Start-up Portrait – InsuranceDekho

October 26, 2023

InsuranceDekho was incubated within India’s leading Auto-tech Unicorn - CarDekho Group. InsuranceDekho enables its agent partners to allow their customers to compare and buy different insurance policies (life, health, and non-life insurance) based on their requirements and helps them purchase the most suitable plan through a digital platform powered by AI. Japanese giant Mitsubishi UFJ Financial Group, Inc., the insurer BNP Paribas Cardif, through its C-Development Insurtech fund managed by European investment major Eurazeo led the round as new investors besides some marquee local investors.

The company has created an end-to-end seamless digital onboarding journey for its agent partners, including end customer KYC process and renewal customer journey by integration with Central government & insurer databases and using QR codes to facilitate ease of usage. 

The company currently has tie-ups with 47 insurance companies in India, offering more than 500 insurance plans on its platform. In line with the mission of the regulator of India being “Insurance for all by 2047”. InsuranceDekho is looking to make insurance products available to customers across every nook and corner of the country. At its current scale, InsuranceDekho onboards 17 agent partners every hour, and 12 Indians buy a policy from InsuranceDekho every minute1. 

The company is headquartered in Gurugram and has a presence in 1500 cities across India, covering 98% of pin codes across the country. InsuranceDekho redefined the Insurance landscape by embracing deep distribution as their core strength.

Founded by Ankit Agrawal and Ish Babbar in 2017, InsuranceDekho has witnessed a significant growth trajectory. It targets 200 000 partner agents on its platform by March 2024. Based on GWP, InsuranceDekho is poised to become the market leader in the digital agent distribution space in India. InsuranceDekho has served  around 6 million of customers all over India. There is also a strong focus on diversity with 20% agent partners being women. Ankit Agrawal, CEO and founder of InsuranceDekho believes that the heart of any organisation lies in its people. 

The culture at InsuranceDekho is built on core values of trust, respect, curiosity, ownership, meritocracy and problem-solving. The organisation strives to on-board people who share these values and take pride in upholding them. Guided by this belief, Ankit and the leadership at InsuranceDekho has nurtured an inclusive and supportive environment for employees. 

By raising more than $200 million in a year, InsuranceDekho has not only emerged as the leading Indian Insurtech; but has also cemented its position amongst the very few startups to be able to raise large Series A and B funding in the same year, a significant win amidst the ongoing funding winter. This exceptional fundraise is a testimony of strong support for InsuranceDekho’s vision of becoming a household name in India.

It plans to utilize the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and for new initiatives like Reinsurance to continue democratizing and revolutionizing the insurance landscape in India.

InsuranceDekho’s mission of making insurance accessible to all echoes very well with BNP Paribas Cardif: make insurance more accessible for all customers.