Indian insurtech startups look overseas as AI reshapes global insurance

The timing isn’t accidental. With artificial intelligence (AI) transforming underwriting, claims processing, and distribution, insurers worldwide are accelerating digital investments to modernize operations. Indian SaaS-driven (software-as-a-service) insurtechs, known for their cost efficiency and expertise in automation, see an opening to supply these markets with scalable, AI-powered solutions.

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Several Indian firms are moving fast to capitalize on this shift.

Ensuredit, a Bengaluru-based insurtech helping insurers and brokers optimize distribution, has expanded into West Asia and Europe and is preparing for a US launch later this fiscal year. The company generated ₹22.63 crore in revenue during FY24, while incurring ₹32.67 crore in expenses, resulting in a loss of ₹3.51 crore. Numbers for FY25 were not immediately available.

“We have been operating in India for 4-5 years, building solutions that address the entire insurance value chain. Our technology stack now handles every aspect of insurance in India. The next step is expanding internationally,” Amit Boni, founder and CEO of Ensuredit, told Mint.

InsuranceDekho’s SaaS insurtech platform Heph is also gearing up for international expansion, with plans to enter West Asia by the second quarter and Southeast Asia by the end of FY26. Since FY25 was its first year of operations, revenue figures are not yet available.

In September, Mint reported that Turtlemint, which operates the SaaS platform Turtlfin, is actively exploring acquisitions to enter newer geographies like Southeast Asia. The company is already present in West Asia. Its insurance arm saw revenue from operations surge 3.2X to ₹505.05 crore in FY24, according to its annual financial statement filed with the Registrar of Companies.

Paramdeep Singh, an early investor in fintech startups and a former operator at insurance firms like GE Money and SBI Life Insurance, said more than five other insurtech firms are expected to take the international route in the near term.

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Yet, global expansion comes with hurdles. Indian startups must navigate regulatory landscapes, tailor their offerings to region-specific insurance models, and compete against well-entrenched local players. How they manage these challenges could determine whether they truly carve out a global presence or remain niche players in select regions.

Betting on higher margins abroad

Beyond market size, one of the biggest draws for Indian insurtechs is pricing power.

“In terms of pricing, we are in a stronger position than in India. If our product achieves market fit, we can secure (B2B) take rates up to three times higher than in India, as clients in these geographies have a greater propensity to pay,” said Ayush Bagmar, business head of Heph.

Bagmar expects the international expansion to contribute 15-20% of overall revenues by FY26, with a long-term goal of achieving a 50-50 revenue split.

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Growing inbound interest from global insurers—particularly in West Asia, Southeast Asia, Europe, and Africa—is further fuelling this push. Large budget allocations for digital transformation in these regions are creating new opportunities for Indian firms that specialize in AI-driven automation, embedded insurance, and B2B2C partnerships.

“Indian insurtech SaaS players excel in AI-driven automation and cost efficiency, leveraging scalable digital models with cloud-native infrastructure. Their expertise in micro-insurance, embedded insurance, and B2B2C partnerships enables rapid adoption in Southeast Asia and the Middle East (West Asia),” said Singh.

The attractiveness of different markets varies. The United Arab Emirates, Saudi Arabia, and Egypt are seen as strong prospects for health, SME, and embedded insurance, while Indonesia, Vietnam, and the Philippines present opportunities in micro-insurance and agent-assisted models.

“Europe’s mature market is better suited for AI-driven claims automation and risk underwriting rather than new insurance products,” Singh said.

A PwC report highlights that 75% of European insurers are increasing investments in AI-driven underwriting and claims automation. Five out of six surveyed firms expect AI to be central to their operations within the next three to five years.

While digital adoption in insurance was previously constrained by legacy systems, cost concerns, and reliance on traditional distribution channels, factors like the pandemic, increasing competition, and AI advancements have accelerated change.

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“We’ve seen significant inbound interest from global insurers, which is an opportunity to grow our revenue and improve margins,” said Boni. He expects the company’s revenues to grow tenfold on an annualized basis after executing its expansion plans.

Challenges in global expansion

Yet, scaling beyond India comes with its own set of roadblocks—regulatory barriers, entrenched competition, and the complexities of local adaptation.

One major challenge is compliance. “This is not a 30–60-day effort. It takes time to get something going there,” said Bagmar. While a licence is not always required in every new market, securing approvals and forming partnerships with local authorities can be a lengthy process, he added. 

Heph, however, has attained all approvals and is ready with its launch in the two geographies, Bagmar added.

Competition is another key concern. Indian startups must go up against established regional players that have deep market knowledge and existing distribution networks.

“Success will hinge on deep localization—adapting underwriting models, navigating compliance nuances, and aligning with key industry decision-makers to build credibility and trust,” said Singh.

Bagmar noted that Heph partners with firms already operating loan origination, loan management systems, and other tech service providers for banks, NBFCs, and insurance brokers to smooth market entry. “We are also reaching out to institutions directly,” he said.

 Another challenge is customization. While Indian insurtech solutions can be deployed globally, they require certain tweaks for different markets. “There is an additional layer over the protocol that has to be built for certain geographies based on requirements,” said Bagmar.

Despite these challenges, Indian firms are pushing ahead, confident that their experience in a highly regulated domestic market has prepared them for global expansion. “If India is on the higher end of regulatory difficulty, West Asia would be medium,” Bagmar said.

To fuel expansion, Ensuredit is in the process of raising a $10 million Series A round, which Boni expects to close by July. Boni, however, did not disclose details on expected valuation for the company.

The company has also partnered with Sinch, a global CPaaS (Communications Platform as a Service) provider, to develop insurance solutions on WhatsApp. Additionally, it has two undisclosed partnerships—one with a payments system and another with a global insurer—to scale internationally.

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As Indian insurtechs set their sights on international growth, their ability to balance rapid expansion with regulatory and competitive challenges will determine whether they emerge as true global players or face setbacks in unfamiliar markets.