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.
What is it like to work with Apis?
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 look forward to partnering with them, to significantly scale the business and continue to invest in technology to constantly disrupt the category. We intend to use the partnership to exponentially grow in India and leverage their global experience to expand geographies as well.
Where do you see the company in 5 years?
The digital share of insurance market will be a 15-20 Billion USD market in 5 years and RenewBuy will be a leading player in this. Our advisor base will grow 4 fold from its current level of 50,000 to cover each and every town in India down to Tier 3 and 4 cities. Our revenues should see a 10-15X growth in this period.
We are doubling down on technology to get all insurance products into a digital experience, working with Insurance carriers. Also, we intend to co-create products with some of them providing custom products for our customers.
The next phase of disruption is to use AI in recommending products for customers. This is where key investments are being made which will deliver tailor made products for each individual customer across any geography.
What are the biggest opportunities for RenewBuy’s business?
Insurance continues to be under-penetrated and requires advice. Using technology, RenewBuy will continue to make insurance simple – simplifying products and making buying easy. This requires significant changes to product structures working with insurers, product recommendations based on individual requirements generated by using Ai and much more.
RenewBuy already has 50,000 agents in over 650 cities in India. This will grow four-fold to cater to 700 million Indians. To do this, it has already built significant efficiency and expertise in acquiring and on-boarding agents and will further step up momentum to achieve this.
Finally, the technology developed is universal – it can create significant value for multiple markets globally. Partnering with Apis will help create multi-country growth opportunity leveraging the platform.