf rghcsup
eanchsiuropmt
Zyla Health orking‰

W vTCI NLMS ¸sZylaHethisInd leadingAI´pedowr ext¿onC ‰
otruswhyecZlainbg ontius¥c hig care
Saket Salcon ormwithenplafg c ormesfcvinghaltudp yq zylain
Private theusr
Rasvilas, Saket ylatingoGePSbrsc
Limited District Centre, Store & an NPS of +74) that takes a O«erings¿ Zyla is the de-facto healthcare solution in every home that
orR‰
ectS NewDlhi´ holistic, clinical approach to provide entiosbadhlrkmv pc
MLS ´phyper eal´trsonizd earimc edAI´bancsvturThpf oeacindvl asedchtbo ‰
echnolgyadtiv ur whicsbultonQL‰Lomleadingswthpufrc Lb
empathetic team of senior doctors and Whiletcabosdgn ountrydhecmasf
exprts estyl´rimprfad uerisofpatn‰ dql omplexcr
oani´hlytrhmcedgsuiaq eamofdrsutc
Source: India Insurtech Association ¥amedicspr
Note to the Reader
Acknowledgment
eportinwghsac lf grechAsotankIdiuSvwW
al‰
mshedDruw oJctingpkafldSuhew sminP oJethakfulrW ojSingh‰ar aes‰ SujthMor
Abaslimd‰IshaSet‰uhan‰ viC J al‰
htwnciCS ‰
gnitdeo nitubroheicastSuklf ndY trpoe sih fontcudrpnagised
For Further Contact

If you would like to discuss the themes and content of this report, please contact:
Alpesh Shahd n a r o t c e |r i D g n i g a n M
‰
dvisory OALeaCE r nt a P roineS C‰
A P G‰
BC Mumbai
+91 (22) 67497049 | Shah.Alpesh@BCG.com
Pranay Mehrotra
d n a r o t c e r i D |g n i g a n a M
Lead´re ntr a e‰
ctiPnIdsur oine S G‰ BC Mumbai
ybomcganPrtUMNRSOeh
Vivek Mandhata | ‰
artne odPcMgiD G‰
BC henaiC
ekbomVivcg abUMPRTNLndht
Suhail Bhansali | Princpal‰G‰

BC Mumbai
bUMNRSPOBhansliuomcg
oup‰
nsltigGrCB edsrvAlight NLO Inc
eprintomasf‰ F GatpermisonbcBCgl
eáivcortgsnadGeBCfihl T opicrthes‰
ln pleasvitbomcg
erwitbacokndTupFsgGClwBt F
LUNO
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Insurance for all

ed‰ cosu T ers‰ Oudiv apbltnhmcizosuedgr

Alpesh Shah Pranay Mehrotra Vivek Mandhata Suhail Bhansali

Prerak Sethi Subhajit Mandal Shwetank Verma

‰ earoughtpsyT ousin´pyhtgmerabldpfc vweh osIndia‰

InNL‰edshi¶wtnauc apexchlndsowWitgbur fym

eahd‰ orgfntiuAswc eW polifrtanbghscedGBCiusorgwexp

Prerak Sethi, Subhajit Mandal, and Shwetank Verma

opinNLwadrechslbyfugItG echofQinsurt NLwdmg

Driving towards "Insurance for all"

tub y a w gnol a emoc sah yrtsudni ecna rusnI ehT engthdDisrbuoS

BLINK BIMAPLAN WOLFRISK

‰ sre usnI ‰ s hrce d tl ro uh se nkIa tr‰ so l a A u g e R

Insurtechs can : Insurers can :

#16 – 39 #40 – 53 #54 – 55 #56 – 84

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NLMR NLMT NL NLM NL NLMR NLMT NL NLM NL NLMR NLMT NL NLM NL

Americas Asia Europe

NLMR NLMT NLMU NL NLM NL NLMR NLMT NLMU NL NLM NL

Multi Health General elAng edS Series B Series D

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TRENDS IN FUNDING FOR INSURTECHS O M

United States alDigt platform for Auto

Marketplace for Life and

Turtlemint RenewBuy InsuranceDekho

Founding Amount raised Key

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*Raised in Jan ‘23

TRENDS IN FUNDING FOR INSURTECHS Q M

Life Insurance Total Premium Non-life insurance GWP

13x STM 18x 257

FYLO FYMO FYNO FYLO FYMO FYNO Life Health Crop

Non-life includes Motor, Health & PA, Others

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Health Life Health

Current Insurance Penetration edrvobtc Y

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DRIVING TOWARDS INSURANCE FOR ALL U M

Example¿ Health insurance

ebutarwA Limited awareness

Lack of satisfaction with the product

Customer awareness Data - especially for UW Distrbuon

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Customers seldom understand the aownerdivgNkmct lARLy ¸tydoneifthvslagA sebuin

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Source : Industry interviews, BCG Analysis

DRIVING TOWARDS INSURANCE FOR ALL M N

Customer Lifecycle Key themes

Awareness of insurance as a concept A

Understanding product and terminology

Post purchase experience (e.g., claims) D

Awareness oduct«ePr ring engthdSr Enhanced customer

Concept & need n o i s n a p x e fis e t n e b r e v o C eachDistrbuon syomerjunalctS

Note: US¿R al‰

DRIVING TOWARDS INSURANCE FOR ALL 23

Critical to drive a structured

Source: Secondary research, BCG Analysis

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