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6 InsurTech Companies in India Featured in the Prestigious InsurTech100

3 minutes, 36 seconds read

Indian technology companies are leading InsurTech innovations and 6 firms have successfully secured a spot in the InsurTech100. FinTech Global’s InsurTech100 is an annual list of tech-startups- transforming the digital insurance landscape through innovative products and solutions. These top 100 InsurTechs are recognized by a panel of analysts and industry stalwarts from an exhaustive list of over 1000 technology firms, who are solving the most-pressing insurance challenges. Here are the InsurTech Companies in India who are pioneering the Global InsurTech revolution.

Acko

Acko is India’s first fully-digital general insurance company. Founded in 2017, it provides personalized pricing to customers through deep-data analytics. It studies customers’ interaction patterns and behaviours and accordingly suggests insurance products. 

Currently, Acko has insured over 40 million Indians, acquiring 8% of the car insurance policies bought online in India. It also introduced Ola Ride Insurance for lost baggage, laptops, missed flights, accidental medical expenses, and ambulance transportation cover. 

Artivatic

Artivatic provides an insurance SaaS platform to automate buyer onboarding, profiling, underwriting, and claims administration. Their solutions leverage cutting-edge technologies like NLP, ML, Deep Learning, Behavior Analysis, AI, and IoT.

Currently, the company is working with 16 clients which include Deloitte, KPMC, HCL, and Cynopia, among others.

Mantra Labs

Mantra Labs is an AI-first product & solutions firm solving the most pressing front & back-office challenges faced by Insurance carriers. Their product portfolio includes — FlowMagic, a visual-AI platform for insurer workflows; an AI-enabled chatbot for insurance; and an AI-driven lead conversion accelerator that maximizes opportunities from the sales funnel.

One of the oldest InsurTech companies in India, Mantra Labs has worked with leading insurers like Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hongkong along with unicorn Internet startups like Ola, Myntra and Quikr. Mantra Labs also has strategic technology partnerships with MongoDB, IBM Watson, and Nvidia.

Pentation Analytics

Pentation Analytics provides state-of-the-art analytics applications targeting core insurance use cases. The company has introduced ‘Insurance Analytics Suite®’ which addresses retention/persistence, cross-sell, acquisition, and underwriting through advanced machine learning models. The product is adaptable to both cloud and on-premise applications. 

Pentation Analytics is partners with international technology companies like Hewlett Packard Enterprise, HortonWorks, Hitachi, among others.

PolicyBazaar

PolicyBazaar is India’s largest insurance marketplace. It allows users to view and compare different insurance policies online based on their preferences. Users can also buy, sell, and store policies online. The platform provides an end-to-end solution to track policies and claims assistance. The company hosts over 100 million visitors annually and records nearly 1,000,000 sales transactions/month. Currently, PolicyBazaar accounts for nearly 32% of India’s life cover & retail health business collectively. 

The company has support from an array of meticulous investors like SoftBank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, and Premji Invest. 

Toffee Insurance

Toffee Insurance is a new-age contextual microinsurance products firm. It’s customer-centric products deconstruct traditional underwriting and pack relevant policies according to individual requirements. The company is distributing plans through different channels like APIs, mobile, and SMS transactions. Their current portfolio includes cycle insurance, income protection insurance, daily commute insurance, and dengue insurance catering to individuals with monthly income less than USD 300. 

The company has succeeded in issuing policies to 115K+ Indians, of which 80% are first-time buyers. Currently, Toffee Insurance is partners with Hero Cycles, Wildcraft, Eko, and Apollo Hospitals and is backed by ICICI Prudential, Religare, HDFC Ergo, and Tata AIG Insurance among many others.

Changing market dynamics has brought a radical shift within the insurance industry. AI-driven technologies are making subtle changes to the way millennials and younger generations are thinking about Insurance as an immediate need. Insurtech is well poised above all else, to satisfy even the most unique coverage needs, removing traditional challenges like ownership from the mix.

With the growing popularity of digital channels, customers prefer self-service portals for quick access and instant solutions for their ever-changing financial and protection needs. Also, customers are now more aware of the potential threats than ever before and expect relevant products from insurers. “25% of business customers and fewer than 15% of retail policyholders believe they are covered comprehensively against emerging risks”(according to the World InsurTech Report 2019); indicating a rising need for consumer-centric and innovative insurance solutions to meet the new demand.

[Related: 10 Takeaways from the World InsurTech Report 2019]

In the year 2018, the InsurTech100 was secured by 7 InsurTech companies in India — Acko, Arvi, CoverFox, GramCover, PolicyBazaar, PolicyX, and Toffee Insurance as innovative InsurTechs.

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8 Best Ways to Reduce Android App Size

5 minutes, 29 seconds read

With the increase in mobile storage spaces that have gone up to 256 GB, app size is also growing. App size is sure to grow as developers are adding new features, trying to meet customer needs, and also trying to support their apps on various screen sizes. Around 74% of the world uses Android, and 70% of users consider app size before installing them. Moreover, as humans are getting accustomed to instant gratification, they ponder on ways to download apps as they take up storage spaces. Despite the cloud support for photos, videos, and files, android users face issues, such as mobile hanging due to app size. As customer expectations are increasing, android app developers are considering other ways to reduce app size while still incorporating significant additional features and keeping in mind the customer experience.

Below are the 8 best ways to reduce android app size:

1. Use Android App Bundle to Reduce App Size

When generating the release version of your app, you can choose between APK and Android App Bundle.  The second option will make Google play to generate the APK with only those features a specific user need. 

Use Android App Bundle

App Bundle Vs APK

Android App Bundle

  • It is a publishing format that includes compiled code and resources of your app, and delays APK generation and signing to Google Play.
  • With Android App Bundles, the compressed download size restriction is 150 MB. The app bundle cannot be used with APK expansion files.
Android App Bundle
Important: In the second half of 2021, new apps will be required to publish with the Android App Bundle on Google Play. New apps larger than 150 MB must use either Play Feature Delivery or Play Asset Delivery.

How to build android app bundles?

To build app bundles, follow these steps:

  1. Download Android Studio 3.2 or higher—it’s the easiest way to add feature modules and build app bundles.
  2. Add support for Play Feature Delivery by including a base module, organizing code and resources for configuration APKs, and, optionally, adding feature modules.
  3. Build an Android App Bundle using Android Studio. You can also deploy your app to a connected device from an app bundle by modifying your run/debug configuration and selecting the option to deploy APK from app bundle. Keep in mind, using this option results in longer build times when compared to building and deploying only an APK.
  4. If you’re not using the IDE, you can instead build an app bundle from the command line.
  5. Test your Android App Bundle by using it to generate APKs that you deploy to a device.
  6. Enroll into app Play App Signing. Otherwise, you can’t upload your app bundle to the Play Console.
  7. Publish your app bundle to Google Play.

Please note: Android Package Kit – As per developer console, by the mid of 2021, developers won’t be able to upload apk on play store)

  • Android operating system uses APK which is the package file format for distribution and installation of mobile apps, games and middleware. APK is similar to other software packages such as APPX in Microsoft Windows or a Debian package in Debian -based operating systems.
  • Google Play requires that the compressed APK downloaded by the users should not exceed 100 MB.
  • The expansion files for your app are hosted by Google Play which serves them to the device at no cost to you. The expansion files are saved to the device’s shared storage location (the SD card or USB-mountable partition).

2. Use Proguard

Proguard is probably one of the most useful tools to reduce your APK size. It reduces the source code files to a minimum and can reduce the APK file size upto 90%.

  • Use it in all variants whenever using “Proguard”
  • Helps to avoid conflict at the of generate apk or bundle if will use in all the variants.
  • We cannot let ProGuard rename or remove any fields on these data classes, as they have to match the serialized format. It’s a safe bet to add a @Keep annotation on the whole class or a wildcard rule on all your models.

3. Use Android Size Analyzer Plugin

This Android Studio plugin will provide you recommendations to reduce the size of your application.

With the APK Analyzer, you can accomplish the following:

  • View the absolute and relative size of files in the APK, such as the DEX and Android resource files.
  • Understand the composition of DEX files.
  • Quickly view the final versions of files in the APK, such as the AndroidManifest.xml file.
  • Perform a side-by-side comparison of two APKs.

There are three ways to access the APK Analyzer when a project is open:

  • Drag an APK into the Editor window of Android Studio.
  • Switch to the Project perspective in the Project window and then double-click the APK in the default build/output/apks/ directory.
  • Select Build > Analyze APK in the menu bar and then select your APK.

More details at: Jetbrains

4. Optimize Your App’s Resources

Whether used or not, every resource takes up memory. It is therefore necessary to have only those resources that you need, and to use those in a memory efficient way. In other words, you should consider the resolution of the image before finalizing on it.

5. Optimize Libraries

As large libraries consume huge amounts of space, it is advisable to remove parts of it in case you do not need them and if it is permitted by the license of the library. Proguard can aid you in this process but it is not always able to remove large internal dependencies.

6. Use Vector Graphics Wherever Possible

They are sharp and do not consume much space as they rely on mathematical calculations and not on pixels that need to be saved. However, they cannot be used for photography.

7. Compress Your Images

By using tools such as pngcrush, you can reduce the file size of PNG images. It is advisable to do this images as they still look the same. 

8. Only Support Specific Densities

If only a small portion of users use a specific density, it might be better to let Android scale your other densities for them as it would reduce your APK size.


As mobile storage space is growing, people are installing a large number of apps to meet a wide range of needs. But as app size is increasing, people are continuing to struggle with storage issues. With provisions such as Proguard, one can compress the APK file size and optimize libraries easily. Compressing images and using vector graphs are also useful in reducing app size.

About the author: Anand Singh is Tech Lead at Mantra Labs. He is integral to the company’s Android-based projects and enterprise application development.

Further Reading:

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