5 FinTechs simplifying business insurance for Indian startups and SMEs

By Gloria Mathias

In the rapidly evolving FinTech landscape, Insurance and InsurTech play a crucial role, significantly shaping the Indian economy. Their influence is transforming traditional insurance models, offering new ways to protect lives and assets. This impact is particularly noteworthy for SMEs, a vital component of the Indian economy and workforce. Recognising their significance, there’s an urgent need to focus on sustaining and incentivizing the productivity of SMEs in the insurance sector.

Providing health benefits and insurance for employees is paramount for several reasons. In a competitive job market, prospective employees often prioritise companies that offer comprehensive health coverage. Moreover, employee health and well-being directly impact productivity and job satisfaction. By offering health benefits, employers demonstrate a commitment to the welfare of their workforce, fostering a positive work environment.

Access to healthcare coverage also contributes to the overall morale and loyalty of employees, as it alleviates financial concerns related to medical expenses. From a broader perspective, a healthy and insured workforce reduces absenteeism, enhances workplace productivity, and ultimately contributes to the long-term success and sustainability of the business.

 Listed are 5 FinTech companies simplifying business insurance for Indian startups and SMEs:

• Covrzy

Covrzy is a new and innovative platform that provides customers with a curated range of insurance products. Its goal is to simplify purchasing insurance by offering easy-to-use and self-explanatory products. Through a digital-first approach, Covrzy empowers SMEs with tailored insurance and claims support, democratising insurance distribution in India.

• Nova Benefits

Nova Benefits is an employee wellness platform centred around corporate health insurance. It collaborates on the most affordable deals for companies of all sizes and makes sure employees can access them easily on its tech-first platform. Nova’s tech-first and easy-to-use platform aims at providing the right support to employees along with helping HRs and employers save time on repetitive administration processes.

• Onsurity

Onsurity is a HealthTech and employee benefits organisation disrupting the SME and startup healthcare markets with technology and innovation. With the aim of simplifying the healthcare and employee benefits journeys of employers and their teams, TeamSure is a comprehensive employee healthcare monthly plan that includes benefits like group health insurance, discounts on medicine orders and health check-ups, fitness rewards, doctor teleconsultation, and many more.

• Pazcare

Pazcare is a cloud-based platform that helps companies design, manage, and administer employee benefits. It’s an InsurTech platform that specialises in insurance, healthcare, and information technology. Pazcare offers health, term, and accident insurance, as well as outpatient health benefits.

• Plum Insurance

Plum Insurance is a Bengaluru-based group insurance provider for startups and SMEs. Plum offers a variety of health benefits, including Doctor consultations, Health check-ups, Fitness and yoga, Mental wellness, Nutrition, Dental care, etc. The company offers its employee health and wellness solutions to more than 3,000 corporations.