Page 42 - Insurance Times August 2019

Sr. Name Parent Latest Investment Comment Logo
No. (in parent brand)
6 EasyPolicy --- 45-50 Cr Unilazer Ventures upped its
stake to 70% in EasyPolicy.
EasyPolicy works with insurers
across the country to provide
services in segments like
health, travel, life and auto
7 Turtlemint Invictus Insurance Undisclosed Nexus Venture partners
Broking Services invested in this Mumbai based
Insurtech startup with
participation of Blume
Ventures in 2016
8 121policy Ideal Insurance Undisclosed The company is aiming to
Brokers (by Xelpmoc) provide customers with
products like family health
insurance, maternity cover,
senior citizen health
coverage, corporate health,
overseas health insurance,
top up cover

Future of Insurtech of double digit since the last couple of years and this shows
an enormous growth potential.
Indian insurance landscape has not embraced technology
yet. The reason for being hesitant towards technology is that Bibliography
the insurance incumbents do not have confidence in the 1. A Study Of "Trend Analysis In Insurance Sector In India";
continuity of the startups and hence investing in startups
M. Venkatesh, The International Journal Of Engineering
becomes a dicey job for incumbents as well as the investors. And Science (IJES), ISSN (e): 2319 - 1813
Another concern is the security of data. A number of cases
2. The Current InsurTech Landscape:Business Models and
have occurred in India where the data is accumulated from
Disruptive Potential; Alexander Braun and Florian Schreiber,
the consumers and then sold to third parties at cheaper
Institute of Insurance Economics, University of St. Gallen
prices. This has also led to mistrust between the consumers 3. Innovation in the Indian life insurance industry; Arthur D. Little
before sharing personal data with any company. Also, since 4. The changing Face of Indian Insurance; The Boston
Insurtech has not been tried and tested in India yet, insurers
Consulting Group, March 2017
are not sure about the potential of Insurtechs and the value
5. Insurtech; Burnmark Report; November 2016
addition that they can provide to the insurance sector.
6. Digital Disruption in the Insurance Industry; KPMG, May 2017
7. Insurance Industry, Challenges, Reforms and Realignment;
Insurers and Insurtech startups should come together and
Ernst and Young
try to use each other's strengths to their advantage. They
8. Insurtech: assembled for takeoff? ; Ernst and Young
can try to create synergies by entering into a Joint Venture
9. Indian Insurance Perspective; PricewaterhouseCoopers T
or by acquisition or mergers. Insurers would benefit by
gaining the expertise in technology of the Insurtech startups
and the insurtech startups will have access to capital, Ans. of July'19 Insurance Quiz contest
experience and a large consumer base leading to a win-win 1. September 1
situation for both of them. 2. IDBI Bank
3. 25
Insurance companies should also target the bottom level of 4. BGC Insurance Group.
the wealth pyramid. The rural areas of India have been 5. 4%
hardly chartered. The rural insurance market shows huge 6. Aditya Birla Health Insurance
potential and customer base to tap. It has depicted a CAGR 7. GLOBALCOVER and GLOBALCARE

42 The Insurance Times, August 2019