BestStartup.asia’s Post

Endowment plans indeed offer a unique blend of insurance coverage and investment returns, making them a popular choice for many investors. The ability to provide liquidity while maintaining both coverage and returns can be a significant advantage, especially in uncertain times. It's encouraging to hear that there are startups in India exploring this avenue. Innovation in the financial sector can lead to greater accessibility and tailored solutions for consumers. If these startups can effectively offer endowment plans that address the needs of Indian investors, it could lead to positive developments in the insurance and investment landscape. #insurancenews #policyholder #lifeinsurance #endowmentplans #Surrendervalue https://lnkd.in/g5N52TDZ

Aniruddha Sen, Co-founder of #insurtech startup Kenko Health, shared his frustration over alleged regulatory hurdles that ultimately led to the company's closure in August 2024. In a candid LinkedIn post, Sen accused the Insurance Regulatory and Development Authority of India (#IRDAI) of obstructing Kenko’s attempts to secure an insurance license, citing repeated bureaucratic challenges over two years. "For two years, Dhiraj and I went on a wild goose chase with folks at the IRDAI...only to face an onslaught of obstacles that culminated in the destruction of our company," Sen wrote, alleging that officials discouraged private-sector initiatives in favor of government-backed and elite-led enterprises. Sen called for regulatory reform, urging policymakers to support #innovation and #startups in India’s insurance sector. He highlighted IRDAI’s lack of support, contrasting it with other progressive bodies like #SEBI and #RBI. Kenko Health, founded in 2019, raised $12M in its Series A round led by Sequoia Capital, aiming to provide affordable healthcare plans for outpatients, medicines, and essential health products. Sen’s post sheds light on challenges faced by #entrepreneurs navigating India’s regulatory landscape. #startupecosystem #insurance #healthtech #innovationinhealthcare #entrepreneurship #startupstory

India has over 150 #insurtech companies, with 10 of them valued at more than $100 million. Among these, #Policybazaar and #Acko are the only #unicorns, while #TurtleMint and #InsuranceDekho are classified as ‘#soonicorns’, with valuations ranging between $0.5 billion and $1 billion. #MediBuddy, #RenewBuy and #Zopper fall under the ‘#CenturyClub’ category, valued between $100 million and $500 million. Over 45 other insurtechs, including #Plum and #NovaBenefits, are labeled as ‘#minicorns’, with valuations under $100 million. The Indian insurtech sector has witnessed a 12-fold revenue growth over the past five years to $750 million in 2023, according to a report released by #BCG (Boston Consulting Group) on Wednesday. Around 85% of this revenue growth was driven by the top nine insurtech startups, noted the report in partnership with India InsurTech Association. Read more at:

Finsall Resources, an #Insurance-First #BNPL startup, raised INR 15 crore in a bridge round led by Unicorn India Ventures and seafund, with participation from other institutional investors: 1️⃣ The funds will establish an #NBFC for expanded #lending in insurance premium #financing and enhance technology to develop user-friendly interfaces for stakeholders including insurance companies, brokers, agents, and lending partners. 2️⃣ The investment will also support developing strategic partnerships with insurers, intermediaries, and lenders to expand services and enhance distribution. 3️⃣ Tim Mathews, Co-Founder and CEO of #Finsall, highlighted the funding's role in scaling operations and establishing an NBFC, emphasizing the challenge of building a category in the lending and insurance sectors. 4️⃣ Anil Joshi, Managing Partner at #UnicornIndiaVentures, noted the growth potential in insurance premium financing post-COVID, given India's low insurance penetration. 5️⃣ MANOJ KUMAR AGARWAL, Managing Partner at #Seafund, discussed the team's focus on improving customer retention, loan size, tenures, and financial asset quality, contributing to Finsall's 9X revenue growth over two years and expansion to 8,000 locations in India. 6️⃣ The company launched a #Credit as a Service (#CaaS) platform, a plug-and-play model that simplifies offering credit for insurance products, serving a broad customer range from #HNIs to gig workers and enterprises. 7️⃣ Finsall is projected to achieve a 4X #revenue increase in FY 2024-25 and reported an 18% M-O-M growth rate in insurance premiums for FY 23-24. #EntrepreneurshipStudio

Meet #AlokBansal: The Visionary Behind PolicyBazaar’s Success 🌟 Alok Bansal, the co-founder and CFO of #PolicyBazaar, is a name that has revolutionized how India buys insurance! 🚀 Starting with a mission to simplify insurance for the average Indian, Alok and his team turned PolicyBazaar into the country’s largest online insurance aggregator, providing millions of Indians with access to better financial protection. 🛡️💼 📝 Key Milestones: PolicyBazaar’s Transformation: Launched in 2008, PolicyBazaar today dominates the online insurance space, offering life insurance, health insurance, motor insurance, and much more, all on one platform. 🏆 Empowering Consumers: Alok’s focus on transparency and simplicity ensured that users can compare insurance policies with ease and make informed decisions. This revolutionized an industry that was previously difficult for many to navigate. Global Expansion: Alok helped PolicyBazaar scale, making it the go-to platform for insurance not only in India but also across international markets like Dubai. 🌏💼 🔑 Alok’s Leadership Lessons: Customer-Centric Innovation: Alok always believed that insurance should be made easy to understand and accessible. His focus on providing value to the customer has been the core of PolicyBazaar’s success. Financial Prudence: As CFO, Alok ensured that PolicyBazaar maintained sustainable growth while delivering maximum benefit to its users—balancing innovation with financial discipline. Growth with Purpose: From day one, Alok’s mission was clear: empower people to protect themselves and their families by providing the best insurance options available. 🎯 Inspiration for Aspiring Entrepreneurs: Alok Bansal shows us that with a clear vision, an unwavering commitment to customer needs, and a focus on transparency, you can transform an industry and change millions of lives for the better. 💡 #AlokBansal #PolicyBazaar #InsuranceTech #FinancialInnovation #Entrepreneurship #Leadership #CustomerFirst #Innovation #Fintech #InsuranceSimplified #StartupIndia #BusinessGrowth #Inspiration #DigitalTransformation #FinancialSecurity #IndianEntrepreneurs #VisionaryLeadership #SuccessStory #ProtectWhatMatters

Great upside potential for fintech and health tech entrepreneurs or intrapreneurs. ICHRA is likely to gain momentum in the months to come. #ICHRA #fintech #healthtech #entrepreneurship

𝑭𝒓𝒐𝒎 𝑩𝒊𝒉𝒂𝒓 𝒕𝒐 𝑩𝒉𝒂𝒓𝒂𝒕'𝒔 𝑰𝒏𝒔𝒖𝒓𝒕𝒆𝒄𝒉 𝑳𝒆𝒂𝒅𝒆𝒓: 𝑻𝒉𝒆 𝑺𝒕𝒐𝒓𝒚 𝒐𝒇 𝑨𝒏𝒌𝒊𝒕 𝑨𝒈𝒓𝒂𝒘𝒂𝒍 Ankit Agrawal, the man behind InsuranceDekho, India's leading Insurtech Startup comes from the town of Choti Ballia, Bihar. He obtained a Bachelor's in Commerce degree from the University of Calcutta. He later went on to pursue MFC degree from the Department of Financial Studies - University of Delhi (erstwhile MFC). A turning point arrived in 2012 when Ankit faced a difficult situation – a challenging insurance claim process during his father's illness. This experience exposed the #complexities and lack of #transparency in the Indian #insurance landscape. In July 2019, He took the position as Founder and CEO of InsuranceDekho which is part of CarDekho Group. He was driven by a mission to increase insurance penetration in India, a country with a vast population but low insurance awareness. Before InsuranceDekho, he served as the COO of CarDekho Group. InsuranceDekho's success hinges on a #three-pronged strategy: #Berozgari (Unemployment), #Bimari (Illness), and #Bima (Insurance). The company empowers individuals and families by simplifying insurance products and providing them with a wider range of options. This focus on accessibility is further amplified by their extensive network of #agents, ensuring insurance reaches every corner of #India, including #rural areas. Technology played a crucial role in InsuranceDekho's success. The company leveraged AI-powered chatbots to enhance customer service and streamline operations. The #fundingwinter of 2022 presented a significant challenge. However, Agrawal's leadership and strategic planning secured a record-breaking $210 million in #funding, propelling InsuranceDekho's #valuation to a staggering $700-$750 million. Today, Ankit Agrawal is not just the CEO of a thriving company; he's an #inspiration for aspiring entrepreneurs. He's been recognized as the "Bharat Fintech Leader of the Year 2023," a testament to his contribution to India's financial technology landscape. Ankit's story is one of determination, innovation, and a deep understanding of the Indian market. With his vision and leadership, InsuranceDekho is on a #mission to empower every village in India with an insurance agent, ensuring financial security for millions of #people. #InsuranceDekho #Leadership #Insuretech #Innovation #startup #charterpreneur #entrepreneur #intrapreneur

Policybazaar.com to expand into reinsurance sector with enhanced license ****************** To get your startup story featured:- https://lnkd.in/g8invehi Join startup community here:- https://lnkd.in/g75sbS3M ****************** Alok Bansal Avaneesh Nirjar #reinsurance #insurtech #startupnews #policyvazaar #startupstory

💸Did you know that funding for insurance startups in India has doubled in just a few years? Insurtech companies are reshaping traditional insurance products, making them more accessible, tailored, and user-friendly. 📈 With funding for insurance #startups doubling over the past few years, India has emerged as one of the fastest-growing insuretech markets globally. Key drivers of this growth include rising insurance awareness in Tier 2 cities and the massive market opportunity in Indian FinTech space , which is expected to reach $1.3 trillion by 2025. 📊 Notably, insurtech companies already account for a significant 26% share of this market. 💼 As these trends continue, #digital insurance companies in India are poised to bring innovative products that meet evolving consumer needs. 💡 Leveraging fintech, they can now reach a broader customer base, transforming India's insurance landscape like never before. Key aspects of this transformation include: A wider range of coverage options Streamlined claims processing Enhanced #customer support Currently these are top 10 trendsetters in Indian insuretech space 1.Onsurity 2.PolicyBazaar 3.Acko General Insurance 4.Go Digit Insurance 5.InsuranceDekho 6.Even Healthcare 7.RenewBuy 8.SecureNow 9.Toffee Insurance 10.Turtlemint #Insurtech #Fintech #InsuranceInnovation #DigitalTransformation #FutureOfInsurance #IndiaTech #CustomerExperience #FinServ #Tier2Cities #InsurtechTrends

Flashaid (Orbit 2023), an India-based insurtech startup has raised $2.5 million in pre-Series A funding. The investment will fuel expansion into six new cities and enhance their API-first health insurance solution. Co-founded by Manoj Gupta and Gunjali . , Flashaid aims to revolutionize India's health insurance market by making it more accessible and affordable, especially for informal workers. Their innovative digital platform overcomes traditional agent-led models and distributes tailor-made insurance products through e-commerce partnerships. The company is targeting a retail health insurance market poised to reach $25 billion by 2028. "The unwavering dedication from Manoj Gupta and Gunjali . and their team has played a pivotal role in discovering a technological solution that facilitates access to healthcare insurance for millions of India's informal workers. We're thrilled to collaborate with the Flashaid team to introduce this indispensable service to the broader market." - Oscar Ramos Managing General Partner at Orbit Startups 🔗 Read more at The Economic Times: https://lnkd.in/g6NCM7jq William Bao Bean Oscar Ramos Kenneth Cheung Elva Ren Francesca Tang #emergingmarkets #startups #frontiermarkets #sustainability #digitization #economicindependence #healthcare #investment #TechFunding