Irdai unlocks doors, insurtech firms transform into general insurers.

January 24, 2024
1 min read

TLDR:

New generation insurtech startups Onsurity and Loop Health have applied for licenses to offer health insurance in India, following the Insurance Regulatory and Development Authority of India (Irdai) opening the sector to new participants. Both companies currently help employers offer group health policies to their employees and run platforms for employee wellness services. Onsurity has expanded into other general insurance products, such as cyber insurance and commercial general liability insurance. While Irdai opened license applications last year, progress on regulatory approvals has been slow, leaving many startups in a waiting game for funding and growth.

– Bengaluru-based Onsurity and Pune-based Loop Health have applied for licenses to offer health insurance, following Irdai’s opening of the sector to new participants.

– Onsurity and Loop Health currently help employers offer group health policies to their employees and run platform for employee wellness services.

New generation insurtech startups Onsurity and Loop Health have applied for licences to offer health insurance, three people in the know told ET. This follows the Insurance Regulatory and Development Authority of India (Irdai) opening the heavily regulated sector to new participants. The sector regulator has sought tech-first firms to play a key role in helping the country achieve the goal of insuring every citizen by 2047.

“Both these startups want to eventually build products in the group health space, a sector where they act as distributors currently,” said a senior industry executive in the know. Both Onsurity and Loop Health help employers offer group health policies to their employees and run a platform to offer employee wellness services too.

While Irdai opened licence applications last year, not much has moved on the regulatory front. Many companies had applied for insurance licences under multiple categories and only three players got the nod – Acko Life Insurance, Digit Life Insurance and Credit Access Grameen. In January, Narayana Health got the health insurance licence from Irdai. There are around 19 companies whose applications are still being evaluated by the regulator. Among the large players, Reliance-backed Jio Financial Services and Paytm General Insurance have applied.

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