RenewBuy

Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is a disruptive InsurTech player providing choice and convenience to customers buying Health, Life and Motor Insurance products, delivered through a trusted network of Point-of-sales person (“POSP”) advisors. RenewBuy has grown exponentially, because of its unique model of combining a complete digital experience for customers; to avail choice of insurers, comparison on price and features, and advice from trained, certified POSP advisors; from buying to renewals and servicing for claims. The entire experience is paperless and contactless, and policy is issued instantly.

The company now has about 50,000 POS partners and has insured more than 2.5 million customers across 650 cities and towns. Using technology as an enabler, the company has created differentiation in consumer experience and service, as well as in the geographical expansion of the sector. Since its inception in 2015, it has become the fastest growing online insurance player.

Considering RenewBuy is in the InsurTech space, the core team has experienced professionals who were in leadership positions across technology, product management, marketing and sales from leading ecommerce and insurance companies. The company hence, has a perfect mix of digital know how and insurance product management.

In the next five years, RenewBuy envisions to become the ‘Amazon’ of Digital insurance, making insurance reach to every Tier 2 and Tier 3 city and smallest of towns. It wants to mitigate the demand supply gap faced by the insurance industry as well as consumers, in the country. RenewBuy plans to increase its customer base to 25 million people and provide a source of livelihood to 2 lakh POSP advisors in the next few years.