Here is a list of the top 40 inclusive insurance companies that are leveraging technology to make a positive impact on society.

The Omdena “Impact Tech Leaders Series” comprises game-changing startups, stories, and thought-leadership pieces from leading impact ventures solving real-world problems.

In today’s rapidly evolving insurance landscape, the integration of technology and inclusive practices has become crucial for insurance companies. This blog post will explore the top inclusive insurance companies that are leveraging insurance tech to provide comprehensive coverage and promote inclusivity in the industry.

Introduction to Insurance Companies

Insurance companies play a crucial role in managing risk for individuals and businesses. They provide financial protection against unforeseen events such as accidents, illnesses, property damage, and more. By pooling resources from many policyholders, insurance companies are able to spread the risk and provide coverage at affordable rates.

Main Types of Insurance Companies

1. Life Insurance Companies

Life insurance is designed to provide financial security to beneficiaries upon the death of the insured individual. It can also offer additional benefits such as savings or investment options. 

2. Property and Casualty Insurance Companies

Property and casualty (P&C) insurance covers damage or loss of property, liability for injuries or damages caused by the policyholder, and other related risks. 

3. Health Insurance Companies

Health insurance provides coverage for medical expenses incurred by individuals or families. It helps ensure access to healthcare services without significant financial burdens. 

Insurtech: The Intersection of Insurance and Technology

Insurtech refers to the integration of technology into traditional insurance practices. It encompasses various innovations aimed at improving efficiency, enhancing customer experience, and expanding access to insurance services. Advantages of Insurtech include:

• Streamlined Processes: Insurtech tools automate manual tasks, reducing administrative burden and speeding up processes such as policy underwriting, claims processing, and risk assessment.
• Data-driven Insights: Insurtech leverages advanced analytics and data modeling techniques to generate valuable insights. This enables insurance companies to assess risks more accurately, tailor policies to individual needs, and develop proactive risk management strategies.
• Enhanced Customer Experience: Insurtech solutions offer convenient self-service options, personalized recommendations, and real-time service support. Customers can compare quotes, manage policies, and file claims online, leading to a seamless experience.

Examples of Insurtech innovations in the industry:

1. Usage-Based Insurance (UBI) 

One groundbreaking insurtech innovation is Usage-Based Insurance (UBI). UBI leverages telematics technology to monitor driving behaviors such as speed, distance traveled, braking patterns, and time of day. By collecting real-time data from connected devices installed in vehicles or smartphone apps, insurers can offer personalized auto insurance premiums based on actual risk exposure instead of relying solely on conventional factors such as age or gender. This approach rewards safe drivers with lower premiums while encouraging responsible driving habits.

2. Artificial Intelligence (AI) in Underwriting 

Artificial Intelligence has significantly impacted underwriting processes by automating manual tasks involved in risk assessment. Through AI algorithms analyzing extensive datasets encompassing historical claims data and other relevant information sources like credit scores or social media profiles, insurers can make more accurate and timely underwriting decisions. AI-driven underwriting systems also ensure consistency, reduce human error, and allow for faster policy issuance.

3. Digital Insurance Platforms 

Digital insurance platforms have revolutionized the way customers interact with insurers by providing seamless online experiences. These platforms enable customers to research, compare, purchase, and manage their insurance policies conveniently from their computers or mobile devices. They offer robust self-service functionalities like policy renewal, claims submission, and real-time access to policy information. Digital platforms have streamlined processes for both customers and insurers while reducing administrative costs.

4. Insurtech in Health Insurance 

The healthcare industry has witnessed notable insurtech innovations that have transformed health insurance practices. Telemedicine is one such innovation that leverages technology to provide remote healthcare services through audio or video consultations. Insurers are integrating telemedicine services into their health insurance plans, allowing policyholders to access medical professionals conveniently from the comfort of their homes or workplaces. This not only enhances patient convenience but also reduces healthcare costs by mitigating unnecessary hospital visits.

5. Blockchain Technology in Claims Processing 

Blockchain technology has immense potential in simplifying claims processing in the insurance industry. By creating decentralized and transparent ledgers, blockchain ensures secure data sharing among various stakeholders involved in a claim process – including insurers, policyholders, third-party service providers, and regulators. This eradicates disputes due to inconsistent records and reduces fraud risks by enabling real-time verification of claim details across multiple parties. Blockchain-powered smart contracts can automate claim settlements based on predefined conditions, ensuring quicker turnaround times.

6. Peer-to-Peer (P2P) Insurance Models 

Peer-to-Peer (P2P) insurance models are disrupting traditional insurance structures by leveraging community-based risk-sharing concepts. P2P platforms connect individuals with similar risk profiles into small groups or communities who collectively contribute premiums towards a shared pool. This model encourages policyholders to proactively manage risks and reduces the reliance on traditional insurance companies. P2P insurance platforms also embrace transparency, as participants have a clear view of how premiums are allocated and claims are settled within their community.

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40 Top Inclusive Insurance Companies Leveraging Insurtech Solutions

The order does not follow a ranking.  

1. ENSUREDIT

ENSUREDIT is a company that develops AI insurance software for the insurance sector. The company’s platform enables end customers and insurance intermediaries to access digital distribution, streamlined workflows, open APIs, and an AI-based analytics suite for an end-to-end digitization and sales process. The company claims to use AI to solve problems around endorsement, sales force management, agent and POSP onboarding, commission management, and computer vision applications for break-ins, claims, and data management.

• Founder(s): Amit Boni, Rohit Sadhu, Rohit Rathi, and Vikas Ranga
• Founding year: 2019
• Headquarters: Bangalore, India
• Funding: Seed

2. aYo Holdings

aYo Holdings is a company that operates as a micro-insurance fintech company that provides hospital and life insurance coverage via mobile phones for individuals and families in Africa. The company’s platform provides various insurance products that pay out a fixed amount when a predefined event occurs, such as hospitalization or death, as verified by a smart sensor installed at the property. The company claims to use technology to simplify and digitize the insurance process, provide innovative and affordable cover, and create social value by reaching the underinsured and uninsured populations of Africa.

• Founder(s): Joint venture between MTM Group, a leading mobile network operator in Africa, and insurer Sanlam
• Founding year: 2017
• Headquarters: Johannesburg, South Africa
• Funding: Undisclosed

How do you measure impact?

“At aYo, we provide fast, convenient, easy-to-use technical solutions for insurance product delivery and engagement directly to a user’s mobile phone. 

 Since launching in 2017, we have facilitated the payment of over $ 2 million in claims through our operations across Uganda, Ghana, Zambia, Côte d’Ivoire, Cameroon, and Nigeria – with over 20 million registered customers.  We are already brokering business in South Africa and plan to launch above the line in 3Q 2023 in South Africa as well.

 We help enable financial inclusion in Africa by offering our customers easy ways to get hospital coverage, life covers protection, and other general insurance offerings. We specialize in insurance solutions for irregular-income earners. 

Our bespoke policy administration systems and platforms manage millions of nano transactions for +- 4,5m active policies per month.  We enable premium payment flexibility from airtime service recharges, mobile money, cash, and bank transfers.

We therefore change the lives of Africans on a daily basis by enabling them to have access to affordable, accessible, and convenient insurance, some for the very first time.” – from Marius Botha, Group CEO of aYo Holdings.

3. Waada

Waada is a company that operates as an online insurance startup that aims to empower Pakistan with simple, affordable, and accessible insurance. The company’s platform offers various insurance products such as accident, life, health, and travel insurance, that can be purchased and claimed through digital channels. The company claims to use technology to streamline the insurance process, provide value-added services such as doctor’s consultations and lab discounts, and reach mass-market customers.

• Founder(s): Muhammad Ishaq Kothawala
• Founding year: 2020
• Headquarters: Karachi, Pakistan
• Funding: Seed

4. Bimaplan

Bimaplan is a company that operates as an insurance platform that offers life and health insurance services for the lower-to-middle-income segment in India. The company’s platform provides various insurance products that provide financial protection against unplanned health emergencies, such as hospital cash, critical illness, personal accident, and COVID-19 coverage. The company claims to use technology to simplify and digitize the insurance process, provide customized and affordable coverage, and reach the underinsured and uninsured populations of India.

• Founder(s): Vikul Goyal
• Founding year: 2020
• Headquarters: Bangalore, India
• Funding: Seed

How do you measure impact?

Bimaplan is building India’s largest insurtech platform to provide essential insurance products to people who are currently underserved by existing solutions and lack access to formal risk protection. Its full-stack embedded insurance platform UNO enables businesses to distribute relevant insurance products to their customers seamlessly. Bimaplan enables the distribution of insurance products customized as per the customers’ needs. It focuses on providing effective policies at a low premium ($5 to $50 per year) with its end-to-end digital process that can prove to be a game-changer in improving insurance penetration. It is focusing on enabling the distribution of insurance products for life, health, travel, group medical, and accident along with wellness products such as daily hospital cash, and teleconsultation.

Simplifying the decision-making process in the customer’s journey through embedding and offering insurance at the right point will increase the relevancy of insurance products. The multichannel & multi-faced approach is going to enhance the customer experience, especially during the claim process phase.

It partners with financial services companies, technology startups, e-commerce platforms, and companies in various segments to build customized insurance products for their users. 

In July last year, it partnered with Zingbus to offer real-time travel insurance to its 2m customers and network of over 500 cities. Bimaplan has been actively enabling credit life insurance distribution among the rural population by partnering with clients such as New street tech, Niyo Bharat, Credit wise capital, Prayas

Bimaplan has provided insurance to over 1 million customers and onboarded 60+ partners. With a month-on-month growth rate of 15%, the insurtech startup projects to reach over 10 million users by the end of FY 2025. 

5. Mitiga Solutions

Mitiga Solutions is a company that operates as a climate-tech company that applies science and technology to improve prevention, resilience, and adaptive capacity to climate-related hazards using artificial intelligence (AI) and high-performance computing (HPC). The company’s platform offers physics-based models that incorporate real-time factors such as vegetation, weather dynamics, and topography, to provide a comprehensive understanding of how various perils behave in the physical world. The company also provides a Climate Score that combines multiple hazards into a fully quantitative assessment tool for decision-making. The company claims to use technology to improve road safety, reduce carbon emissions, and create economic opportunities for its drivers and partners.

• Founder(s): Dr. Alejandro Marti and Dr. Mauricio Hanzich
• Founding year: 2018
• Headquarters: Barcelona, Spain
• Funding: Venture- Series A

6. Medici

Medici is a company that operates as a one-stop healthcare and insurance platform that provides solutions for customers, advisors, and insurers in Vietnam. The company’s platform offers various insurance products such as health, life, travel, and motor insurance, that can be purchased and claimed through its app. The company also provides online and offline healthcare services such as doctor’s consultations, lab discounts, pharmacy discounts, and health insurance. The company claims to use technology to simplify and digitize the insurance process, provide value-added services for customers, and empower its tech-enabled advisor network.

• Founder(s): Duc Anh Ngo
• Founding year: 2019
• Headquarters: Hanoi, Vietnam
• Funding: Venture- Series A

How do you measure impact?

Firstly, we define our impact on advisors by empowering them with advanced technological tools and a comprehensive suite of insurance products ranging from health, auto, hospital cash, and P&C, to life insurance, and healthcare products/services. Through our platform, we aim to enhance their sales efficiency, knowledge and ultimately elevate their professional capabilities and career prospects. During the insurance market turbulence in Vietnam’s last 2 quarters, our 21K+ advisors’ capability of remaining their earning potential and monthly income with Medici’s robust product mix are the loudest testament to speak for Medici’s commitment to delivering constant enablement to our advisor network. On top of that, we are particularly dedicated to empowering 13K+ women in our advisor network (~65%), recognizing the importance of gender equality and representation. 

 As everyone deserves the best protection and healthcare products & services, we strive to provide our end-customers with high-quality insurance policies from 15+ prestigious insurers that are tailored to our customer’s unique needs and healthcare products/services with medical advice from Medici’s doctor network on SNS platforms. Also, realizing that there remains a large, underserved community in 2nd and 3rd-tier cities in Vietnam, by unwavering dedication, we have strategically positioned ourselves to tap into these markets by affordable yet quality product mix customized for these customer groups, whose access to standard insurance/healthcare products and solutions has been limited. Our impact on customers is measured through customer feedback, retention rates, the extent of their financial protection, and our nationwide distribution pattern.

7. Inmedical

Inmedical is a company that operates as a prepaid medicine company that offers health insurance and healthcare services for individuals and families in Ecuador. The company’s platform provides various insurance products such as health, life, travel, and motor insurance, that can be accessed and claimed through its app or website. The company also provides online and offline healthcare services such as doctor’s consultations, lab discounts, pharmacy discounts, and health insurance. The company claims to use technology to simplify and digitize the insurance process, provide value-added services for customers, and empower its network of advisors.

• Founder(s): Wilson Eduar Revelo Penafiel
• Founding year: 2010
• Headquarters: Quito, Ecuador
• Funding: Undisclosed

8. MIC Global

MIC Global is a full-stack embedded micro-insurance company that leverages technology and data to provide simple and relevant insurance for platform businesses, their customers, and their service providers. The company aims to create a global safety net and provide insurance to millions of people and businesses who lack ready access to insurance.

• Founder(s): Harry Croydon
• Founding year: 2002
• Headquarters: New York, USA
• Funding: Venture – Series Unknown

How do you measure impact?

At MIC Global, we develop digitally embedded micro-insurance products that protect individuals from everyday disruptions and events beyond their control that affect their life and finances. Our impact is defined by the number of individuals we support through our MiLife, MiIncome, and MiIncident products – whether it’s benefits to repair a mobile phone, monitoring, and alerting when registered digital identities are compromised, contributing towards hospital expenses, or providing gap income protection for involuntary unemployment.

Our goal has always been to provide a safety net for individuals, putting money in their pockets when they need it most, provided through brands they already interact with and trust. This impact is measured by the number of active policies our diverse partners have enrolled in their initiatives. As more people enroll and become insured for life’s daily risks, the positive impact of MIC’s simple, relevant micro-insurance products grows.

9. Descartes Underwriting

Descartes Underwriting is a company that operates as a tech-based insurance company that offers parametric insurance against climate risk for corporations and governments. The company’s platform provides various insurance products that cover natural catastrophes such as floods, earthquakes, cyclones, hurricanes, hail, and wildfires, as well as other industries such as agriculture, forestry, energy, and supply chain. The company claims to use technology such as artificial intelligence (AI), machine learning (ML), and high-performance computing (HPC) to integrate new data sources such as IoT, satellite imagery, stationary sensors, radar, and third-party data, and apply proprietary algorithms to unlock risk insights and provide customized solutions.

• Founder(s): Tanguy Touffut, Sébastien Piguet, and Kevin Dedieu
• Founding year: 2019
• Headquarters: Paris, France
• Funding: Venture-Series B

10. PULA

PULA is a company that operates as an agricultural insurance and technology company that provides crop and livestock insurance for smallholder farmers in Africa and Asia. The company’s platform provides various insurance products that cover risks such as drought, pests, diseases, and price fluctuations, as well as digital products that provide agronomic advice, weather information, and market linkages. The company claims to use technology such as satellite imagery, machine learning, and mobile phones to simplify and digitize the insurance process, provide innovative and affordable solutions, and create social value by improving farmers’ resilience and productivity.

• Founder(s): Rose Goslinga and Thomas Njeru
• Founding year: 2015 
• Headquarters: Nairobi, Kenya
• Funding: venture – Series A

How do you measure impact?

Providing agriculture insurance to smallholder farmers across more than 20 emerging markets brings impact by boosting crop production and yield, food security, financial stability & secure livelihood. Insurance ultimately aims to bridge the gap in access to credit and investments in agriculture for smallholder farmers.

Pula measures the number of farmers for which we enable insurance (9.6 million farmers to date), the % of women farmers covered (around 40% to date), the overall amount of investment in agriculture insured, representing the loan, input, credit or harvest value depending on the client (1.7 billion USD to date).

Other key KPIs that we track are:

•       Age of insured farmers
•       Rural jobs created
•       Farmers’ yields per region/client/crop
•       Inputs used by farmers per region/client/crop.

11. Toffee Insurance

Toffee Insurance is a company that operates as a digital-only insurance company that offers pocket-sized micro-insurance products for individuals and businesses in India. The company’s platform provides various insurance products that cover aspects such as cycle, eyewear, pet, mobile screen, travel, health, and more, that can be purchased and claimed through its app or website. The company claims to use technology to simplify and digitize the insurance process, provide innovative and affordable cover, and enable fast and hassle-free claims.

• Founder(s): Nishant Jain and Rohan Kumar
• Founding year: 2017
• Headquarters: Gurugram, India
• Funding: Venture – Series A

12. Democrance

Democrance is a company that operates as a SaaS insurance technology platform that helps insurers and insurance brokers service all kinds of insurance, from high-ticket to micro-insurance. The company’s platform provides various solutions such as product and journey builder, underwriting and rating engine, API economy ready, and data-driven, that enable insurers and insurance brokers to launch new products and channels, automate workflows, integrate with third-party ecosystems, and leverage data insights. The company claims to use technology to simplify and digitize the insurance process, provide innovative and affordable cover, and create social value by reaching the underinsured and uninsured populations of emerging markets.

• Founder(s): Michele Grosso and Ramez Tamer
• Founding year: 2015
• Headquarters: Dubai, United Arab Emirates
• Funding: Venture – Series Unknown 

13. Lami

Lami is a company that operates as a SaaS insurance technology platform that helps businesses sell and manage insurance products for their customers in Africa. The company’s platform provides various solutions such as product and journey builder, underwriting and rating engine, API economy ready, and data-driven, that enable businesses to launch new products and channels, automate workflows, integrate with third-party ecosystems, and leverage data insights. The company claims to use technology to simplify and digitize the insurance process, provide innovative and affordable cover, and create social value by reaching the underinsured and uninsured populations of Africa.

• Founder(s): Jihan Abass
• Founding year: 2018
• Headquarters: Nairobi, Kenya
• Funding: Seed

14. Stonestep

Stonestep is a company that develops a next-generation insurance platform that offers integrated sales and customer experience tools for emerging markets. The company’s platform enables mobile network operators, retailers, and other corporations to easily diversify their services and generate additional revenue by offering risk products designed to address the needs of mass-market customers. The company claims to use artificial intelligence (AI) to automate time-consuming processes, streamline workflows, and provide predictive analytics for the insurance sector.

• Founder(s): Brandon Mathews and Alex Mathews
• Founding year: 2012
• Headquarters: Zug, Switzerland
• Funding: Venture – Series Unknown

15. Lumkani

Lumkani is a company that operates as a social enterprise that provides fire detection and insurance solutions for informal settlements in South Africa and across the globe. The company’s platform provides a networked heat detector device that alerts residents of fire outbreaks via a loud siren and a text message and also triggers a community-wide response. The company also provides fire insurance products that cover the loss of property and belongings due to fire, as well as funeral cover for death caused by fire. The company claims to use technology to mitigate the loss of life and property caused by slum fires, improve fire safety and awareness, and create social value by breaking the cycle of poverty.

• Founder(s): David Gluckman, Francois Petousis, Samuel Ginsberg, Paul Mesarcik, Emily Vining, and Max Basler
• Founding year: 2014
• Headquarters: Cape Town, South Africa
• Funding: Undisclosed

16. SafeBoda

SafeBoda is a company that operates as a digital platform that offers solutions such as ride-hailing, payment processing, and on-demand services for individuals and businesses in Africa. The company’s platform connects customers with trained and verified motorcycle taxi drivers, known as SafeBodas, who provide safe and convenient transportation. The company also enables customers to pay for various services such as food delivery, airtime, bills, and health insurance using the SafeBoda app. The company claims to use technology to improve road safety, reduce carbon emissions, and create economic opportunities for its drivers and partners.

• Founder(s): Ricky Rapa Thomson, Maxime Dieudonne, and Alastair Sussock
• Founding year: 2014
• Headquarters: Kampala, Uganda
• Funding: Venture- Series Unknown 

17. Opportunity International

Opportunity International is a company that operates as a global nonprofit organization that provides financial solutions for entrepreneurs, farmers, and families in the developing world. The company’s platform provides various financial products and services such as small business loans, savings, insurance, and training, that enable its clients to build their businesses, improve their harvests, provide for their families, and send their children to school. The company claims to use technology to simplify and digitize the financial process, provide innovative and affordable solutions, and create social value by breaking the cycle of generational poverty.

• Founder(s): Al Whittaker and David Bussau
• Founding year: 1971 
• Headquarters: Chicago, United States
• Funding: Undisclosed.

18. FloodFlash

FloodFlash is a company that operates as a tech-based insurance company that offers rapid-payout parametric flood insurance for businesses and landlords. The company’s platform provides various insurance products that pay out a fixed amount when a predefined flood depth is reached, as measured by a smart sensor installed at the property. The company claims to use technology such as artificial intelligence (AI), machine learning (ML), and internet-of-things (IoT) to simplify and digitize the insurance process, provide transparent and affordable cover, and enable fast recovery from flooding.

• Founder(s): Adam Rimmer and Ian Bartholomew
• Founding year: 2017
• Headquarters: London, United Kingdom
• Funding: Debt financing

19. Super

Super is a company that operates as a digital insurance company that offers on-demand insurance products for the gig economy in Mexico. The company’s platform provides various insurance products that cover risks such as accidents, theft, and liability, for independent workers such as delivery drivers, couriers, and freelancers. The company claims to use technology to simplify and digitize the insurance process, provide flexible and affordable solutions, and enable fast and hassle-free claims.

• Founder(s): Sebastian Villarreal and Oscar Salazar
• Founding year: 2019 
• Headquarters: Mexico City, Mexico
• Funding: Seed

20. MicroNsure

MicroNsure is a company that operates as a technology-led insurance consultancy and distribution company that provides inclusive insurance products for the unserved and underserved segments in India. The company’s platform provides various insurance products that cover risks such as health, life, accident, and property, for low-income individuals and families, micro-entrepreneurs, and small businesses. The company claims to use technology to simplify and digitize the insurance process, provide appropriate and affordable solutions, and create social value by improving the resilience and well-being of its clients.

• Founder(s): Kamalakar Sai Palavalasa
• Founding year: 2020
• Headquarters: Hyderabad, India
• Funding: Seed

21. DigiSafe Insurance

DigiSafe Insurance Broking is a company that operates as a digital insurance company that offers customized insurance products for the rural and semi-urban markets in India. The company’s platform provides various insurance products that cover risks such as health, life, accident, property, livestock, and crop, for low-income individuals and families, micro-entrepreneurs, and small businesses. The company claims to use technology to simplify and digitize the insurance process, provide appropriate and affordable solutions, and reach the underinsured and uninsured populations of India.

• Founder(s): Rajesh Relan
• Founding year: 2020 
• Headquarters: Hyderabad, India
• Funding: Undisclosed

22. CelsiusPro

CelsiusPro is a company that operates as a Swiss insurtech company that specializes in providing index-based insurance solutions for weather and climate risks. The company’s platform provides various insurance products that cover risks such as drought, flood, frost, heat, wind, and hail, for various sectors such as agriculture, energy, tourism, construction, and transportation. The company claims to use technology to simplify and digitize the insurance process, provide customized and transparent solutions, and enable fast and objective payouts based on predefined triggers.

• Founder(s): Mark Rueegg
• Founding year: 2008 
• Headquarters: Zurich, Switzerland
• Funding: Undisclosed

23. Radiant Insurance Company

Radiant Insurance Company is a company that operates as a Rwandan insurance company that offers a wide range of insurance products for individuals and businesses. The company’s platform provides various insurance products that cover risks such as motor, fire, medical, agriculture, construction, burglary, liability, bonds, accidents, and marine. The company claims to use technology to simplify and digitize the insurance process, provide innovative and affordable solutions, and create social value by improving the resilience and well-being of its clients.

• Founder(s): Marc Rugenera
• Founding year: 2012 
• Headquarters: Kigali, Rwanda
• Funding: Undisclosed

24. Mitr Sewa

Mitr Sewa is a company that operates as an Indian insurance and fintech company that provides financial inclusion and empowerment solutions for rural and urban customers. The company’s platform provides various products and services such as banking, insurance, e-commerce, digital payments, wealth management, skill development, and employment opportunities. The company claims to use technology to simplify and digitize the financial process, provide innovative and affordable solutions, and create social value by reaching the underbanked and unbanked populations of India.

• Founder(s): A group of experienced bankers
• Founding year: 2019 
• Headquarters: New Delhi, India
• Funding: Undisclosed

25. JUMO

JUMO is a company that operates as a fintech company that provides banking as a service platform for emerging markets. The company’s platform provides various financial products and services such as loans, savings, insurance, and payments, for individuals and businesses. The company claims to use technology such as artificial intelligence, machine learning, and high-performance computing to integrate data sources, build credit scores, and offer customized solutions.

• Founder(s): Andrew Watkins-Ball
• Founding year: 2015 
• Headquarters: London, United Kingdom
• Funding: Venture – Series Unknown

26. Ladder

Ladder is a company that operates as a digital life insurance company that offers flexible and affordable term life insurance products in the US. The company’s platform provides various term life insurance products that provide financial protection for the beneficiaries in case of the insured’s death, with coverage ranging from $100,000 to $8 million. The company claims to use technology to simplify and digitize the life insurance process, provide instant quotes and decisions, and enable customers to adjust their coverage as their needs change.

• Founder(s): Jamie Hale, Laura Hale, Jack Dubie, and Jeff Merkel
• Founding year: 2015 
• Headquarters: Palo Alto, California
• Funding: Venture – Series D

27. African Unity Life

African Unity Life is a company that operates as a South African insurance company that offers affordable and inclusive insurance products for the lower- and middle-income market segments. The company’s platform provides various insurance products that cover risks such as funerals, health, credit life, and life, for individuals, families, and businesses. The company claims to use technology to simplify and digitize the insurance process, provide innovative and value-adding solutions, and create social value by improving the resilience and well-being of its clients.

• Founder(s):  René Bester
• Founding year: 2003 
• Headquarters: Bellville, South Africa
• Funding: Venture – Series Unknown 

28. eLEAF

eLEAF is a company that operates as a Dutch company that provides satellite-based data and services for the agricultural, water management, and climate risk domains. The company’s platform provides various data and services such as crop monitoring, irrigation planning, yield forecasting, evapotranspiration estimation, water resources assessment, and crop index insurance. The company claims to use technology such as satellite imagery, machine learning, and high-performance computing to provide reliable, quantitative, and actionable data to support sustainable water use, increase food production, and protect environmental systems.

• Founder(s):  A group of researchers from Wageningen University
• Founding year: 2000 
• Headquarters: Wageningen, the Netherlands
• Funding: Undisclosed. 

29. Nomanini

Nomanini is a company that operates as a fintech company that provides digital banking and supply chain financing solutions for informal retail merchants in Africa. The company’s platform provides various products and services such as payments, working capital, data analytics, and business banking, for merchants and distributors in the fast-moving consumer goods sector. The company claims to use technology to connect financial service providers and FMCG companies to retail MSMEs, integrate payments and financing into existing value chains, and unlock the latent potential of Africa’s economy.

• Founder(s):  Vahid Monadjem
• Founding year: 2010 
• Headquarters: Cape Town, South Africa
• Funding: Venture – Series Unknown 

30. ACRE Africa

ACRE Africa is a company that operates as a service provider that links farmers to insurance products for weather and climate risks in Africa. The company’s platform provides various insurance products that cover risks such as drought, flood, hail, wind, and fire, for crops and livestock. The company claims to use technology to assess, monitor, and price risks, and to facilitate access to insurance products for smallholder farmers.

• Founder(s):  Syngenta Foundation and the Global Index Insurance Facility (GIIF)
• Founding year: 2014 
• Headquarters: Nairobi, Kenya
• Funding: Venture – Series Unknown

31. Ebdaa

Ebdaa Microfinance Bank Bahrain is a company that operates as a microfinance institution that offers financial solutions for low-income Bahrainis who own or want to start micro-enterprises. The company’s platform provides various loan products such as Sayidati loans for women, Tamkeen loans for youth, and Ebdaa loans for general purposes, that can be accessed and repaid through its app or website. The company also provides non-financial services such as training, mentoring, and networking for its clients. The company claims to use technology to simplify and digitize the loan process, provide Sharia-compliant and conventional options, and empower its network of advisors.

• Founder(s): Princess Sabeeka Bint Ibrahim Al Khalifa and the Late Prince Talal Bin Abdul Aziz Al Saud
• Founding year: 2009
• Headquarters: Manama, Bahrain
• Funding: Undisclosed

32. Raincoat

Raincoat develops highly scalable embedded climate insurance products and the automated infrastructure that powers them. They work with insurers, governments, and financial institutions to unlock new markets and enable climate resilience at scale. 

Raincoat is a company that aims to provide comprehensive coverage and resilience for everyone. Raincoat engineers, scientists, and insurance experts have developed sophisticated models that interpret complex environmental data. With the power of real-time data, Raincoat can swiftly activate coverage and ensure transparency. They offer cutting-edge reporting capabilities and seamless integrations for effortless management and oversight

• Founder(s):  Jan Paral, Joel Martinez, Jonathan Gonzalez
• Founding year: 2020
• Headquarters: San Juan, Puerto Rico
• Funding: Seed

33. Guardian Life Insurance Limited

Guardian Life Insurance Limited is a life insurance company in Bangladesh that offers a range of products and services to meet the diverse needs of its customers. Guardian Life Insurance Limited is committed to using technology for carbon management and reduction practices. The company has adopted a paperless policy issuance system, which reduces the use of paper and ink and saves time and cost. The company also uses solar panels to generate electricity for its head office and some of its branches, which reduces the dependency on fossil fuels and lowers greenhouse gas emissions. 

• Founder(s):  BRAC, Square Group, Apex Group, and other prominent local entrepreneurs
• Founding year: 2014
• Headquarters: Dhaka, Bangladesh
• Funding: Venture – Series Unknown

34. Inclusivity Solutions

Inclusivity Solutions is a digital insurance company that designs, builds, and operates inclusive insurance solutions for emerging markets. Inclusivity Solutions partners with mobile network operators, banks, insurers, and other distribution partners to offer simple and relevant insurance products to low-income and informal sector customers via their mobile phones. The company uses a cloud-based platform that enables end-to-end digital insurance processes, such as product design, customer enrolment, premium collection, claims management, and data analytics. 

• Founder(s):  Jeremy Leach
• Founding year: 2015
• Headquarters: Cape Town, South Africa
• Funding: Venture – Series Unknown

35. Milvik Bima

Milvik Bima, also known as Bima or Milvik, is a fintech company that provides life and health insurance and related health services via a mobile app to middle-class families in emerging markets. Milvik Bima partners with mobile network operators, banks, insurers, and other distribution partners to offer simple and relevant insurance products to low-income and informal sector customers via their mobile phones. The company uses a cloud-based platform that enables end-to-end digital insurance processes, such as product design, customer enrolment, premium collection, claims management, and data analytics. 

• Founder(s):  Gustaf Agartson
• Founding year: 2010
• Headquarters: London, UK
• Funding: Venture – Series Unknown

36. Trinity

Trinity is an insurance broker in the Philippines that offers a wide range of insurance products and services to individuals, businesses, and organizations. Trinity Insurance is committed to using technology for carbon management and reduction practices. The company has implemented various initiatives to reduce its environmental impacts, such as using renewable energy sources, paperless transactions, electronic billing, and online platforms. The company also supports green projects and programs, such as reforestation, waste management, clean energy, and climate resilience.

• Founder(s):  Ramon Yap Dimacali
• Founding year: 1989 
• Headquarters: Makati City
• Funding: Venture – Series Unknown

37. Blue Marble

Blue Marble is a microinsurance company that designs, builds, and operates inclusive insurance solutions for emerging markets. Blue Marble is committed to using technology for carbon management and reduction practices. The company leverages mobile technology to reduce paper usage and physical travel, as well as to promote digital financial inclusion and literacy. The company also supports climate-resilient agriculture by providing weather-index insurance to smallholder farmers, which helps them cope with the effects of droughts and floods. The company also measures and offsets its own carbon footprint through verified carbon credits.

• Founder(s):  American International Group, Aspen Insurance Holdings, Hamilton Insurance Group, Old Mutual, Prudential Financial, Transatlantic Reinsurance Company, XL Catlin and Zurich Insurance Group
• Founding year: 1989 
• Headquarters: New York, USA
• Funding: Venture – Series Unknown

 38. M-INSURE

M-INSURE is a digital insurance platform that provides affordable and accessible insurance products and services to low-income and informal sector customers in India. M-INSURE partners with mobile network operators, banks, insurers, and other distribution partners to offer simple and relevant insurance products to its customers via their mobile phones. The company uses a cloud-based platform that enables end-to-end digital insurance processes, such as product design, customer enrolment, premium collection, claims management, and data analytics. The company also uses AI, data science, and machine learning to enhance its product development, customer segmentation, risk modeling, and fraud detection capabilities.

• Founder(s):  Manish Kumar
• Founding year: 2016 
• Headquarters: Mumbai, India
• Funding: Seed

39. Dot

Dot is a data science company that provides AI-powered solutions for the insurance and healthcare industries. Dot uses AI, data science, and machine learning to enhance its product development, customer segmentation, risk modeling, and fraud detection capabilities. The company offers a range of products, such as Dot Health, Dot Claims, Dot Underwriting, and Dot Insights, that are tailored to the specific needs and preferences of its target customers. The company also provides value-added services, such as data engineering, data visualization, and data governance.

• Founder(s):  Ankit Singh
• Founding year: 2018 
• Headquarters: San Francisco, California
• Funding: Venture – Series Unknown 

40. Kwik.insure

Kwik.insure is a digital insurance platform that provides easy and reliable insurance products and services to Filipinos. Kwik.insure uses technology to simplify and streamline the insurance distribution process. The company offers a range of products, such as life, health, personal accident, car, and business insurance, that are tailored to the specific needs and preferences of its target customers. The company also provides value-added services, such as teleconsultation, data security, and customer support.

• Founder(s):  Hamilton Angluben
• Founding year: 2020 
• Headquarters: Taguig, Metro Manila, Philippines
• Funding: Venture – Series Unknown 

Collaborations and Partnerships between Omdena and Leading Organizations

Fraud Detection in Insurance Claims Using Machine Learning (with Turaco)

Omdena has partnered with Turaco which aims to address fraudulent activities in the insurance industry. The project’s objective is to develop a model that can effectively detect fraudulent behavior in insurance claims using text data analysis techniques. The main focus of the project is on detecting alterations in claim documents and identifying missing data points to prevent undetected fraudulent claims. By reducing financial losses and protecting honest policyholders, the project aims to uphold the integrity of the insurance system.

Find more information about the project here!

Related case studies on Omdena’s blog: A Guide to Using EDA for Vehicle Image Analysis and Insurance Fraud Prevention

Conclusion

Inclusive insurance plays a vital role in ensuring financial protection for all individuals regardless of their socio-economic background or other characteristics. Insurance companies have made significant efforts to promote inclusivity through affordable coverage options, customized policies, and educational initiatives. Insurtech innovations further enhance the industry by streamlining processes and offering personalized services to customers. Overall, insurance companies continue to have a significant impact on individuals’ lives by providing them with essential financial protection against unforeseen events.

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