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InsurTech startup Edelweiss General Insurance has tied up with a number of Internet economy firms, and small and medium enterprises (SMEs) for group health policies and believes that there is much more demand from the segment, especially for Covid care covers.
“We have identified a target segment for our group health policies, which are smaller start ups and SMEs. International trends show that large companies manage it themselves as the numbers are so large. The segment we are going after is SME and start up companies with less than 1,000 employees,” said Shanai Ghosh, Executive Director and CEO, Edelweiss General Insurance.
Also read: Edelweiss Financial Services posts net profit of Rs 637 crore in Q4
In an interaction with BusinessLine , Ghosh said the segment is not only profitable but also needs support to manage its group policies. The insurer is also seeing a lot of demand from companies for Covid care insurance. It has tied up with Ola and Dunzo to provide such policies for their driver partners and delivery personnel.
“There are several such internet economy start ups where we have partnered with them to provide health cover for their employees and associates,” Ghosh said.
The insurer offers it own group corona policies and also has options such as a fixed benefit plan for such companies. Meanwhile, Ghosh said the insurer will continue to focus on health and motor segments despite the challenges seen in them in the last one year.
Also read: Edelweiss General Insurance ties up with Okinawa Autotech for e-bike insurance
“Health is a focus for us since day 1,” she said while noting that the Covid-19 pandemic will continue to challenge our profit and loss and pricing.
In the motor segment, apart from private vehicles, Edelweiss General Insurance is also selectively getting into some commercial vehicles and 2 wheeler space also.
The general insurer registered a 49 per cent growth in premiums in 2020-21, which was led by private car and retail health insurance. Private Car insurance grew by 46 per cent on a year on year basis in 2020-21 for the company while retail health expanded by 182 per cent last fiscal.
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