Embedded insurance in India: companies and hiring

Embedded insurance

Insurance offered inside another product, at the checkout

Say you buy a new phone online. At the checkout, a box offers a one-year protection plan against a cracked screen, for a small extra price, and you tick it. A month later you book a flight home, and tick another box for travel insurance. You never went looking for insurance. It was offered to you inside something else you were buying.

Some insurance is bought without being looked for:

the protection plan offered at the checkout of an online shop
the travel insurance ticked when a flight is booked
the cover sold with a storage unit, or with a home

This is called embedded insurance. It is sold inside another company's product, at the moment of need. The buyers are the companies that sell those products, such as online shops, airlines and platforms, and through them, their customers. This is the smallest Market Segment in Industry Vertical 21: three companies, and two more that are covered mainly in another Market Segment.

Every company named here has posted software engineering jobs in India. Famous companies that don't actively hire software engineers in India are left out.

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Back to the protection plan for your phone, from the start of this Market Segment.

SureBright

with engineers in Delhi, sells online shops the product warranty and shipping protection offered at their checkout.

Mulberri

with engineers in Delhi, builds business insurance, including cyber insurance, into the HR and payroll platforms that small businesses already use. It has its own underwriting engine, the software that decides what to charge.

Asego

with engineers in Bengaluru, is the Indian travel insurance and assistance company that is sold with trips, like the travel insurance you ticked when booking your flight.

Two companies covered mainly in another Market Segment sell insurance with their own products:

Storable

with engineers in Hyderabad, sells software to companies that rent out self-storage units. With each unit, it sells a protection plan for what is stored inside.

Frontdoor

with engineers in Pune, sells American Home Shield, a home warranty that pays for repairs to a home's appliances and systems.

Both are covered mainly in Industry Vertical 41, Proptech. Storable is in Market Segment 41.2, Property and facilities management software. Frontdoor is in Market Segment 41.6, Home interiors and renovation platforms.

Each kind of embedded insurance rides on something else being bought: SureBright sells warranties and shipping protection at online shops' checkouts, Asego sells travel insurance with trips, and Mulberri builds business insurance into HR and payroll platforms. Storable sells a protection plan with each self-storage unit, and Frontdoor sells American Home Shield, a home warranty.

The policy as a line of code.

Embedded insurance is sold through an API. The shop, the airline or the payroll platform calls the insurer's system. The policy is priced and issued inside another company's product, in a second. The open question is who owns the customer: the platform that sells the policy, or the insurer that pays the claim.

When you tick the box, the shop, the airline or the payroll platform calls the insurer's system through an API, and the policy is priced and issued in a second. The open question is who owns the customer: the platform that sells the policy, or the insurer that pays the claim.

So the protection plan on your phone, and the travel insurance on your flight, from the start of this Market Segment, were each sold in a single tick. Behind each tick, an API called an insurer's system and issued a policy in a second.

Who they hire

Who these companies hire, and for what, is on What insurtech hires for.

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