InsurTech company RenewBuy has raised $40 million in a series D funding round from Japanese insurance player Dai-ichi Life Holdings Inc.
This round is part of the company’s ongoing Series D fund raise. RenewBuy said its technology is used by over 1,00,000 insurance advisors across life, health, and motor insurance, where they can compare product features and prices and issue policies on the spot.
The company works with more than 40 insurers and has more than 5 million consumers. RenewBuy has a distribution franchise across 1,500 cities. 70 per cent of business comes from Tier 3, 4, and 5 markets; RenewBuy also has tailor-made packages for health and life solutions for these markets.
Balachander Sekhar, CEO, RenewBuy, said, “RenewBuy, in seven years, has digitally empowered advisors to offer insurance seamlessly, and 70 per cent of our business comes from beyond the 30th city. Using technology, RenewBuy has brought massive efficiency to the sales process; we want to leverage this to deliver better pricing to consumers. With low penetration levels currently, we will see exponential growth for RenewBuy in the next two decades.”
With recently acquired Artivatic.AI’s deep tech integration, RenewBuy has upgraded and increased its current policy delivery and servicing capabilities. It is working towards improving underwriting solutions and claim settlement processes to ease out insurance solutions in the country, said the company.
Hitoshi Yamaguchi, Representative Director, Managing Executive Officer of Dai-ichi Life Holdings, Inc. said, “Our investment in RenewBuy shows our desire to constantly improve ourselves and seek new ways to create value for our customers. Their performance gives us the confidence that they can continue to drive significant growth in the underpenetrated and ever-growing Indian market, as they constantly find ways to improve themselves and stay at the edge of technological disruption.”