OCTOBER 20259microinsurance like 10 gadget covers and 20 health riders, integrated with UPI for instant buys. No bank account needed eKYC via Aadhaar enables claims in under 10 minutes.In 2025, Acko's Ola Trip Insurance extension protects cab drivers and passengers, disbursing 500 crore in claims to unbanked gig workers in cities like Delhi and Mumbai, reducing out-of-pocket health costs by 35 percent.2. Toffee Insurance - Contextual Micro-Covers for Daily Risks· Rohan Kumar - Co-Founder & CEO· Nishant Jain - Co-FounderToffee, launched in 2017, targets millennials and low-wage earners with its app's on-demand policies for spectacles breakage or flight delays, starting at 5. By 2025, it serves 5 million users, 70% unbanked, through SMS/API integrations with e-Commerce apps.The platform deconstructs traditional underwriting for customizable packs, partnering with IRDAI-licensed insurers. In rural pilots across Uttar Pradesh, it has insured 1 million informal vendors, cutting loss impacts by 40 percent via digital claims.3. BimaKavach - Simplified Micro-Health for Rural and Migrant Laborers· Tejas Jain, Founder & CEO· R.K. Jain, COOEstablished in 2021 in Hyderabad it is now headquartered in Bengaluru, BimaKavach's app reaches 10 million low-income users by mid-2025, focusing on migrant workers and farmers with 30 monthly health/life covers. It uses voice-assisted interfaces in Hindi/Tamil for low-literacy access, with premiums via airtime or UPI.Parametric features trigger payouts for hospitalization without paperwork. Partnerships with MFIs have protected 2 million in Bihar and Jharkhand against medical emergencies, boosting household savings by 25 percent.4. Finhaat - B2B-Enabled Microinsurance for Tier-3/4 Communities· Vinod Singh, Co-Founder & Group CEO· Navneet Shrivastava, Co-Founder & Group CBO· Sandeep Katiyar, Co-Founder & Group CFOFinhaat, started in 2021, empowers NBFCs and NGOs via its SaaS app to distribute insurance to 15 million underserved customers by 2025. Products include 50 crop and asset covers for rural entrepreneurs, enrolled digitally without banks.The platform's analytics tailor policies for smallholders, with 90 percent adoption in Rajasthan's villages. In 2025 expansions, it has facilitated 300 crore in payouts, enhancing financial inclusion for women-led microbusinesses.5. Kaleidofin - Inclusive Bundled Insurance with Savings for Underbanked· Sucharita Mukherjee,Co-Founder & CEO· Puneet Gupta, Co-Founder & Director· ?Natasha Jethanandani, Co-founder & CTO· Vipul Sekhsaria, Co-founder & COOChennai-based Kaleidofin, founded in 2017, integrates microinsurance into its app for 8 million low-income users, offering 20 accident/health bundles with savings accounts via UPI. Targeting informal workers, it uses behavioral data for suitability engines, partnering with IRCTC for travel covers. By 2025, it has reached 4 million in Tamil Nadu's unbanked segments, reducing vulnerability through instant claims and credit-linked protection, with a 30 percent rise in user retention.6. Gramcover - Tech-Driven Rural Microinsurance for Farmers· Jatin Singh, Co-Founder & CEODigital solutions and new technologies also offer great potential to overcome the hurdles of balanced socioeconomic development
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