In India, the citizens have not fully explored insurance. As per Government and industry analysis, 75% of the Indian population doesn’t have any kind of insurance. Awareness and also reach, being a loophole in the insurance products being offered is the strong catch point for what is evolving rapidly now. Insurtech in India has created a drastic change in the way people access insurance products.
Technology steps in here. It makes the services reachable and educates the untapped customers through seamless customer experience.
Insurtech is a combination of insurance and technology along with a whole lot of Innovation. It is here to change the scenario of Insurance in India.
Insurtech companies in India
There are many Insurtech players in India like, Acko General Insurance, which is the winner of Excellence in InsureTech category at India FinTech Awards’ 20, Digit Insurance, Toffee Insurance, PolicyBazaar, CoverFox, Paytm Insurance, GramCover etc.
Toffee Insurance is one of the unique Insure-tech startups which provides a wide variety of products like Backpack, Cyclist, Dengue, Mosquito and Daily Cash plan to name a few. The CEO and Co-Founder, Rohan Kumar, speaks about insurance and the COVID-19 situation in a talk with our fintech ambassador.
The new normal for Mr. Rohan is that COVID has cut down the noise in the organization and made people more empathetic post COVID.
However, prior to the pandemic, insurance has been a tough market according to Mr. Rohan. Firstly, people didn’t recognize the need to have an insurance cover. Secondly, liquidity, awareness, education and access are the parameters that affect when buying insurance.
Toffee Insurance was started with the goal to try to create accessibility, affordability and relevance of insurance products and make simpler and easier products that make people understand.
Watch the full exclusive interview here.