Kolkata headquartered Ideal Insurance Brokers Pvt Ltd, a leading Insurance Broking firm with pan-India presence launched its online platform 121policy.com. The online platform will consult on Health Insurance to begin with and gradually add motor, life and other products. They see a huge gap in the Health Insurance market in terms of right advice and claims settlements and aims to bridge the gap between the insurer and the consumer, by providing them expert advice and innovative products like family health insurance, maternity cover, senior citizen health coverage, diabetic cover, corporate health insurance, overseas health insurance, top up covers and many more.
Ideal Insurance a 100 cr turnover company has created a strong presence since it started 11 years ago and today they specialize in products like Fleet Insurance, Credit Insurance, Engineering Insurance and recently launched Startup Insurance. They have been consistently growing at an average rate of more than 30% over the last 10 years. Their plan is to become one of the top 5 Brokers of India by 2020. To achieve its target the company has been aggressively investing in manpower and infrastructure to expand rapidly.
Ideal Insurance recently raised an undisclosed amount from Xelpmoc, a technology incubator promoted by former JustDial CTO Sandipan Chattopadhyay at a valuation of Rs.100 Cr. Speaking on this partnership, Ideal Insurance- COO, Mr Rahul Mohata said- “We are very pleased to have Xelpmoc on board, they have been of tremendous help in terms of strategizing, and planning the company's next stages of growth. When we planned 121policy.com we were looking for a partner who is an expert in technology, which is not our forte. That’s when we connected with Xelpmoc and it led to a strong strategic relationship”.
Commenting on the investment Mr Sandipan Chattopadhyay, Co-Founder Xelpmoc, said “Ideal Insurance is fundamentally a very strong organization with a great team and I am very excited to fund the growth plans of the company in a sector that is witnessing a huge growth momentum."
The company sees a massive growth potential for health insurance in India and is targeting plans to sell at least 1,000 health policies a month consistently, and expects it to go 10,000 policies a month over the next 3 years.
Mr. Mohata further stated “Health Insurance is the space where we want to create our niche. There is a huge requirement and demand for health insurance. We are a very strong player offline, our claim settlement is fantastic and we want to capitalize our offline experience and expertise online as well”.