Serial entrepreneurs Mallesh Reddy and Vijay Krishnamurthy, who come with a collective experience of over 50 years in the insurance and finance industry, today announced the launch of their new venture, Insuremile, an insurance aggregator platform. Insuremile has already partnered with 24 leading insurance companies and has on offer more than 200 products across general and life insurance. The company is targeting a cumulative premium of Rs 800 crores from over one million policies in the next five years. In the past, Mallesh and Vijay have founded companies which include iTrans and Xenon Capital Advisors.
India is a heavily underinsured market, with 75 percent of Indians not covered by any form of life insurance. The penetration of medical, vehicle and such insurance is also less than 10-20 % and varies according to sector. On the other hand, online aggregators have witnessed significant traction is recent times, with consumers increasingly turning to online resources to compare policies and get quotes before making a purchase. It is estimated that the total number of policies sold online in India is expected to touch 50 million by 2025. However, out of the 50 million people who search and compare insurance products online currently, only 6 million purchase products online, mainly due to privacy concerns. Insuremile is addressing this challenge by not asking for personal information of customers, like email or mobile numbers, to search and compare quotes.
Recent data also reveals that currently in India, there is Rs 11,000 crores of premium that goes unclaimed due to the complex process of reaching out across multiple touch points. Insuremile is addressing this challenge by providing free policy services for all existing policies issued by insurance partners. Leading insurance companies like Bajaj Allianz, HDFC Ergo, Reliance General, Bharati AXA, TATA AIG, Liberty Alliance, Sompo Universal, Iffco General, Star Health, Religare Health, Aidhya Birla and Future Generali amongst others are already onboard Insuremile. The platform is also collaborating with emergency and nearby service providers who can provide real time services like vehicle towing, ambulance, hospital and repair service centers to policy holders.
Speaking at the launch, Mallesh Reddy, Founder, Insuremile said, “With Insuremile, we want to simplify the hundreds of insurance products offered by various insurers, so that customers do not have to go to multiple people for advice. We aim to become India’s leading financial protection marketplace offering simple, fast and reliable web aggregator services to new customers and existing policy holders.”
“In the next 5 years, we see a large segment of the under insured and insured customer base shifting to the mobile space to buy and avail insurance services via mobile apps. We look forward to being a prominent player in this changing landscape.”