If your mobile gets stolen or if you get a sudden injury while running at the trade mill in the gym or mosquito bite, you can get insurance cover for all these small needs, like Dengue, Malaria. Startup Toffee Insurance is working in the insurance segment of this small ticket size. This Gurugram based startup understood the scope of insurance and started this business by connecting the common needs of the people.
Rohan Kumar and Nishant Jain, who are from Delhi, believe that the online insurance structure is quite complex right now. Apart from making the insurance facility easy, startup Toffee Insurance started from both with the aim of providing insurance protection for small needs. The startup believes that in the last 20 to 25 years there is only one kind of product in the insurance market and it needs innovation.
Toffee Insurance International Travel, which started in 2018, provides insurance cover for everything from cycle-mobile theft to dengue, malaria-like diseases, and minor accidents. For this, a premium of 400 to 800 rupees has to be paid. Toffee Insurance has tied up with companies like Insurance Market Leaders HDFC ERGO, Apollo Munich, Bajaj Allianz, Tata AIG for this. The company has also made the claim process quite easy. Toffee Insurance claims that it had approved 98 percent claims.
Rohan and Nishant laid the foundation for Toffee Insurance with personal savings of around Rs 1.5 crore. In the SEED round, startups got the trust of Kalaari Capital, Omidyar Network and Accion Venture Lab and gave funding of around Rs 10 crore. At the same time, Toffee Insurance has received funding of about 39 crores from South African company Yellowwoods in Series A. Through its expansion, the focus of Toffee Insurance is to bring middle and lower middle class into the ambit of insurance.