14 Asian Companies Make Up Top 100 Insurtech Companies of 2022 Ranking

14 Asian Companies Make Up Top 100 Insurtech Companies of 2022 Ranking

by November 9, 2022

Sonr, a market intelligence platform for the insurance industry, has released its annual ranking of the world’s leading startups, scaleups and innovators driving change across insurance.

Now in its fourth edition, the Insurtech 100 2022 provides a comprehensive compilation of the hottest and most dynamic names in the insurtech space.

These companies are digitally-driven insurers, brokers and technological enablers serving the insurance market across the entire value chain, and are being recognized for their ingenuity, growth and traction they’ve witnessed over the past year.

The 100 insurtech companies were selected using the Sonr Index, a proprietary scoring technology that incorporates millions of data points across key criteria encompassing leadership, product and business performances, with expert analysis and perspective from some of industry’s leaders representing organizations like consulting firm EY and insurance provider Generali.

This year’s top 100 selection come from 17 countries and include 39 new entries. 14 of them come from Asia, representing countries such as China, India, Singapore and Indonesia.

Here are the Asian insurtech startups and insurtech leaders that made it into the Insurtech 100 2022 ranking:

Bolttech (Singapore)


Founded in 2020, Bolttech builds connections between insurers, distributors like telcos, retailers and banks, and customers to make it easier and more efficient to buy and sell protection and insurance products.

Bolttech connects in over 200 insurers with 800+ distribution partners and more than 7.7 million customers, and is used by insurance brands including Hippo, Progressive, Liberty Mutual, Travelers and MetLife. The company is active in over 30 countries and handles US$50 billion in quoted premiums across 6,000 product variations per year.

Bolttech is the highest ranking insurtech in Asia on the list, as well as the youngest overall. It has raised more than US$247 million in disclosed funding.

Ping An Good Doctor (China)

Ping An Good Doctor

Founded in 2014, Ping An Good Doctor, formerly known as Ping An Healthcare and Technology, is a software company providing a one-stop healthcare ecosystem platform in China. The platform covers online medical and consumer healthcare services, wellness interaction services, online consultations, hospital referrals and appointments, health management, and more.

The publicly traded company claims more than 440 million registered users on its platform and about 1.3 billion consultations. The platform has accumulated nearly 49,000 internal and external doctor teams from 20 practices, as well as fitness trainers, nutritionists and counseling psychologists. It also has over 3,000 partner hospitals, 208,000 partner pharmacies, more than 100,000 partner healthcare service providers, and over 1,800 health checkup partners.

ZhongAn (China)


Founded in 2013, ZhongAn is a Chinese online-only insurance company that operates across five main areas: lifestyle consumption, consumer finance, health, auto and travel.

ZhongAn applies mobile Internet, cloud computing, big data and other new technologies for a variety of different purposes including product design, automatic claims settlement, market positioning analysis, risk control and back-end claims services. Its services help users search for insurance products for a variety of purposes including travel, shopping, medical treatment and investment.

In addition to insurance services, ZhongAn has established numerous subsidiaries focused on technology and innovation across the insurance value chain.

A publicly traded company, ZhongAn has up to 460 million users and has issued over 5.8 billion insurance policies.

Digit Insurance (India)

Digit Insurance

Founded in 2016, Digit Insurance is a tech-driven insurance startup based in Bengaluru, India that aims to build simple and transparent solutions. It offers a portfolio of insurance products across motor, including pay-as-you-drive, travel, property, mobile, commercial and health. It also has flexible coverage for as short as a single day, or as long as six months.

Other features include a smartphone-based self-inspection claims process, a self-serve tool for small and medium-sized enterprises (SMEs) to help pick their best coverage, and a COVID-19 symptom checker.

The company has served 20 million customers since inception and clocks US$400 million in annual premiums. It also has a network of over 35,000 appointed reps that earn commission on selling its products.

Digit Insurance has raised US$586 million in disclosed funding and is valued at US$4 billion, according to CB Insights. It’s currently working on a public listing in India.

Singlife with Aviva (Singapore)


Founded in 2014, Singlife with Aviva is a financial services company that provides technology-enabled solutions and a wide range of products and services.

The company offers a comprehensive suite of insurance plans, employee benefits, partnerships with financial advisor channels and bancassurance, investment solutions, as well as the mobile-first Singlife Account, and its accompanying Singlife Debit Card, which allows customers to save, spend, earn and be insured all in one app.

Singlife with Aviva was formed by the merger of Aviva Singapore and Singlife. First announced in September 2020 and valued at S$3.2 billion, it was the largest insurance deal in Singapore at the time and created one of the largest homegrown financial services companies in the nation.

Waterdrop (China)


Founded in China in 2016, Waterdrop is a technology platform that combines insurance and healthcare. Its offering includes Waterdrop Medicine, which works with insurers and retail pharmacies to offer healthcare and pharmaceutical services, Waterdrop Crowdfunding, a digital illness support platform to help relieve poverty resulting from high medical care bills, and Waterdrop Insurance Marketplace, a digital insurance platform hosting more than 50 insurance companies, offering both short and long-term health and life insurance.

Through its products, Waterdrop has built a massive social network of protection and support for people, raising awareness of insurance and ultimately providing insurance and healthcare service to consumers in China.

Qoala (Indonesia)


Founded in 2018, Qoala is an online insurance marketplace where users can search, compare, and buy insurance products from trusted insurance companies quickly and easily, right from a mobile app.

Qoala operates in three countries – Indonesia, Malaysia, and Thailand – offering various insurance protections, ranging from health, motor vehicle, property, personal accident, and other needs that can be accessed quickly, easily, and transparently.

Qoala has acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.

Turtlemint (India)


Founded in 2015, Turtlemint is the operator of an online insurance platform intended to help with the process of buying and managing insurance policies. The company’s platform provides recommendations of insurance to customers based on proprietary algorithms and data analytics and offers a network of offline facilitators to help complete the insurance purchase and provide claims assistance.

Turtlemint focuses on policies across health, term life, car and bike, and provides customized options and recommendations based on more than 20 different parameters shaped by proprietary algorithms. The company has a wide network of more than 160,000 insurance advisors. It has raised US$197 million in disclosed funding, according to the report.

Policybazaar (India)


Founded in 2008, Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. It provides a digital platform where users can compare and buy life, health, travel, auto and property policies from dozens of insurers without using a broker. Its knowledge hub, Ask PB offers direct access to a team of advisers and shares information with a wider community to help guide decisions and boost engagement with the platform.

Policybazaar is one of India’s largest insurance marketplaces. It has served more than nine million customers and has sold over 19 million policies since inception.

It’s the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, a credit product aggregator, and the lending and insurance marketplace in the United Arab Emirates (UAE), Policybazaar.ae.

Acko General Insurance (India)


Launched in November 2016, Acko General Insurance is a general insurance company that operates in the auto insurance, embedded insurance (bite-sized contextual coverages like mobile insurance), and health insurance sectors.

The company offers features such as zero commission, zero paperwork, instant renewal, same-day claim settlements, and app-based updates on claims, and aims to provide customers with fair pricing, convenience, and superior customer experience..

Acko General Insurance has distribution partnerships with the likes of Amazon, and covers around a million gig workers via food delivery giants Zomato and Swiggy, taxi service Ola, and property lettings giant, OYO.

The company says it has grown at a compound annual growth rate (CAGR) of 88% in the last four years, has served more than 75 million customers and has issued about 900 million policies till date. Acko General Insurance has raised more than US$450 million in disclosed funding.

Sunday (Thailand)


Founded in Thailand in 2017, Sunday is a fully-integrated sales and services insurtech that uses artificial intelligence (AI) and digital platforms to offer personalized insurance products and services that suits all types of individual and business risks.

The startup seeks to reinvent the entire insurance value chain by offering its end-to-end solutions via its partners and proprietary distribution channels. It operates across motor, travel, gadgets and group health products, serving both individuals and businesses.

Sunday has raised US$75 million in disclosed funding, according to the report.

OneDegree (Hong Kong)


Founded in 2016, OneDegree is a technology company that aims to be the next-generation insurance industry leader in Asia. It is the first digital insurer candidate in Hong Kong with a fully digitized insurance process end-to-end, and operates across pet, home, health and business products.

OneDegree has built a highly scalable end-to-end digital insurance platform with the flexibility to support all personal-line general insurance and health insurance products. This proprietary platform integrates a user-friendly front-end app, making it easy for consumers to purchase and manage their insurance policies with a powerful back-end system that enables advanced analytics and automation of traditionally manual process across claims processing, policy management, and customer service.

The company has raised US$70 million in disclosed funding, according to the report.

The Carevoice (China)

The Carevoice

Founded in 2014, the CareVoice, or TCV, is a Shanghai-based SaaS health insurance ecosystem that aims to help insurance companies tackle four major pain points: low quality of customer engagement, lack of product differentiation, reliance on traditional sales channels, and limited ability to extend tech value-chain.

Through CareVoiceOS, the CareVoice provides insurers with access to a connected health insurance ecosystem. The OS offers a turnkey solution that can help insurers immediately launch their digital engagement capabilities, or serve as an infrastructure solution to sustain their own customer engagement mechanisms.

CareVoiceOS curates the most advanced, rigorously validated health management technologies around the world, allowing insurers to create connected digital journeys that address every stage of policyholders’ customer journeys. Insurers can also customize the journeys to fit the needs of different demographics.

The Carevoice has raised US$13.1 million in disclosed funding, according to the report.

Bowtie (Hong Kong)


Founded in 2018, Bowtie is an online insurance company in Hong Kong that offers an agent-free, commission-free and convenient online platform for customers to quote, apply and claim for health insurance plans.

The company provides six main insurance products: VHIS (voluntary health insurance scheme), Touch-wood (accident insurance), Critical Illness, Term Life, Cancer Fighter (cancer medical insurance), and Group Medical Insurance.

Bowtie has distributed HK$40 billion worth of life and health insurance coverage since inception. The company has raised more than US$50 million in disclosed funding.