India ramps up on AI

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India ramps up on AI

 

India ramps up on AI
India ramps up on AI

Avaamo

Avaamo is an amazing Indian AI start-up in 2022. Voice demo—patient scheduling gives rapid and personalized support in healthcare, banking, education, insurance, and supply chain. This AI startup in India helps construct a virtual assistant for any business with automation capabilities. It offers a conversational AI platform, virtual assistants, contact center AI, cognitive search, voice AI, and security and compliance.

 

Wysa

Wysa is an Indian AI start-up that helps individuals self-manage stress via AI-guided listening and 24/7 experts. Wysa, an AI chatbot, delivers high-quality mental health support utilising CBT (CBTs).

 

Yellow.ai

Yellow.ai is the world's largest conversational CX platform for consumer-centric organizations. It combines human and computer intelligence to produce on-demand, scalable customer experiences. Customer lifecycle automation includes building, automating, responding, engaging, gaining insights, and deploying. It offers proprietary NLP, bot studio, agent-assist dashboard, campaign management, and other platforms, as well as customer interaction, customer support, conversational commerce, HR, and ITSM automation solutions.

 

Intello

India's Intello Labs employs AI, machine learning, and computer vision to reduce food waste. It digitises fresh fruit and vegetable quality assessment, revolutionising quality operations and minimising waste. Intello Track, IntelloPack, IntelloGrade, and IntelloSort provide entire supply chain transparency. These solutions can employ picture logs to boost productivity and automate report creation.

 

Myelin Foundry

Myelin Foundry is a famous India AI start-up that uses AI on video, audio, and sensor data for edge devices to change human experiences and industrial results. The Myelin Edge AI platform incorporates real-time in-depth insights, edge AI, and superior audiovisuals.

 

Acko

 Acko is India's first digital insurer. It offers tailored pricing using deep-data analytics. It analyses consumer interactions and behavior to recommend insurance products. Acko has insured 40 million Indians and has 8% of online vehicle insurance coverage in India. Ola Ride Insurance covers lost bags, computers, delayed flights, medical expenditures, and ambulance transportation.

 

Artivatic

Artivatic's insurance SaaS automates buyer onboarding, profiling, underwriting, and claims management. They use NLP, ML, Deep Learning, Behavior Analysis, AI, and IoT.

 

Mantralabs

AI-first product & solutions startup Mantra Labs solves Insurance carriers' front & back-office difficulties. Their product portfolio includes FlowMagic, a visual-AI platform for insurer processes, an AI-enabled insurance chatbot, and an AI-driven lead conversion accelerator. Mantra Labs, one of India's oldest InsurTech firms, has collaborated with Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hongkong, as well as unicorn Internet startups Ola, Myntra, and Quikr. MongoDB, IBM Watson, and Nvidia are Mantra Labs' technological partners.

 

Pentalytics

Pentation Analytics delivers cutting-edge insurance analytics tools. Insurance Analytics Suite® uses powerful machine learning models to handle retention/persistence, cross-sell, acquisition, and underwriting. The product is cloud- and on-premise-ready. Pentation Analytics collaborates with HPE, HortonWorks, and Hitachi.

 

PolicyBazaar

India's biggest insurance marketplace is PolicyBazaar. It enables people to examine and compare insurance products online. Buy, sell, and store policies online. The platform tracks policies and claims. The firm has 100 million visitors/year and 1 million sales/month. PolicyBazaar represents 32% of India's life insurance and retail health industry.

 

Toffee-Insurance

Toffee Insurance offers contextual microinsurance. Customer-centric solutions deconstruct standard underwriting and customize insurance. APIs, mobile, and SMS are used to distribute plans. Their present portfolio comprises bike insurance, income protection insurance, daily commute insurance, and dengue insurance. 80% of the 115K+ Indians the firm has insured are first-time purchasers. Toffee Insurance is funded by ICICI Prudential, Religare, HDFC Ergo, and Tata AIG Insurance, among others.

 

Changing market forces have reshaped the insurance sector. AI-driven technologies are changing how millennials and younger generations think about Insurance. InsurTech can fulfil even the most unusual coverage demands by eliminating ownership. Customers choose self-service portals for rapid access to ever-changing financial and protection requirements. Customers are increasingly aware of possible hazards and demand suitable insurance products. According to the World InsurTech Report 2019, 25% of commercial customers and 15% of retail policyholders think they are insured adequately against developing risks, highlighting a need for consumer-centric and creative insurance solutions to fulfil the increasing demand.

 

India's Top 10 InsurTech Companies

 

Pazcare offers group health insurance, group term life insurance, group personal accident insurance, group covid insurance, mental wellness for workers, medical consultation, and more. Since 2021, they've helped 400+ consumers obtain and manage insurance. Pazcare is IRDAI's #1 trusted InsurTech firm for simplifying insurance for entrepreneurs and HRs. They think employee care shouldn't be difficult.

 

Insurance Acko

2017's Acko disrupted the vehicle insurance sector. InsurTech solutions include data analytics and low-cost goods. Acko verifies your automobile or bike's third-party status. Ola Cabs also offers micro-insurance. Acko raised $43M in 2019. Mumbai-based firm. Acko lets clients buy insurance online quickly and cheaply. The scheme guarantees quick claim payment for small losses and hourly car pick-up for repairs. 2.5 crore Indians utilize Acko insurance. 95% of consumers are happy.

 

PolicyBazaar

Policy Bazaar was one of the first InsurTech firms, formed in 2008. Online insurance is available. PolicyBazaar makes comparing prices, perks, and quality easy. PolicyBazaar's customer service is superior than insurers'. It includes several insurance plans.

 

OneAssist

OneAssist is a renowned insurance provider. Appliance and data insurance are offered. This business tackles identity theft, the dark web, and cyber-risks. Mumbai-based OneAssist was founded with $32 million.

 

OneAssist's perks

OneAssist's Identity Risk Calculator warns about online risks. The firm offers lasting repair and protection services for household appliances, gadgets, phones, and tablets.

 

PolicyBoss

Another online insurance marketplace is PolicyBoss. The app compares and sells insurance. Since 2012, PolicyBoss has raised $10M. PolicyBoss's main distribution channel is insurers. It has offices in 24 Indian locations, including Mumbai.

 

PolicyBoss' differentiators

The firm offers customer, claim, and advisory support. It has served over 300,000 Indian consumers. PolicyBoss's brokerage platform connects insurance policies with policyholders/customers. The firm negotiates with the insurance for its customers and alerts them of unique situations.

 

InsureFirst

Aviva Life, ICICI Prudential, and SBI distribute InsurFirst. It offers health, auto, life, home, asset, travel, and investment policies. Marine, fire, business interruption, commercial vehicles, contractor hazards, workers' comp, and trade credit are covered.

 

InsurFirst's USPs

The organization provides personalized insurance products. This revolutionary method doesn't provide packages or pricey policies. Approximately 3000 policies have generated over 60 million INR in premiums.

 

CoverFox

CoverFox is India's top insurance startup. Simple, quick, secure platforms let customers purchase and renew insurance. It also helps settle lawsuits. It's raised $42M. Saif Partners, IFC, Catamaran, Accel Partners, and TransAmerica have also invested.

 

CoverFox's perks

CoverFox's simple language and powerful technology simplify policy paperwork for clients. Instant insurance quotes speed up the buying process. Won Smart CEO award, Top 10 Fintech firms. CoverFox has over 30 insurance partners and 50 lakh+ consumers from Fintech Asia and Business World Techtors.

 

PayTM

PayTM launched a digital wallet in 2010. Paytm's insurance subsidiaries include Life and General. Customers may pay and buy insurance on a single platform. The smallest policy cancellation questionnaire promises simple reimbursements. Customers may easily submit their choices and examine insurance policies online.

 

RenewBuy

RenewBuy offers auto insurance. The forum offers real-time insurance quotations. Most firm activities are in Gurgaon. Total funding is $15 million.

 

RenewBuy's differentiators

RenewBuy lets customers rapidly compare and purchase auto and health insurance. Digitizes agent onboarding.

 

TurtleMint

2015-founded internet insurance aggregator TurtleMint. The firm provides life, health, and car insurance. Mumbai is the company's headquarters. TurtleMint insurance is smart. Leading insurance firms may be contacted immediately without paperwork.

 

 

 

Maryam Saeed Dogar

 

 

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