Toffee Insurance, a financial technology platform offering affordable and accessible bite-sized insurance products, aims to transform the perception of insurance among millennials in India.

Target Information

Toffee Insurance is a financial technology platform specializing in the design and sale of bite-sized, affordable insurance products tailored specifically for millennials and digital natives, aged 20 to 35. The platform addresses healthcare, travel, and personal accident needs, shifting the perception of insurance from a complex financial product to a simple, fast-moving consumer good. Toffee Insurance aims to promote accessibility and affordability in the insurance market while enhancing the user experience through streamlined purchasing and claims processes.

Industry Overview in India

In India, the insurance sector exhibits significant challenges, with a staggering 86% of rural households and 82% of urban households lacking any form of insurance coverage. Most existing insurance products are either government-funded or employer-provided, with only about 3.4% representing voluntary options driven primarily by tax incentives and investment motivations. Approximately 40% of insurers' premiums are collected during the last quarter of the financial year, indicating a trend where consumers do not associate insurance with risk mitigation, which is the fundamental purpose of these financial products.

Additionally, a 2017 Credit Suisse Global Wealth report highlights the vulnerability of Indian households, revealing that 92% have savings of less than $10,000. Rising health costs and lifestyle-related stressors such as obesity and m