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(Pi Bureau)
Virendra Singh Rawat
Business Writer
Online insurance aggregator RenewBuy targets to appoint about 10,000 insurance agents in Uttar Pradesh over the next 12-18 months.
According to estimates, UP has over 1.8 million cars and 12 million two-wheelers on roads at present and the market is growing by 20 percent annually.
However, almost 10 million of these vehicles, roughly 25 percent and 75 percent of the cars and two-wheelers respectively, are not covered by insurance.
“We want to leverage this large untapped segment in UP through our on-foot insurance agents and proactively reach out to the prospective customers, who have preferred not to procure vehicle insurance either due to the lack of awareness or cumbersome paperwork,” RenewBuy CMO Devesh Joshi said here.
Apart from appointing insurance agents in UP, the company has also planned to open offices in multiple towns, including Meerut, Varanasi and Allahabad. Currently, it operates offices in Lucknow and Kanpur cities.
Launched in 2015, RenewBuy is today among the fastest growing online insurance aggregator and boasts of a customer base of nearly 3,00,000 customers and growing. It clocks annualised premium insurance premium of about Rs 125 crore, he informed.
Going forward, the company has plans to foray in other insurance segments as well, including health, accident and term life.
“UP is a large potential market for insurance, since the state accounts for almost 10 percent of the total vehicles plying on the country’s roads. Therefore, it is a strategic market for us,” he noted.
He further said the digital platform of RenewBuy had the propensity to go a long way in bridging the yawning gap between the insured and uninsured vehicles on the state roads.
Joshi said RenewBuy offered a one-stop shop for meeting all the insurance needs of the customers providing not only convenience and instant policies, but also lowest rates due to its understanding with the insurance companies.
Meanwhile, the company had recently announced an equity raise of Rs 60 crore from Amicus Capital, a mid-market growth capital fund, to fuel its growth roadmap
