Novin Insurance

What Novin Insurance does

Novin Insurance (شرکت بیمه نوین / Novin Insurance Company) is a Tehran-based private composite insurer, established on 9 January 2006 as the 18th insurance company licensed in Iran. The company operates under the regulatory supervision of Central Insurance of Iran (Bimeh Markazi) and the Ministry of Economic Affairs and Finance, and is commercially affiliated with the Eghtesad Novin Financial Group and Bank EQ, through which it gains banking-channel distribution. Its non-life portfolio spans fire and property insurance, third-party and motor-body automobile insurance, liability insurance, engineering and energy insurance, cargo and goods-in-transit insurance, comprehensive residential-complex insurance, and group personal insurance for employers. Its life and savings arm offers investment-linked life insurance, simple term life, credit-life cover for residual-debt protection, annuity/pension products, a children's future savings plan, and several branded individual plans marketed as Orchid (Arkidih), Drin (Darin), and Bamani.

The company distributes its products through a multi-layer physical channel — a nationwide branch and payment-service network, general agents, life-insurance-dedicated agents, and brokers — and through a digital ecosystem anchored by the 'Hamrah Bime Novin' Android mobile application, the 'Electro Bime' (الکترو بیمه نوین) electronic sales portal, a dedicated residential-complex portal, a shareholder portal, and agent/partner/sales-network working portals. It is connected to mandatory national infrastructure including the Sanhāb policy-authenticity verification platform and the Mād/Mād 2 medical-referral systems, plus an in-house office-automation system, complaint registration, customer-satisfaction survey, and a learning management system ('Jām') for training agents. Pricing is quote-based and not publicly disclosed; sales occur via internal rate-inquiry tools rather than fixed-rate tables.

Name

Novin Insurance

Legal name

شرکت بیمه نوین (Novin Insurance Company)

Website

https://novininsurance.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Novin Insurance (بیمه نوین) is a privately held Iranian composite insurer headquartered in Tehran, offering life and non-life products — fire, auto, liability, engineering, cargo, group, and investment-linked life — distributed through branches, agents, brokers, and digital portals nationwide.

Ownership category

akta.pro rank

Product category

Multi-line Insurance (Life and Non-life)

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Life Insurance Carriers (524113), Insurance Carriers (5241), Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331), Life Insurance (6311), Insurance Carriers, Nec (6399)

akta.pro primary industry

Variable Universal Life (VUL) Insurance (FSAIABAD)

akta.pro secondary industry

Group Variable Universal Life (GVUL) (FSAIADAD)

Keywords

• Composite insurance underwriting
• Life and non-life insurance
• Automobile insurance coverage
• Group health insurance
• Engineering and energy insurance

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Distribution channels5 records

Marketing channels6 records

Core offering

Novin Insurance is a composite (life and non-life) insurance underwriter licensed in Iran, selling fire, liability, automobile, engineering and energy, cargo, group personal, individual life, investment-linked life, credit life, term life, annuity, children's savings, travel, and residential complex insurance policies. Distribution runs through owned branches, authorized agents, life insurance agents, brokers, and customer-facing digital channels (Electro Bime portal and Hamrah Bime Novin mobile app), with policy authenticity and regulatory reporting handled through integration with the national Sanhab system.

Product overview

Novin Insurance (بیمه نوین) is the 18th insurance company established in Iran, registered in 2006 and operating under the supervision of the Central Bank of Iran. The company operates as a composite insurer offering both life and non-life insurance products. Its non-life portfolio spans fire insurance, liability insurance, automobile insurance (third-party and body), engineering and energy insurance, cargo insurance, and group/individual personal accident coverage. Its life insurance arm offers investment-linked life insurance (بیمه عمر و سرمایه‌گذاری), simple term life (بیمه عمر ساده زمانی), credit life (بیمه عمر مانده بدهکار), annuity insurance (بیمه مستمری), children's future plans (طرح آتیه فرزندان), and several branded plans including the Orchid Plan (طرح ارکیده), Drin Plan (طرح درین), and Bamāni Plan (طرح بمانی). The company distributes its products through a multi-channel platform comprising an extensive agent and branch network, a digital ecosystem including the 'Hamrah Bime Novin' mobile application (Android), the electronic sales portal 'Electro Bime', a residential complex portal, and multiple organizational service portals for agents, partners, and shareholders.

Differentiator

Problem solved

Functional benefit

Brands

• همراه بیمه نوین (Hamrah Bime Novin): Mobile application for Novin Insurance customers

Products and services

• Fire Insurance (بیمه آتش سوزی) Coverage for residential, commercial, and industrial properties against fire, explosion, and related property damage risks.
• Liability Insurance (بیمه مسئولیت) Third-party liability insurance covering legal obligations arising from bodily injury or property damage caused to others, for businesses and individuals.
• Engineering and Energy Insurance (بیمه مهندسی و انرژی) Insurance coverage for construction projects, engineering installations, energy infrastructure, and machinery breakdown.
• Individual Personal Insurance (بیمه اشخاص انفرادی) Individual personal insurance products including investment-linked life, term life, credit life, annuity, travel, and specialized life plans for individuals.
• Automobile Insurance (بیمه اتومبیل) Motor vehicle insurance including third-party liability and body damage (بدنه) coverage for cars and other vehicle owners.
• Special Plan Insurance (بیمه طرح‌های مخصوص) Customized insurance plans for specific needs, including comprehensive residential complex insurance and other tailored programs.
• Cargo Insurance (بیمه باربری) Cargo and goods-in-transit insurance covering loss or damage to goods during transportation by various modes.
• Group Personal Insurance (بیمه اشخاص گروهی) Group insurance schemes for employers and organizations covering employees under collective life and personal coverage plans.
• Life and Investment Insurance (بیمه عمر و سرمایه‌گذاری) Investment-linked life insurance combining life coverage with a savings and capital accumulation component.
• Simple Term Life Insurance (بیمه عمر ساده زمانی) Pure term life insurance providing death benefit coverage for a specified period without an investment or savings component.
• Credit Life Insurance (بیمه عمر مانده بدهکار) Credit life insurance that settles outstanding loan balances upon the policyholder's death, protecting co-borrowers.
• Annuity Insurance (بیمه مستمری) Annuity product providing regular periodic payments to the policyholder during retirement or for a specified duration.
• Children's Future Plan (طرح آتیه فرزندان) Child-focused savings and insurance plan designed to accumulate funds for a child's education, marriage, or future needs.
• Outbound Travel Insurance (بیمه‌نامه مسافرین خارج از کشور) Travel insurance for Iranian citizens traveling abroad, covering medical emergencies, trip cancellation, and travel-related risks.
• Safe Deposit Box Insurance (بیمه صندوق امانات اجاره‌ای) Insurance coverage for rented safe deposit boxes at banks, protecting contents against theft, damage, or loss.
• Comprehensive Residential Complex Insurance (بیمه جامع مجتمع‌های مسکونی) All-in-one insurance package for residential apartment complexes and housing communities, covering building structure, common areas, and residents.
• Hamrah Bime Novin Mobile Application (همراه بیمه نوین) Branded Android mobile application enabling policyholders to manage policies, make premium payments, file and track claims, and access insurance services.
• Electro Bime Electronic Insurance Portal (الکترو بیمه نوین) Online platform for self-service purchase, electronic issuance, and management of insurance policies without visiting a physical branch.

Segments10 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Bank EQ (بانک اقتصاد نوین)coreChannel Partner/ Reseller/ DistributorAs part of the EQ Financial Group (گروه مالی اقتصاد نوین), Novin Insurance operates in partnership with Bank EQ for distribution, cross-selling opportunities, and integrated financial services offerings.
• Central Insurance of Iran (بیمه مرکزی ج.ا.ایران)coreOthersRegulatory oversight and licensing body for insurance companies in Iran. Novin Insurance operates under its supervision and adheres to regulations set by this entity.
• Insurance Research Institute (پژوهشکده بیمه)minorStrategic or Co-development PartnerResearch institution providing industry research, data, and expertise for the insurance sector in Iran.
• Compulsory Insurance Fund (صندوق تأمین خسارت‌های بدنی)minorOthersGovernment fund for covering bodily injury claims from motor vehicle accidents where compensation exceeds policy limits.
• Sanhab System (سامانه سنهاب)coreTechnology or IntegrationNational policy verification system operated by Central Insurance of Iran. Novin Insurance participates in this system for policy authenticity verification and regulatory compliance.
• Ministry of Economic Affairs and Finance (وزارت امور اقتصاد و دارائی)coreOthersGovernment ministry responsible for insurance sector oversight, policy formulation, and regulatory compliance.

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bimeh Iran (Iran Insurance Company): State-owned composite insurer and the largest insurance company in Iran, offering P&C, life, and reinsurance products. Directly comparable as a full-line carrier operating in the same regulatory environment and distribution landscape as Novin, with broader scale and a longer track record.
• Bimeh Asia (Asia Insurance Company): One of Iran's largest private-sector composite insurers offering P&C, life, health, and group products. Comparable to Novin in product breadth and multi-channel distribution, and a direct competitor for both retail and commercial customers.
• Bimeh Parsian (Parsian Insurance): Private Iranian composite insurer offering P&C and life products with bank-broker partnerships. Comparable to Novin as a mid-to-large private composite insurer with bancassurance-style distribution and digital channels.
• Bimeh Pasargad (Pasargad Insurance): Private Iranian composite insurer with a multi-line portfolio including life, fire, auto, and engineering coverage. Comparable to Novin in product structure and target segments, with similar use of agent networks and digital portals.
• Bimeh Saman (Saman Insurance): Private Iranian composite insurer with strong bank-affiliation distribution (Saman Bank group). Comparable to Novin in bancassurance-style model, life and P&C product breadth, and reliance on multi-channel sales.
• Bimeh Karafarin (Karafarin Insurance): Private Iranian composite insurer offering P&C, life, and group products. Comparable to Novin as a direct competitor in the same product categories and distribution channels, targeting similar retail and corporate segments.
• Bimeh Mellat (Mellat Insurance): Private Iranian composite insurer affiliated with Bank Mellat. Comparable to Novin in bancassurance-led distribution and composite P&C/life offering, with similar geographic footprint limited to Iran.
• Bimeh Dana (Dana Insurance): Private Iranian composite insurer with P&C, life, and group product lines. Comparable to Novin in scale tier and product breadth, competing for similar retail and small commercial customers.
• Bimeh Moallem (Moallem Insurance): Iranian composite insurer with a strong teacher/cooperative member base and multi-line P&C and life offerings. Comparable to Novin as a domestically focused composite carrier with an established branch network and group insurance products.
• Bimeh Alborz (Alborz Insurance): Iranian composite insurer operating across P&C and life lines, with agent and broker distribution. Comparable to Novin as a mid-sized private composite carrier in the same regulatory and competitive environment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/novin_insurance

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Novin Insurance