InsuranceDekho Insuring 21 Indians Every Minute

The insurtech has insured over 8 million customers so far

Ankit Agrawal, InsuranceDekho


 FinTech BizNews Service

Mumbai, July 04, 2024: India's insurance sector lags behind global standards, with a low penetration rate of just 4% compared to the world average of 6.8%, according to the IRDAI report for FY 22-23. This leaves millions uninsured and exposed to financial risks. This glaring gap was witnessed first-hand by Ankit Agrawal when he faced difficulties claiming insurance for his ailing father in 2012.

Driven by this personal experience, InsuranceDekho was founded by Ankit Agrawal in 2017 to bridge the insurance divide in India. This incident also prompted Agrawal to identify three major pain points which he calls The 3Bs - "Berozgari" (unemployment), "Bimari" (illness), and lack of "Beema" (insurance) coverage.

To address the 3Bs, InsuranceDekho has built an elaborate 3D strategy: Distribution, Digitization, and Diversification.

InsuranceDekho claims its journey of insuring over 8 million customers and reaching a rate of 21 Indians insured every minute is a testament to the power of technology and innovation. By developing in-house technological innovations, InsuranceDekho has simplified the entire insurance process from sourcing to fulfillment and post-policy sales operations to finance reconciliations. This end-to-end simplification ensures a seamless experience at every stage, making insurance more accessible and user-friendly.

The company's extensive distribution network is empowered by cutting-edge technology solutions, enabling it to focus on underserved regions. With 85% of its partner network of more than 1 Lac partners deployed in tier 2, 3, and 4 cities, InsuranceDekho leverages its convenient digital platform to onboard partners offering over 600 plans from 48 insurers. Efficient agent onboarding, powered by a 60-second CKYC-based process and deep integrations with CERSAI and banks for real-time verification, ensures a reliable and vast agent network. The platform's reach across 98% of pin codes in India underscores its extensive coverage.

InsuranceDekho's extensive 600+ plan offerings, including motor, life, health, travel, pet, and SME categories, allow it to boast the largest integrations among competitors. These diverse options ensure that customers' varied needs are met comprehensively. The state-of-the-art fulfillment technologies, such as AI-based video verification to combat fraud and AI-based vehicle inspection for seamless break-in insurance, set InsuranceDekho apart in the insurtech landscape.

As the only insurtech with underwriting rights granted by insurance companies, InsuranceDekho offers unique advantages in providing tailored insurance solutions to its customers. The platform also excels in renewal management by sending smart nudges to agents for timely renewals and allowing policies to be tracked and renewed with just a few clicks, simplifying the renewal process for both agents and customers.

Founder's Vision: Ankit Agrawal's Inspiring Journey

Ankit has been at the forefront of transforming the insurance sector since the company's inception. His belief in transforming the insurance landscape is not just about selling policies; it's about overcoming the challenges of the industry and ensuring that every customer's journey and experience is smooth, transparent, and hassle-free. By strategically implementing technological innovations, Ankit has empowered InsuranceDekho to reach and serve millions efficiently.

His vision at InsuranceDekho aligns with the Indian government’s 2047 vision of insuring every Indian. Ankit has strategically focused on empowering partners and customers through innovation. His dedication to reaching deep into Real Bharat and the democratization of insurance services is evident in the company's ambitious plan to expand its partner base.

Ankit's adept fundraising skills have significantly contributed to InsuranceDekho's success, securing a substantial capital infusion of $200Mn+ across two funding rounds in 2023. The Series A fundraising of $150Mn stands out as the largest Insurtech Series A funding in Southeast Asia, while the Series B secured $60Mn, underscoring Ankit's ability to attract support from renowned investors. Beyond his role at InsuranceDekho, Ankit is also a prolific investor, supporting high-impact ventures and entrepreneurship in India.

Ankit Agrawal, Founder and CEO of InsuranceDekho, said, "Insurance has long been perceived as a complex and inaccessible product, particularly in the remote corners of Real Bharat. Our mission is to demystify insurance and make it an integral part of every household, just like Roti, Kapda, Makaan. By leveraging technology and empowering our vast network of partners, we aim to bridge the gap and ensure that no one is left uninsured, regardless of location or socio-economic status."

Innovating for Bharat

InsuranceDekho's commitment to innovation is evident in its deployment of cutting-edge technology solutions. The company has developed a comprehensive web platform ( and a mobile app (IDEdge App) that empower partners to get onboarded within seconds and start selling insurance at minimal costs. Additionally, initiatives like single-click renewals, AI-based video verification, MyQR Kamai Shaandar, Anytime Commission, one-click endorsements, and cKYC-based onboarding have streamlined processes, minimized costs, and offered flexibility to partners and customers alike. Partners now spend the majority of their time building customer relationships.

InsuranceDekho is dedicated to creating income opportunities, driving financial inclusion, and empowering partners across India. InsuranceDekho ensures that partners are well-equipped for success, providing them with comprehensive training, offering upskilling programs, and duly recognising their efforts and achievements. These initiatives not only enhance the partners capabilities but also foster a sense of community and support within the InsuranceDekho network.

InsuranceDekho's journey shows how innovation and determination can make a big impact. By challenging industry norms, using technology, and building & nurturing a network of dedicated partners across the country, the company is making insurance more inclusive and accessible in India. As it grows and expands its services, InsuranceDekho is helping millions find financial security and peace of mind.


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