Symbo Insurance

Symbo Insurance, established in 2017, operates as an insurtech platform with a holding company in Singapore and primary operations based in Mumbai, India. The company was founded by Anik Jain, Mitesh Jain, and Adrit Raha. The founding team brings a diverse set of experiences to the venture. Anik Jain, the CEO, has over 17 years of experience in fields including strategy, insurance, and business development. Mitesh Jain, the CTO, previously worked at Deloitte, contributing to the rollout of Obamacare in the US, and also founded and exited the HR tech startup Happy2Refer. Adrit Raha joined as a co-founder in 2020 following Symbo's acquisition of his digital healthcare platform, Vivant, and has a long history in the insurance sector.

The firm has positioned itself as an embedded insurance provider, shifting from an initial agent-first distribution model. The core of its business is enabling other companies—across e-commerce, retail, fintech, and logistics—to offer customized insurance products directly to their customers at the point of purchase. This is facilitated through its proprietary Covergateway API, which allows for real-time policy issuance and digital claims handling. The business model generates revenue through platform fees and commissions on policies sold, as well as service contracts for its technology and consulting services. Symbo works with its partners to co-create and design contextual insurance products, recommending pricing structures to the insurance companies that ultimately underwrite the risk.

The company's offerings are diverse, providing tailored protection plans for specific product categories such as eyewear, footwear, and fitness equipment, in partnership with brands like Lenskart, Decathlon, and Bata. It also provides solutions for the gig economy, offering health and accident insurance to delivery partners for platforms like Borzo. Symbo's platform serves a broad range of clients, including individual agents, third-party administrators (TPAs), brokers, and corporates across India and Southeast Asia. Significant milestones include raising $9.4 million in a Series A funding round in March 2021, acquiring the B2B reinsurance platform ReLeague in 2018, and launching its digital platform in Singapore in 2019.

Keywords: embedded insurance, insurtech, API integration, digital insurance, B2B insurance, contextual insurance, insurance distribution, policy administration, claims management, SaaS platform, reinsurance platform, fintech, retail insurance, e-commerce insurance, gig economy insurance, corporate insurance solutions, digital brokerage, insurance technology, partnership insurance, point of sale insurance