4 Jun 2025
Corporate agency license allows companies to associate with 27 insurance companies in the life, health, and general insurance sectors.
Indian startups are expanding their service portfolio to tap into the general insurance market and offer bundled services. Investment-tech firm IndMoney tied up with 13 insurance companies, while parking assistance firm Park+ obtained its license in March 2025. It plans to integrate multiple insurance companies and offer end-to-end vehicle insurance products.
Ride-hailing app Rapido is in the process of securing the composite corporate agent license to offer trip insurance and vehicle coverage to drivers and riders, ET reported.
Startups with extensive distribution networks are entering the space to offer general insurance products in underinsured sectors like fintech and mobility.
The regulating authority, IRDAI (Insurance Regulatory and Development Authority of India), encourages tech-driven insurance distribution to enhance nationwide coverage. It is tweaking policies to accommodate non-traditional insurance distributors to facilitate market expansion.
However, vehicle insurance remains dominated by offline agents.
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