Renew Buy

[renewbuydelhi]

Gurgaon-based insurance platform RenewBuy.com is aiming to be among India’s top three insurance distributors, with an eye on a $1 billion (Rs 7,000 crore) premium in the next four years. The 900-employee company is growing at a rate of 7-10 per cent month-on-month. It wants to disrupt the insurance sector by doing away the need of branches through its technology platform and remain asset-light in its operations.

[renewbuydelhi]

According to an annual report by insurance regulator IRDAI, insurance penetration in India is one of the lowest at 3.69 percent. Even after 19 years of privatisation, the industry has not reached its full potential. And despite many companies going digital in India, customers still prefer brokers and agents to buy insurance. Read more at: https://yourstory.com/2019/08/tech-insurance-agents-startup-renewbuy

[renewbuydelhi]

RenewBuy, a digital insurance broker, wants to ramp up its multi-company digital agency force to two lakh over the next three years, said its Chief Executive Officer Balachander Sekhar.

This insurance-tech company now has 27,000 agents in 450 cities.

[renewbuydelhi]

Insurance broking firm RenewBuy is targeting a premium of Rs 800 crore in FY20. The digital insurance platform that specializes in motor insurance apart from products like health, has recently raised Rs 130 crore of Series B funding and wrote Rs 300 crore business in FY19.

[renewbuydelhi]

According to a recent report by the Internet and Mobile Association of India (IAMAI), India has approximately 500 million internet users. Of this, hardly 50 million are active online shoppers. For complex categories such as insurance, which is advice-based and where products are “sold" rather than “bought", this number is even smaller.