Inspiring stories behind insurance startups

Ditto Insurance scaled by doing everything a typical VC-funded startup is told NOT to do. When a panelist once asked me "What's Ditto's secret sauce?", I replied — we chose to grow slowly, deliberately rejecting the "move fast & break things" mindset. 1. No Spam. Ever: Four years ago, we introduced the "No Spam" model — the first in the industry. Even after advising over a million customers, not once have we spammed anyone. Yes, we lost countless potential sales. But every interaction was a reminder that Ditto exists to help, not to push. → No spam. No sales pitches. Only genuine advice. 2. Helping Everyone — Even Non Ditto Customers. At Ditto, even if you didn’t buy your policy through us, our claim support team is trained to help you. It slows us down. It stretches our team. Infact on many weekends , I would personally pick up many escalations - since if the team misses any call , it gets routed to founders. This builds trust — and many of these people eventually choose Ditto. Good Karma helps :) 3. Advisory-First Approach: If a customer already has a good plan, even if it’s not bought through Ditto, we tell them to stick with it. Because at Ditto, the goal has always been to do what’s genuinely right for the customer. In an industry plagued by mis-selling and aggressive sales, doing the right thing isn’t the shortcut — It’s the moat. Trust compounds the slowest. But it wins the longest. #startup #india

👉 Born in 1981 in Delhi and raised in a middle-class household in Mumbai’s Juhu-Bandra, Varun grew up with values rooted in hard work and perseverance. 👉 His father worked in the public sector and his mother was a government school principal. He studied at the University of Mumbai and later pursued his post-graduation from MICA, Ahmedabad. 👉 Starting his career at Leo Burnett and later transitioning into the financial sector with stints at TATA AIG and Franklin Templeton, Varun gained crucial insights into the inefficiencies of the insurance sector—clunky systems, high premiums, and customer confusion. 👉 His first startup attempt was Coverfox, an aggregator that allowed users to compare insurance plans. While Coverfox wasn’t a failure, Varun realized it didn’t give him the control he needed to truly innovate. So, he relocated to Bangalore to build something from scratch. 👉 That ‘something’ became ACKO. 👉 ACKO promised a digital-first experience: no paperwork, no agents, no commission. But the road wasn’t easy. The idea was ahead of its time. Customers didn’t trust online insurance, investors were skeptical, and industry veterans scoffed. 👉 They focused on improving customer experience, investing in technology, and forming smart partnerships—with Amazon, Ola, CRED, SonyLIV, and others. ACKO started settling claims in as little as 12 minutes, offered bite-sized insurance products, and issued over 8 crore policies to 2.8 crore customers with a 94.54% claim settlement rate. 👉 By 2024, ACKO was valued at $1.4 billion and had raised $458 million from marquee investors like Amazon, Accel, and General Atlantic. Varun’s entrepreneurial spirit didn’t stop at ACKO. 👉 His net worth grew to ₹107 crore, and he became an active investor in startups like Dezerv, Kuvera, BNC, and Tohands. In 2023, he also joined the panel of Shark Tank India, mentoring and backing new-age founders. 👉 Despite his busy schedule, Varun remains grounded. He credits much of his journey to the emotional support of his family, especially his wife, who stood by him during the toughest days of his startup struggle. 👉ACKO didn’t just build an insurance business—they rebuilt trust in a broken system. Varun Dua’s journey proves that even in the most traditional sectors, disruption is possible if you have the courage to take risks, stay persistent, and put the customer first. If you’re building something people doubt, remember this: every unicorn once looked like a bad idea. Every revolution starts with one bold decision.

🚀“From Digital Insurance to Global Reinsurance – Policybazaar.com’s Next Chapter” This week on The Leadership In Insurance Podcast, I sat down with Tarun Mathur, Co-founder & Chief Business Officer of Policybazaar.com, to explore their journey from pioneering digital insurance in India to building out an ambitious global reinsurance strategy. Founded in 2008, PolicyBazaar has grown into India’s largest insurance broker, managing $3B in annual premiums across life and general insurance. Built on a unique digital + human model, their mission has always been clear: protecting India’s middle class through affordable, accessible insurance. In this episode, Tarun shares the story behind their growth, their push into reinsurance and surety bonds, and their vision to expand into Europe, the US, and beyond. ✨ Highlights from the conversation: 🌍 How PolicyBazaar grew from a small tech-driven startup in 2008 to India’s largest insurance broker, helping millions access affordable protection. 🤝 Why blending digital platforms with human customer support was the game-changer that unlocked consumer trust and adoption in a market hesitant to buy insurance online. 🏥 The company’s sharp focus on term life and health insurance as the cornerstone of protecting India’s middle class — and why this demographic remains at the heart of their strategy. 🔄 Tarun’s vision for a reinsurance marketplace: simplifying complex transactions, reducing inefficiencies, and building a transparent, global risk-sharing ecosystem. 💡 Lessons learned from digitising direct insurance that can now be applied to modernise and streamline reinsurance, an industry still reliant on traditional processes. 🌐 Ambitious plans for geographic expansion — with Tarun outlining how PolicyBazaar aims to build a truly international footprint across the Middle East, Europe, and the US within the next 12–18 months. This was a fascinating conversation about innovation, trust, and global growth in insurance. Umang Aggarwal FinPro. The Leadership In Insurance Podcast Lauren Omokheoa Policybazaar for Business

Beware of the “straight line assumption” when you hear impressive founder success stories. In hindsight, it looks like a pretty straight line through “We started it, then we grew it, then we sold it.” But it was never a straight line. It’s messy with some occasional upward stair steps, when things go better than average. 1000 mistakes and tries that didn’t work, with a small number that worked very well. Some good and some bad luck too. Aaron Steffey is the co-founder and co-CEO of Propeller Bonds, an online platform that enables insurance agents and brokers to issue surety bonds instantly — without the lengthy paperwork or back-and-forth typically involved in bonding. Aaron was an insurance agent, and his co-founder cousin, Chris, was a surety bond underwriter when they set out to revolutionize the way surety bonds are bought and sold in 2019. They initially bootstrapped with a software development partner who accepted equity instead of fees. Their first version drastically simplified the process of buying and selling surety bonds in the digital world, allowing them to grow quickly. They raised $7 million in SAFE notes from strategic partners to accelerate growth in 2021 and grew to nearly $20 million in revenue. They sold 100% of the company to Arch Capital in a strategic acquisition in early 2024. Sounds like a straight line from startup to successful sale in 5 years, but it was the opposite. As Aaron describes it this week on my podcast: “My biggest advice for startup founders is simply just that endurance wins. It’s the whole thing of getting back up after you're knocked down, like everyone says. I had to live that so many times. "So many No's when it came to our first carrier pulling out. No, I don't want to invest. No, I don't want to use your surety product. “There were so many times when I wanted to give up. And the same with my cousin. Had we not founded the company together, I don't know that we would have continued because there were probably times when I would have given up. “As long as both of us weren't on the floor, one of us would just pick the other up when the other person usually was more sane, and we dragged each other along. “A successful founder needs to have a pretty high pain tolerance and endurance to succeed. You just have to keep pushing forward. It just sounds so cliche, but that’s what it was for us.” I appreciate founders like Aaron, who share glimpses of their brutal journey and the things they learned the hard way. Not just the ups. In this episode, Aaron also talks about: - How this sleepy, paper-based market changed quickly in COVID - Why they raised growth funding from strategic investors and not VCs - Why they sold the company and are leading the business after the sale Check out this revealing interview with Aaron Steffey on the Practical Founders Podcast. https://lnkd.in/ebdQ8Wfm #practicalfounders

“It’ll never work.” That’s what investors told them. Now, their idea has generated $3B in transactions and changed outdoor travel forever. Here’s how they did it: Jeff Cavins and Jennifer Young weren’t just starting a business. They were chasing a feeling. Freedom. Adventure. The open road. But first, they had to prove it wasn’t just a dream. So they sold everything, bought an Airstream, and hit the road. It started with an observation. RV lots full of vehicles collecting dust. Millions of people desperate for an escape. Jeff and Jen kept asking: Why isn’t there an Airbnb for RVs? The answer? Insurance. Liability. Logistics. Every expert said it was impossible. RV rentals were a mess. Fragmented, outdated, full of headaches. Insurance providers wanted nothing to do with them. So, they did what stubborn entrepreneurs do. They doubled down and went to work to revolutionize an industry. For nine months, they drove 20,000 miles across 24 states. They camped with RVers, met weekend warriors, and knocked on doors. 1,200 interviews with RV owners. Same questions: Would you rent your RV if it was safe? What would make you feel secure? What would it take to make this work? The feedback was unanimous. People loved the idea. They needed trust, safety, and ease of use. So, Jeff and Jen built Outdoorsy. The first version was scrappy, built from coffee shops and campgrounds. But the first bookings rolled in. Then hundreds. Then thousands. By 2019, Outdoorsy had $325MM in bookings and had expanded to 14 countries. Investors took notice. They raised 50M in Series C funding. Two years later, another $120MM to fuel growth. Today? Outdoorsy has $3B in transactions and is expanding into Europe. But, every success story has detours. For Jeff and Jen, the biggest was insurance. No underwriter wanted to touch peer-to-peer RV rentals. Too risky, they said. Too complicated. They spent months pitching insurance companies. Rejected. Over and over. Then, a breakthrough. W.R. Berkley saw the vision. The solution? Roamly. Outdoorsy’s own insurance platform, now a powerhouse in insurtech. That problem they struggled with? They turned it into a whole new business. Today, Roamly insures thousands of RVs, providing policies 50% cheaper than traditional providers. Why? Because it was built for the way people actually use their RVs. Outdoorsy isn’t just an RV rental platform anymore. They’re building glamping retreats. Developing premium outdoor destinations. Expanding Roamly into global markets. And I don't see them slowing down any time soon. Because at its core, Outdoorsy isn’t about vehicles. It’s about the freedom of the open road and experiencing the great outdoors. And they’re making sure anyone can find it.

How Jihan Abass is increasing access to insurance in Africa! 🚀 🎙️ 🎙️ In Episode #150 of the Unlocking Africa Podcast, I had the privilege of speaking with Jihan Abass, CEO and Founder of Lami, an innovative insurtech platform in Kenya that is closing Africa’s insurance gap. Lami's agent-driven model is changing how insurance is sold in Africa. reshaping the insurance landscape in Africa. Here’s the big idea… Lami is democratising access to insurance by digitising the entire value chain. In a continent where less than 3% of the population is insured, Jihan and her team are creating solutions that bring insurance to underserved communities in record time. 🕒 🌍 Why Jihan Launched Lami Originally from Kenya, Jihan studied Finance at Bayes Business School and holds an MBA from Oxford University. After a career as a Commodity Trader in the City, a life-changing conversation with a waiter in Mombasa inspired her to bridge the insurance gap in Africa. 💡 How Lami is Closing the Insurance Gap Lami’s platform allows agents to sell products like personal accident and motor insurance with unprecedented efficiency. What used to take up to 20 days can now be completed in minutes! By pivoting to an agent-driven model, Lami has doubled its revenue and is now generating over $300,000 monthly. 💰 💬 What We Discussed: ✅ The challenges in Africa’s insurance market that inspired Lami’s creation. ✅ How Lami is reaching underserved communities and removing bottlenecks in the insurance process. ✅ Lessons learned from raising $5.5M as one of the first female African founders in insurtech. Jihan’s story is not just about insurance; it’s about innovation, resilience, and the power of a big idea to transform lives. Don’t miss this inspiring episode! Listen now via the link in the comments. 🎧 #Insurtech #Insurance #Innovation #DigitalTransformation

With Australia's largest ever Seed round of $15.5 million AUD, here’s how Honey Insurance is reinventing Home Protection with Smart Tech! In the realm of Australian startups, Honey Insurance has emerged as a transformative force in the home insurance industry. Founded by Richard Joffe, Honey Insurance is pioneering a smarter approach to home protection. Richard Joffe, the CEO and founder, has a rich entrepreneurial background, having founded parking sensor platform TKH Security | Park Assist and jobs platform Stella Jobs in the US, both of which were acquired. With experience as a consultant at McKinsey & Company and an investment banker at Morgan Stanley, Richard's expertise is driving Honey Insurance's strategic and innovative edge. Stunned by the lack of proactive risk reduction by insurers in Australia, Richard decided to apply a tech solution to the problem and launched Honey Insurance in 2021. Honey Insurance is Australia's first smart home insurance company dedicated to preventing avoidable accidents in the home. Richard's vision is to transform home insurance from a reactive service to a proactive protector, giving customers more control and peace of mind. Leveraging technology and data analytics, Honey Insurance aims to reduce the need for claims and provide cheaper insurance by actively reducing risks in customers' lives. Fascinating Facts: - Honey Insurance launched with a record $15.5 million AUD seed round, the largest ever for an Australian tech startup. The funding was led by institutional investors RACQ, PEXA, Metricon, ABN Group, Mirvac, AGL, SFG, and Apex Capital Partners. Individual investors include Zip Co founder and global CEO Larry Diamond; Afterpay co-founder and CEO Anthony Eisen; former ME Bank CEO Jamie McPhee; former CoreLogic CEO Graham Mirabito; Airtasker co-founder and CEO Tim Fung; and former News Corp Australia and Foxtel Group CEO Peter Tonagh. - Recognized as Australia's 6th fastest-growing tech company, Honey Insurance has achieved significant growth since its inception. - With a Net Promoter Score (NPS) of 91 in an industry that averages six, Honey Insurance stands out for its high customer satisfaction. - Richard was named Entrepreneur of the Year at the 2023 Executive of the Year Awards, highlighting his influence in the tech and insurance sectors. - Richard aims to foster a culture of innovation at Honey Insurance, hoping to inspire team members to become future entrepreneurs. Under the leadership of Richard, with its unique combination of smart technology, data analytics, and a focus on customer experience, Honey Insurance is setting a new standard for home protection in Australia. #HoneyInsurance #SmartHome #Innovation #HomeInsurance #Australian #Startups #Entrepreneur *** Enjoy this? Share it with your network and follow me Vaibhav Sharma for more in future!   I write about interesting businesses, entrepreneurs, and high performance. Join my inner circle here: https://lnkd.in/gZKZ_Zdb