InsuranceDekho builds one-stop solution for India’s fragmented insurance ecosystem

The insurtech firm secured US$150m in Series A funding round.

present in 98% of Indian zip codes. The insurtech is eyeing to get 200,000 partners onboard to serve all of India on their platform.

Funding

Up until recently, InsuranceDekho has been bootstrapped but it has recently raised US$150m consisting of a mix of equity and debt, the largest ever series A round by an Insurtech company in Southeast Asia.

The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and existing investor, LeapFrog Investments.

Experiencing first-hand how fragmented the insurance ecosystem was in India, Ankit Agrawal set out to build a company that served as a one-stop solution for partners and consumers.

He founded InsuranceDekho, an Insurtech firm not only devoted to making insurance available but to providing citizens with the best claims experience through integration.

Agrawal's vision was simple: provide maximum benefits across the motor, health, life, and other general insurance products in the entire industry by bringing the insurers all in one place.

Turning a personal setback around

In a quick sit-down with Insurance Asia, Agrawal shared how his idea of a tech-first insurance distributor was borne out of a personal experience with claims. “After coming back from the US, I had to deal with an insurance claim in the family which exposed me to the challenges of a fragmented insurance ecosystem in India. If a literate and well-aware customer like me with a fairly comprehensive health policy had to go through claim hassles during difficult times, we can only imagine

The plan was simple: provide maximum benefits by bringing the insurers all in one place what people in the hinterland would be going through,” he said.

With that in mind, the InsuranceDekho CEO built his firm as a tech-first insurance distributor that offers a comparison on quotes from different providers to aid customers in choosing what insurance to buy. The platform lets you compare insurance quotes from 46 insurance companies and purchase the insurance policy that best suits your needs. It caters to all the needs of partners and consumers from sourcing to fulfilment to post-sales support and helps them scale multifold. What sets InsuranceDekho apart is the wide reach of its platform, since Agrawal wants it to reach rural areas in India. “There are many Indian villages -- where an ID (InsuranceDekho) partner is the only way for people to access and buy insurance. In India, very often a health emergency means financial bankruptcy for the family -- we have been able to create a transformational impact by making insurance accessible in some of the remote regions where we operate,” Agrawal said.

Insurers also benefit from that reach. Currently, ID partners are

“With this funding, we want to build a robust insurance platform for Bharat (rural India). There are 640,000 villages in India and we want to make insurance accessible to all. We plan to continue building on our tech stack and products, invest in branding, and evaluate some mergers and acquisition opportunities we have identified across technology and geographical expansion capabilities. We are also working on new offerings and plans to expand our micro, small and medium enterprises (MSME) and life insurance portfolio offerings,” Agrawal said.

Staying competitive

To stay ahead, Agrawal said they would lean on tech-driven initiatives and innovations to improve the customer experience by enabling them to choose the right policy by themselves.

“We have also developed AI-based tools to recommend the best-suited approach to the customers based on their profiles and requirements. India has at least 6 crores (60 million) MSMEs, and most are uninsured. We are working on exciting features and innovations to serve the MSME market,” he said. Additionally, a lot of focus is also put on the training and development of their employees and advisor partners.