Square Insurance Brokers

What Square Insurance Brokers does

Square Insurance Brokers Pvt. Ltd. is an IRDAI-licensed direct insurance broker (Life & General, License No. 606) headquartered in Jaipur, Rajasthan, incorporated in 2016 and licensed in April 2017. The company operates an insurtech brokerage platform (squareinsurance.in and cross-platform iOS/Android mobile app) that aggregates and distributes policies from 53+ Indian insurance providers across health, life, motor, travel, marine, property and pet lines. Its primary customers are mass-market Indian consumers and households, with secondary segments in MSMEs/corporates (group health, marine cargo, property), senior citizens and under-served rural/tier 2–3 markets.

The platform is built around an AI-driven comparison and recommendation engine, an online premium calculator (most prominently for health insurance), a digital policy locker enabling one-click renewals, and an in-house POSP/Insurance Advisor management system. Distribution is multi-tier: a self-serve website and mobile app, 15+ IRDAI-approved physical branches (Jaipur, Mumbai, Pune, Ahmedabad, Indore, Dehradun, Chandigarh, Gurugram, Bikaner, Rajgarh, Alwar, Jhunjhunu, Kota, Sikar, Delhi, Udaipur), an advisor network across 13+ cities, an in-house POSP recruitment channel, an inside-sales motion ("Talk to Advisor", "Schedule a Call Back"), and a dedicated Corporate Insurance vertical. The firm also publishes extensive SEO-optimised educational content, with editorial placements in The Economic Times and other Indian business media.

The company earns revenue primarily through brokerage commissions on each policy placed via its platform, plus recurring renewal commissions and POSP/advisor channel incentive revenue. Pricing is quote-based rather than list-based — premiums are dynamically computed from city, age, family composition, sum insured and pre-existing conditions — with headline promotional savings of up to 85% on motor and up to 10% on life/health insurance. The company holds ISO 9001:2015 certification, is a Startup India-recognised entity, and is a member of the Insurance Brokers Association of India (IBAI No. 519). Across two disclosed funding rounds it has raised roughly USD 4 million (Recur Club in 2023; Negen Capital and BizDateUp co-led pre-Series A in August 2024), with the most recent capital earmarked for AI platform upgrades, rural and tier 2/3 office build-out, and new micro/cattle-insurance product technology.

Name

Square Insurance Brokers

Legal name

Square Insurance Brokers Pvt. Ltd.

Website

https://squareinsurance.in

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Square Insurance Brokers is an IRDAI-licensed direct insurance broker (Life & General) operating a digital insurtech platform that aggregates policies from 53+ Indian insurers across health, life, motor, travel, marine, property and pet lines for retail consumers, MSMEs and rural/tier 2–3 customers.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurtech-Enabled Brokerage (Digital Brokers & Aggregators) (FSAEADAN)

akta.pro secondary industries

Retail (Personal Lines) Insurance Brokerage (FSAEADAA), Individual Health Insurance Brokerage & Distribution (FSAIAEAL), Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ), Claims Handling, Documentation & Dispute Resolution Services (HSAKANAI)

Keywords

• Insurance brokerage
• Health insurance
• Life insurance
• Motor insurance
• Insurance aggregator

Headquarters

HQ city

Jaipur

HQ country

India

HQ region

Asia

Offices16 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance brokerage commission: Primary revenue stream: as an IRDAI-licensed Direct Insurance Broker (Life & General, License No. 606), Square Insurance earns brokerage/commission from 53+ partner insurers for each policy placed through its platform (web, app, POSP, advisor network, or branches). The licensing under Insurance Brokers Regulations 2002 defines permissible remuneration.
2. Renewal commissions: Recurring commissions on policy renewals facilitated through the digital policy locker, mobile app, and reminder workflows across health, motor, two-wheeler, life and other lines.
3. POSP channel incentive revenue: Revenue share / incentive earnings generated through recruited Point of Sale Persons (POSPs) and insurance advisors selling policies of multiple partner insurers under Square Insurance's broker license.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels9 records

Core offering

Square Insurance Brokers is an IRDAI-licensed Direct Insurance Broker (Life and General, License No. 606) that aggregates and distributes insurance policies from 53+ Indian insurers across health, life/term, motor (car, two-wheeler, commercial vehicle), travel, marine, property/home, pet and personal accident lines. Customers compare, buy, renew and service policies through the Square Insurance web portal, iOS/Android mobile app, 15+ IRDAI-approved branches and a licensed POSP/advisor network, with the company earning brokerage commission from insurer partners on each policy placed.

Product overview

Square Insurance Brokers Pvt. Ltd. operates a single unified insurance brokerage platform — comprising the Square Insurance web portal (squareinsurance.in) and the cross-platform Square Insurance Mobile App — that aggregates and distributes policies from 53+ partner insurers across India. The core platform exposes a product catalog spanning Health Insurance (including Family Health, Critical Illness, Personal Accident, Senior Citizen, Group Health, and Coronavirus plans), Life/Term Insurance (Term, Endowment, ULIP, Retirement, and Child plans), Motor Insurance (Car, Two-Wheeler/Bike, plus Commercial PCV, GCV, and MISC-D categories with third-party variants), Travel Insurance, Marine Insurance, Property/Home Insurance, and the newly launched Pet Insurance. Supporting services layered on the platform include Insurance Audit / Portfolio Analysis, an Insurance Advisor Network (with IRDAI-approved branches across multiple Indian cities), Claim Support, and a POSP (Point of Sale Person) login for in-network agents. Upgrades to the underlying AI-driven insurtech platform — funded by the August 2024 USD 3 million Pre-Series A round — and the addition of cattle micro-insurance technology are planned extensions to the same platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Health Insurance Health insurance brokerage service offering individual, family floater, senior citizen, critical illness, personal accident, group health, and coronavirus-specific plans from partner insurers, with sum insured from ₹1 lakh to ₹6 crore and features including cashless hospitalization, AYUSH cover, and No Claim Bonus, aimed at individuals, families and corporate groups.
• Life Insurance (Term Insurance) Term life insurance brokerage offering pure term, return-of-premium, zero-cost, increasing/decreasing term, endowment, ULIP, retirement, and child plans from partner insurers including ICICI Prudential, HDFC Life, Tata AIA, Bajaj Life, and others, with sum assured up to ₹20 crore and tax benefits under Section 80C and 10(10D).
• Car Insurance Private car insurance brokerage offering comprehensive and third-party car policies from partner insurers, with cashless garage, instant claims, third-party protection, and discounts up to 85%, targeted at individual car owners.
• Bike / Two-Wheeler Insurance Two-wheeler (motorcycle and scooter) insurance brokerage offering comprehensive and third-party bike policies covering legal liabilities, accidental expenses, and repair costs as required by the Indian Motor Vehicles Act.
• Commercial Vehicle Insurance Commercial motor insurance brokerage for Passenger Carrying Vehicles (PCV), Goods Carrying Vehicles (GCV), and MISC-D categories, with third-party variants offered for each segment, aimed at commercial fleet owners, transporters and MSMEs.
• Travel Insurance Travel insurance brokerage offering coverage for flights, luggage, and hotels across vacation, business, and educational trips, sourced from partner insurers.
• Marine Insurance Marine cargo insurance brokerage covering goods shipped by sea, road, rail, or air against damage or loss, targeting businesses engaged in cross-border transportation and MSMEs.
• Property / Home Insurance Property insurance brokerage covering tangible assets against fire, allied perils, theft, and robbery for residential and commercial properties, targeted at homeowners and commercial property owners.
• Pet Insurance Pet insurance product covering vet bills, accidents, and unexpected care for pets, launched as a new line on the Square Insurance portal for pet owners.
• Personal Accident Insurance Personal accident insurance covering accidental injury, disability, or death, offered as a standalone policy or rider to health insurance plans sourced from partner insurers.
• Insurance Audit / Portfolio Analysis Insurance portfolio audit service that cross-checks a customer's existing coverage, identifies gaps or overlaps across life, health, motor and other lines, and recommends appropriate plans from Square Insurance's 53+ insurer partners.

Quantifiable outcome

• Health insurance plans starting from Rs 10/day* with sum insured up to ₹6 crore and tax savings up to ₹1,00,000 under Section 80D
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature7 records

Partnerships

47 partnerships are on record, tiered strategic government partner, major insurer partner, standard insurer partner and flagship insurer partner.

• Government of Rajasthan (Rajasthan Government)strategic government partnerStrategic or Co-development Partner · 1 July 2023ANI News (linked on Square Insurance's homepage) reports Square Insurance partnered with the Rajasthan Government (around July 2023), aligning with its Jaipur HQ location and expansion into rural/tier 2-3 markets across the state.
• Aditya Birla Health Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorAditya Birla Health Insurance is one of 53+ insurers whose health insurance plans are listed on Square Insurance's aggregator portal. Square Insurance acts as an IRDAI-licensed direct broker placing business with Aditya Birla Health.
• Aditya Birla Capital Life Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorLife insurance arm of Aditya Birla Capital whose policies are distributed by Square Insurance via its broker license.
• Ageas Federal Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorAgeas Federal is one of the life insurance partners whose products are available on Square Insurance's aggregator portal.
• Axis Max Life Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorAxis Max Life Insurance is featured as a top partner for term plans with 99.35% claim settlement ratio; Square distributes their term plans (e.g., Smart Term Plan Plus) and other offerings.
• Bajaj General Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorBajaj General Insurance is among the motor/general insurance partners whose products Square Insurance Brokers distributes.
• Bajaj Life Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorBajaj Life Insurance's term and other life plans (e.g., eTouch II) are listed and distributed by Square Insurance Brokers.
• Bandhan Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorBandhan Life Insurance is a partner whose term plan (iTerm Prime) and other policies are distributed by Square Insurance.
• Bharti AXA Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorBharti AXA Life Insurance is a life insurance partner distributed via Square Insurance's broker platform.
• Care Health Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorCare Health Insurance is featured as a partner and prominently referenced in Square Insurance's published comparisons of individual and super top-up health insurance plans in The Economic Times.
• Cholamandalam MS General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorCholamandalam MS is one of the general insurance partners whose products are distributed by Square Insurance Brokers.
• Digit Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorDigit Life Insurance is among the term insurance partners whose policies (e.g., Digit Glow Term Insurance) are sold via Square Insurance.
• Go Digit General Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorGo Digit General Insurance is a featured motor and general insurance partner for car, bike and other lines distributed by Square Insurance Brokers.
• Generali Central Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorGenerali Central is a motor/general insurance partner distributed via Square Insurance's broker platform.
• HDFC Life Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorHDFC Life Insurance is one of the leading term plan partners distributed via Square Insurance (e.g., Click 2 Protect Super plan).
• HDFC ERGO General Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorHDFC ERGO is a key health, motor and super top-up partner prominently referenced in Square Insurance's Economic Times comparison articles.
• ICICI Lombard General Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorICICI Lombard is one of Square Insurance's most prominent partners, featured in motor, health and super top-up comparisons published in The Economic Times.
• ICICI Prudential Life Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorICICI Prudential Life Insurance is featured as a leading term insurance partner with plans such as ICICI Pru iProtect Smart distributed by Square Insurance Brokers.
• IFFCO Tokio General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorIFFCO Tokio is one of the general insurance partners whose policies are available on Square Insurance's aggregator portal.
• Liberty General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorLiberty General Insurance is a motor/general insurance partner distributed via Square Insurance's broker platform.
• Life Insurance Corporation of India (LIC)flagship insurer partnerChannel Partner/ Reseller/ DistributorLIC, India's largest life insurer, is a partner whose policies Square Insurance Brokers distributes, including in their life insurance comparison content.
• Magma General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorMagma is one of the motor/general insurance partners whose products Square Insurance Brokers distributes.
• Manipal Cigna Health Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorManipal Cigna is a health insurance partner whose products are listed and sold via Square Insurance's platform.
• National Insurance Companystandard insurer partnerChannel Partner/ Reseller/ DistributorNational Insurance is a public-sector general insurance partner distributed via Square Insurance's broker platform.
• New India Assurancestandard insurer partnerChannel Partner/ Reseller/ DistributorNew India Assurance is a public-sector general insurance partner whose motor and other products Square Insurance distributes.
• Niva Bupa Health Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorNiva Bupa is a leading health insurance partner prominently featured in Square Insurance's Economic Times comparisons of individual and super top-up health plans.
• Oriental Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorOriental Insurance is a public-sector general insurance partner distributed by Square Insurance.
• PNB MetLife Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorPNB MetLife is a life insurance partner whose products are listed on Square Insurance's platform.
• Raheja QBE General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorRaheja QBE is a general insurance partner whose products are distributed via Square Insurance.
• Reliance General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorReliance General Insurance is a motor and general insurance partner whose policies Square Insurance distributes.
• Royal Sundaram General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorRoyal Sundaram is a general insurance partner distributed via Square Insurance's broker platform.
• SBI General Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorSBI General Insurance is a major public-sector general insurance partner whose products (motor, health, etc.) are distributed via Square Insurance Brokers.
• SBI Life Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorSBI Life Insurance is a major life insurance partner whose term plans (e.g., eShield Next) are sold via Square Insurance.
• Shriram General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorShriram General Insurance is a motor/general insurance partner distributed via Square Insurance's broker platform.
• Shriram Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorShriram Life Insurance is a life insurance partner distributed via Square Insurance.
• Star Health and Allied Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorStar Health is one of the leading health insurance partners whose products are listed on Square Insurance's platform.
• SUD Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorSUD Life is a life insurance partner distributed via Square Insurance's broker platform.
• Tata AIA Life Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorTata AIA Life Insurance is a leading life insurance partner whose term plans (e.g., Sampoorna Raksha Promise) are distributed by Square Insurance.
• TATA AIG General Insurancemajor insurer partnerChannel Partner/ Reseller/ DistributorTATA AIG is one of Square Insurance's major general insurance partners featured prominently in health, motor and super top-up comparisons.
• United India Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorUnited India Insurance is a public-sector general insurance partner distributed via Square Insurance's broker platform.
• Universal Sompo General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorUniversal Sompo is a general insurance partner distributed via Square Insurance's broker platform.
• Zuno General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorZuno (formerly Edelweiss General Insurance) is a general insurance partner distributed via Square Insurance.
• Zurich Kotak General Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorZurich Kotak General Insurance is a motor/general insurance partner whose products are distributed via Square Insurance.
• Kotak Mahindra Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorKotak Mahindra Life Insurance is a life insurance partner whose e-Term plan and other policies are sold via Square Insurance's platform.
• Aditya Birla Sun Life Insurance (ABSLI)standard insurer partnerChannel Partner/ Reseller/ DistributorABSLI is a life insurance partner whose DigiShield Plan and other products are distributed by Square Insurance Brokers.
• Canara HSBC Life Insurancestandard insurer partnerChannel Partner/ Reseller/ DistributorCanara HSBC Life Insurance is a partner whose Young Term Plan - Life Secure is sold via Square Insurance.
• Edelweiss Life Insurance (now part of TATA AIA)standard insurer partnerChannel Partner/ Reseller/ DistributorEdelweiss Life Insurance is a life insurance partner whose Zindagi Protect Plus is listed on Square Insurance's portal.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Turtlemint: Insurtech platform that combines a POSP/advisor-led network with a digital aggregator, distributing life, health, and motor insurance from multiple carriers — directly comparable to Square Insurance's POSP + multi-insurer hybrid model.
• PolicyBazaar (PB Fintech): India's largest online insurance aggregator and direct competitor in multi-line insurance comparison (life, health, motor, travel). Operates a similar IRDAI-licensed broker model with significantly larger scale, brand recognition, and venture funding.
• RenewBuy: Online insurance aggregator in India focusing on motor and health insurance comparison across multiple insurers, with a point-of-sale-person-led distribution motion parallel to Square Insurance's POSP channel.
• InsuranceDekho (CarDekho Group): Insurance aggregator offering life, health, motor, and other personal lines from multiple insurers, targeting tier 2/3 India — a directly comparable multi-line IRDAI-licensed broker competing in the same customer segments as Square Insurance.
• Coverfox Insurance (by Glance/Tata): Online insurance brokerage comparing policies from multiple Indian insurers across health, life, motor, and travel — a direct peer in the digital insurance aggregation space, with similar commission-driven GTM.

Broad incumbents

• Acko General Insurance: Tech-first Indian insurance carrier and digital distributor of motor, health, and travel cover; competes with Square Insurance in D2C comparison and embedded insurance, though it also underwrites risk rather than acting purely as a broker.
• Digit Insurance: New-age Indian general and life insurer distributing through digital channels and partner brokers; overlaps with Square Insurance in motor, health, and life, but also underwrites its own products.

Emerging players

• Onsurity: Employee health benefits and group health insurance platform for SMEs and startups, distributing cover from multiple insurers — an emerging peer in the MSME/corporate insurance vertical that Square Insurance also serves.
• Toffee Insurance: Micro-insurance and sachet insurance platform targeting under-served Indian consumers with small-ticket health and accident covers — a comparable emerging player in the inclusive/rural insurtech segment that Square Insurance is expanding into.

Others

• Paytm Insurance (One97 Communications): Embedded insurance distribution on India's largest digital payments super-app, offering motor, health, life and travel cover from multiple insurers — a thematic/adjacent competitor in the digital insurance distribution space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/sibpl_gic
• Facebookfacebook.com/squareinsurance
• LinkedInlinkedin.com/company/square-insurance-brokers

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Square Insurance Brokers