Insurance provider Ethos has announced the setting up of an India office in Bengaluru, said a statement issued today.

The India office will be focused on engineering research and development, data analytics, data science, and operations, with a significantly large business delivery team.

Headquartered in Austin, Texas (USA), it has set up offices in key technology and startup hubs including San Francisco, Seattle and Singapore.

With almost 90% instant approvals, the company has been increasing its year-over-year momentum, and now aims to further expand its technology and product offerings by capitalising on the vast tech, IT, and data analytics talent pool available in India.

“We are excited to start a multi-function facility here in the technology hub of India. A lot of our top leadership is from India and after extensive research, we decided to set up an office in Bengaluru, as the city is fast emerging as a centre for exceptional talent. We believe that this office will be critical for our next growth phase,” said Lingke Wang, co-founder and president, Ethos.

India is home to one of the largest tech and analytics talent pools, and the company plans to set up a significant business delivery team here, as well as build a team of experts that will help transform the lives of millions through the mission of making life insurance accessible and affordable for all, Wang said.

“Our aim is to hire more aggressively throughout 2022 and build a team of top-notch experts who will contribute to almost 30% of the global workforce for one of the fastest growing insurtech startups globally,” said Hitesh Gossain, general manager-growth and strategy, Ethos India.

The company issued $13 billion in life insurance coverage last year and was valued at $2.7 billion in 2021. It has raised over $400 million from investors like Softbank Vision Fund 2, Sequoia Capital, Accel, GV (formerly Google Ventures), General Catalyst, Jay-Z’s Roc Nation, and the investment vehicles of Will Smith and Robert Downey Jr. Its overall revenue and users grew by more than 600% year-over-year in 2021.