Time is not accidental. As artificial intelligence (AI) changes underwriting, claim handling and distribution, insurers around the world are accelerating digital investment to modernize operations. Known for India’s SaaS-powered (software-as-a-service) insurance technology for its cost efficiency and automation expertise, see Opening up of scalable, AI-powered solutions for these markets.
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Several Indian companies are taking advantage of the shift quickly.
Ensuring that Bangalore-based insurance technology helps insurers and brokers optimize distribution, it has expanded to West Asia and Europe and is preparing for the launch later this fiscal year. Company Generation ₹Revenue of Rs 2663 crore during the fiscal 24 period ₹326,700 million yuan in expenses, resulting in losses ₹35,100 million. The FY25 number is not immediately available.
“We have been operating in India for 4-5 years and have built solutions to the entire insurance value chain. Our technology stack now deals with every aspect of India. The next step is to expand internationally,” Amit Boni, founder and CEO of the Ensure Mint, told MINT.
Insurancedekho’s SaaS Insurtech platform Heph is also preparing for international expansion and plans to enter West Asia by the second quarter and Southeast Asia by the end of fiscal 26. Since FY25 is the first year of its operations, no revenue data has been obtained.
September, Mint Turtlemint, which runs SaaS platform Turtlfin, is reportedly actively exploring acquisitions to enter a new geographical location like Southeast Asia. The company has appeared in West Asia. Its insurance department saw a surge in operations revenue of 3.2 times to ₹According to the annual financial statements submitted to the company registrar, it was 50.55 billion in fiscal year 24.
Paramdeep Singh, an early-stage investor in Fintech startups and a former operator of insurers such as GE Money and SBI Life Insurance, said it is expected to adopt an international route in the near term.
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However, global expansion has brought obstacles. Indian startups must browse the regulatory landscape, tailor products to the insurance model in a specific region, and compete with well-planned local players. How they respond to these challenges can determine whether they really shape global influence or are still niche players in some regions.
Betting higher margins abroad
Apart from market size, one of the biggest attractions of Indian insurance technology companies is pricing power.
“Our products are stronger than India’s location. If our products reach the right market, we can ensure that (B2B) prices are three times as high as India, as customers in these geographic locations have a greater tendency to pay,” said Ayush Bagmar, head of business at HEPH.
Bagma expects international expansion to contribute 15-20% of total revenue by fiscal 26, with its long-term goal of reaching 50-50 revenue.
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Inbound interest from global insurers (especially in West Asia, Southeast Asia, Europe and Africa) further drives this drive. Digital transformation budget allocations in these regions are creating new opportunities for Indian companies specializing in AI-driven automation, embedded insurance and B2B2C partnerships.
“Indian insurer 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 B2B2C partnerships in Southeast Asia and the Middle East (Western Asia) to be adopted quickly.”
Different markets have different appeals. United Arab Emirates, Saudi Arabia and Egypt are seen as strong prospects for health, small and medium-sized enterprises and embedded insurance, while Indonesia, Vietnam and the Philippines offer opportunities in micro insurance and agency-assisted models.
“Europe’s mature market is more suitable for AI-driven claims automation and risk coverage than new insurance products,” Singh said.
The PwC report highlights that 75% of European insurers are increasing their investment in AI-driven underwriting and claim automation. Five out of six companies surveyed expect AI to be the core of their operations over the next three to five years.
While digital adoption of insurance was previously restricted by legacy systems, cost issues, and reliance on traditional distribution channels, factors such as pandemics, rising competition and advances in AI have accelerated changes.
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“We have seen significant inbound interest from global insurers, which is an opportunity to increase revenue and increase profit margins,” Boni said, who expects the company’s revenue to grow tenfold each year after the expansion plan was implemented.
Challenges in global expansion
However, expanding the expansion outside India is equipped with its own set of barriers – regulation barriers, deep-rooted competition and the complexity of local adaptation.
One major challenge is compliance. “It’s not a 30-60-day effort. It’ll take some time to get there,” Bagma said, adding that while permits are not always required in every new market, ensuring approval and partnerships with local authorities can be a long process.
However, Heph has all the approvals and is ready to be released in both geographic locations.
Competition is another key issue. Indian startups must be compared with established regional players with deep market knowledge and existing distribution networks.
“Success will depend on deep localization – adapting to the underwriting model, leading to nuances of compliance and aligning with key industry decision makers to build credibility and trust,” Singh said.
Bagmar noted that HEPH worked with companies that have already operated loan-initiated, loan management systems, and other technology service providers targeting banks, NBFCs and insurance brokers to smooth the market entry. “We also contact the agency directly,” he said.
Another challenge is customization. While Indian insurance technology solutions can be deployed globally, they require certain adjustments to different markets. “There is an additional layer on the protocol that must be built for certain geographic locations as required,” Bagmar said.
Despite these challenges, Indian companies are moving forward, confident that their experience in the regulated domestic market is ready for global expansion. “If India is at the high end of regulatory difficulties, West Asia will be medium,” Bagma said.
To expand the fuel and ensure a $10 million Series A round, Boni is expected to end in July. However, Boni did not disclose details about the company’s expected valuation.
The company is also working with Sinch, a global provider of CPAA (Communication Platform for Services), to develop WhatsApp’s insurance solutions. Additionally, it has two undisclosed partnerships (one with a payment system and another with global insurance companies) that expand internationally.
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As Indian insurtech companies turn their attention to international growth, their ability to balance rapid expansion with regulatory and competitive challenges will determine whether they become true global players or encounter setbacks in unfamiliar markets.
