According to the company, purchasing insurance on its platform takes less than 90 seconds and claims are processed effortlessly in less than two hours using a digital interface. Its tech platform can analyse, predict and customise insurance products for its customers across various categories such as health, lifestyle and personal accidents.
Vani Kola, managing director, Kalaari Capital, said: “Insurance is highly under-penetrated in India, and it needs product innovation to reach masses. Toffee is trying to create simple and small ticket size insurance products and distribute them in a very contextual way [and this] has huge potential to drive the mass adoption.”
Founded by Nishant Jain and Rohan Kumar, the insurance company is run by Toffcover Insurance Marketing Pvt. Ltd based in Gurugram. The startup is on a mission to use the funds to build its product—a tech platform with in-depth capabilities across data science, machine learning and artificial intelligence. In addition, Toffee Insurance is also in search of relevant talent to expand the team.
Kumar, Toffee’s chief executive, said in the statement: “The funding will strengthen our capabilities to develop better products across new channels in a scalable form. Our goal is to unbundle products and repackage them in a youth-friendly way that focuses on the benefits of insurance to almost make it a commoditised way to sell insurance, rather than as a financial product.”