Insurtech startups make hay as embedded insurance gets the spotlight

A rush among consumer-facing companies to offer bundled insurance packages along with their products and services is opening fresh business opportunities for digital insurance infrastructure startups.

Read full article: Economic Times by Pratik Bhakta

From banks that want to cross-sell insurance products to ecommerce companies offering to insure large-ticket purchases to travel aggregators offering insurance against flight delays, companies are roping in insurance technology startups such as Zopper, Riskcovry, and OneAssure to power such sales.

Such insurtech companies are working with insurance brokers, banks, ecommerce portals, travel platforms, and electronic brands to help embed insurance into their sales processes.

“If insurance penetration needs to go up in India, industry needs to distribute these products more efficiently and effectively… That is where our technology comes in to ensure there is no mis-selling of insurance and sales are done in a compliant fashion,” said Ruchir Kanakia, founder of OneAssure.

The Bengaluru-based early stage startup helps insurance brokers sell the right health insurance product to the right customer. OneAssure is currently testing out its product with five brokers, but eventually it wants to scale up to work with more brokers and banks to help sell insurance products. “There are around 700 insurance brokers and 1,000 corporate agents with whom we can work and deploy our solutions,” Kanakia said.

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