RenewBuy
Invested March 2021
Profile
Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is a disruptive InsurTech player, providing choice and convenience to consumers buying Health, Life and Motor Insurance products, delivered through a trusted network of insurance advisors. RenewBuy has grown exponentially, because of its unique model of combining a complete digital experience for consumers; to avail choice of insurers, comparison on price and features, and advice from trained, certified insurance 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 120,000 insurance advisors and has insured more than 5 million consumers across 800+ cities and towns. With its vision to take insurance to the Tier 2, 3 cities and beyond and, with its network of digitally enabled insurance advisors, RenewBuy is doing around 70% of its business beyond the 30th city of India. The company is fast growing its agency force, and planning to double the numbers in the next few years.
Considering RenewBuy’s presence 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.
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, RenewBuy has proven to be one of the most potential insurance models, which has successfully worked in Tier 2, 3 cities and beyond.
Headquarters
Gurugram, India
Region
India
Sector
Insurance
Sub-sector
Brokers
Fund
Apis Growth Fund II
Where do you see the company in 5 years?
The digital share of insurance market is growing and RenewBuy is one of the leading Indian players in this. Our advisor base will grow threefold from its current level of 120,000, to cover each and every town in India, in the Tier 3 and 4 cities. Our revenues should see a 10-15X growth in this period.
We have been doubling down on technology to get all insurance products into a digital experience, working with Insurance carriers. Using technology, micro consumer behaviour data and insights, we have co-created low-cost/ customised products, targeted at helping consumers in Tier 2 markets and beyond; helping break the price barriers in those markets.
Use of artificial intelligence, machine learning and automation is transforming every aspect of our insurance value chain. We are working towards improving claim settlements and underwriting processes, for which we had acquired Artivatic (cutting-edge, AI- Artificial Intelligence based InsurTech company). While India is always our primary focus, we are also exploring markets beyond India, where similar pain points exist and are at the right stage for digital disruption.
What are the biggest opportunities for RenewBuy’s business?
Insurance continues to be under-penetrated and requires advice. Using technology, RenewBuy continues to make insurance simple – simplifying products and making buying easy. In the next few years, we are focused on RenewBuy’s growth, in terms of tech development, product offerings and accelerated consumer outreach. We are increasing our distribution reach, enhancing distribution portfolio with more health and life products and finally, the technology developed is universal – it can create significant value for multiple markets globally.
“It was a complete meeting of minds right from our first meeting. Apis Partners, with significant domain knowledge of Insurance and payments across many parts of the world, immediately saw the potential of our approach.”
“We intend to use the partnership to exponentially grow in India and leverage their global experience to expand geographies as well.”
— Balachander Sekhar and Indraneel Chatterjee, Co-Founders, RenewBuy