, a subsidiary of the Bengaluru-based Group, has received the Insurance Regulatory and Development Authority of India’s insurance broking licence to enter the insurance business.

The company, which will go live in the next few days, plans to hire 2,000 employees by the end of 2019 and set up insurance purchase centres across 500 taluk centres across India at an investment of ₹40 crore. “People often believe that insurance is an investment product; however, insurance is all about sharing risk – the risk of death, disability due to accidents, illness, and loss of assets, among others. While insurance cannot make up for the emotional loss of these risks, it can certainly mitigate financial losses,” said CS Sudheer, founder, Group.

Pointing out that insurance agents choose to promote insurance as a savings and investment product as they receive higher commission for these against pure insurance products such as term, healthcare, car and two-wheeler insurance, he said, “that’s why pure insurance products, that are absolutely necessary, are not very popular in India”.

“The insurance sector in India is poised for double-digit CAGR, owing to factors such as low penetration, the growing need for accessible healthcare, state-sponsored schemes such as Ayushman Bharat, and a proactive regulator in the form of IRDAI,” said Narasimha B, CEO,