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6 InsurTech Companies in India Featured in the Prestigious InsurTech100

3 minutes, 36 seconds read

Indian technology companies are leading InsurTech innovations and 6 firms have successfully secured a spot in the InsurTech100. FinTech Global’s InsurTech100 is an annual list of tech-startups- transforming the digital insurance landscape through innovative products and solutions. These top 100 InsurTechs are recognized by a panel of analysts and industry stalwarts from an exhaustive list of over 1000 technology firms, who are solving the most-pressing insurance challenges. Here are the InsurTech Companies in India who are pioneering the Global InsurTech revolution.

Acko

Acko is India’s first fully-digital general insurance company. Founded in 2017, it provides personalized pricing to customers through deep-data analytics. It studies customers’ interaction patterns and behaviours and accordingly suggests insurance products. 

Currently, Acko has insured over 40 million Indians, acquiring 8% of the car insurance policies bought online in India. It also introduced Ola Ride Insurance for lost baggage, laptops, missed flights, accidental medical expenses, and ambulance transportation cover. 

Artivatic

Artivatic provides an insurance SaaS platform to automate buyer onboarding, profiling, underwriting, and claims administration. Their solutions leverage cutting-edge technologies like NLP, ML, Deep Learning, Behavior Analysis, AI, and IoT.

Currently, the company is working with 16 clients which include Deloitte, KPMC, HCL, and Cynopia, among others.

Mantra Labs

Mantra Labs is an AI-first product & solutions firm solving the most pressing front & back-office challenges faced by Insurance carriers. Their product portfolio includes — FlowMagic, a visual-AI platform for insurer workflows; an AI-enabled chatbot for insurance; and an AI-driven lead conversion accelerator that maximizes opportunities from the sales funnel.

One of the oldest InsurTech companies in India, Mantra Labs has worked with leading insurers like Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hongkong along with unicorn Internet startups like Ola, Myntra and Quikr. Mantra Labs also has strategic technology partnerships with MongoDB, IBM Watson, and Nvidia.

Pentation Analytics

Pentation Analytics provides state-of-the-art analytics applications targeting core insurance use cases. The company has introduced ‘Insurance Analytics Suite®’ which addresses retention/persistence, cross-sell, acquisition, and underwriting through advanced machine learning models. The product is adaptable to both cloud and on-premise applications. 

Pentation Analytics is partners with international technology companies like Hewlett Packard Enterprise, HortonWorks, Hitachi, among others.

PolicyBazaar

PolicyBazaar is India’s largest insurance marketplace. It allows users to view and compare different insurance policies online based on their preferences. Users can also buy, sell, and store policies online. The platform provides an end-to-end solution to track policies and claims assistance. The company hosts over 100 million visitors annually and records nearly 1,000,000 sales transactions/month. Currently, PolicyBazaar accounts for nearly 32% of India’s life cover & retail health business collectively. 

The company has support from an array of meticulous investors like SoftBank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, and Premji Invest. 

Toffee Insurance

Toffee Insurance is a new-age contextual microinsurance products firm. It’s customer-centric products deconstruct traditional underwriting and pack relevant policies according to individual requirements. The company is distributing plans through different channels like APIs, mobile, and SMS transactions. Their current portfolio includes cycle insurance, income protection insurance, daily commute insurance, and dengue insurance catering to individuals with monthly income less than USD 300. 

The company has succeeded in issuing policies to 115K+ Indians, of which 80% are first-time buyers. Currently, Toffee Insurance is partners with Hero Cycles, Wildcraft, Eko, and Apollo Hospitals and is backed by ICICI Prudential, Religare, HDFC Ergo, and Tata AIG Insurance among many others.

Changing market dynamics has brought a radical shift within the insurance industry. AI-driven technologies are making subtle changes to the way millennials and younger generations are thinking about Insurance as an immediate need. Insurtech is well poised above all else, to satisfy even the most unique coverage needs, removing traditional challenges like ownership from the mix.

With the growing popularity of digital channels, customers prefer self-service portals for quick access and instant solutions for their ever-changing financial and protection needs. Also, customers are now more aware of the potential threats than ever before and expect relevant products from insurers. “25% of business customers and fewer than 15% of retail policyholders believe they are covered comprehensively against emerging risks”(according to the World InsurTech Report 2019); indicating a rising need for consumer-centric and innovative insurance solutions to meet the new demand.

[Related: 10 Takeaways from the World InsurTech Report 2019]

In the year 2018, the InsurTech100 was secured by 7 InsurTech companies in India — Acko, Arvi, CoverFox, GramCover, PolicyBazaar, PolicyX, and Toffee Insurance as innovative InsurTechs.

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Smart Machines & Smarter Humans: AI in the Manufacturing Industry

We have all witnessed Industrial Revolutions reshape manufacturing, not just once, but multiple times throughout history. Yet perhaps “revolution” isn’t quite the right word. These were transitions, careful orchestrations of human adaptation, and technological advancement. From hand production to machine tools, from steam power to assembly lines, each transition proved something remarkable: as machines evolved, human capabilities expanded rather than diminished.

Take the First Industrial Revolution, where the shift from manual production to machinery didn’t replace craftsmen, it transformed them into skilled machine operators. The steam engine didn’t eliminate jobs; it created entirely new categories of work. When chemical manufacturing processes emerged, they didn’t displace workers; they birthed manufacturing job roles. With each advancement, the workforce didn’t shrink—it evolved, adapted, and ultimately thrived.

Today, we’re witnessing another manufacturing transformation on factory floors worldwide. But unlike the mechanical transformations of the past, this one is digital, driven by artificial intelligence(AI) working alongside human expertise. Just as our predecessors didn’t simply survive the mechanical revolution but mastered it, today’s workforce isn’t being replaced by AI in manufacturing,  they’re becoming AI conductors, orchestrating a symphony of smart machines, industrial IoT (IIoT), and intelligent automation that amplify human productivity in ways the steam engine’s inventors could never have imagined.

Let’s explore how this new breed of human-AI collaboration is reshaping manufacturing, making work not just smarter, but fundamentally more human. 

Tools and Techniques Enhancing Workforce Productivity

1. Augmented Reality: Bringing Instructions to Life

AI-powered augmented reality (AR) is revolutionizing assembly lines, equipment, and maintenance on factory floors. Imagine a technician troubleshooting complex machinery while wearing AR glasses that overlay real-time instructions. Microsoft HoloLens merges physical environments with AI-driven digital overlays, providing immersive step-by-step guidance. Meanwhile, PTC Vuforia’s AR solutions offer comprehensive real-time guidance and expert support by visualizing machine components and manufacturing processes. Ford’s AI-driven AR applications of HoloLens have cut design errors and improved assembly efficiency, making smart manufacturing more precise and faster.

2. Vision-Based Quality Control: Flawless Production Lines

Identifying minute defects on fast-moving production lines is nearly impossible for the human eye, but AI-driven computer vision systems are revolutionizing quality control in manufacturing. Landing AI customizes AI defect detection models to identify irregularities unique to a factory’s production environment, while Cognex’s high-speed image recognition solutions achieve up to 99.9% defect detection accuracy. With these AI-powered quality control tools, manufacturers have reduced inspection time by 70%, improving the overall product quality without halting production lines.

3. Digital Twins: Simulating the Factory in Real Time

Digital twins—virtual replicas of physical assets are transforming real-time monitoring and operational efficiency. Siemens MindSphere provides a cloud-based AI platform that connects factory equipment for real-time data analytics and actionable insights. GE Digital’s Predix enables predictive maintenance by simulating different scenarios to identify potential failures before they happen. By leveraging AI-driven digital twins, industries have reported a 20% reduction in downtime, with the global digital twin market projected to grow at a CAGR of 61.3% by 2028

4. Human-Machine Interfaces: Intuitive Control Panels

Traditional control panels are being replaced by intuitive AI-powered human-machine interfaces (HMIs) which simplify machine operations and predictive maintenance. Rockwell Automation’s FactoryTalk uses AI analytics to provide real-time performance analytics, allowing operators to anticipate machine malfunctions and optimize operations. Schneider Electric’s EcoStruxure incorporates predictive analytics to simplify maintenance schedules and improve decision-making.

5. Generative AI: Crafting Smarter Factory Layouts

Generative AI is transforming factory layout planning by turning it into a data-driven process. Autodesk Fusion 360 Generative Design evaluates thousands of layout configurations to determine the best possible arrangement based on production constraints. This allows manufacturers to visualize and select the most efficient setup, which has led to a 40% improvement in space utilization and a 25% reduction in material waste. By simulating layouts, manufacturers can boost productivity, efficiency and worker safety.

6. Wearable AI Devices: Hands-Free Assistance

Wearable AI devices are becoming essential tools for enhancing worker safety and efficiency on the factory floor. DAQRI smart helmets provide workers with real-time information and alerts, while RealWear HMT-1 offers voice-controlled access to data and maintenance instructions. These AI-integrated wearable devices are transforming the way workers interact with machinery, boosting productivity by 20% and reducing machine downtime by 25%.

7. Conversational AI: Simplifying Operations with Voice Commands

Conversational AI is simplifying factory operations with natural language processing (NLP), allowing workers to request updates, check machine status, and adjust schedules using voice commands. IBM Watson Assistant and AWS AI services make these interactions seamless by providing real-time insights. Factories have seen a reduction in response time for operational queries thanks to these tools, with IBM Watson helping streamline machine monitoring and decision-making processes.

Conclusion: The Future of Manufacturing Is Here

Every industrial revolution has sparked the same fear, machines will take over. But history tells a different story. With every technological leap, humans haven’t been replaced; they’ve adapted, evolved, and found new ways to work smarter. AI is no different. It’s not here to take over; it’s here to assist, making factories faster, safer, and more productive than ever.

From AR-powered guidance to AI-driven quality control, the factory floor is no longer just about machinery, it’s about collaboration between human expertise and intelligent systems. And at Mantra Labs, we’re diving deep into this transformation, helping businesses unlock the true potential of AI in manufacturing.

Want to see how AI-powered Augmented Reality is revolutionizing the manufacturing industry? Stay tuned for our next blog, where we’ll explore how AI in AR is reshaping assembly, troubleshooting, and worker training—one digital overlay at a time.

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