InsurTech start-up, RenewBuy, has closed a $40 million fundraising, 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 fundraising, which is attracting interest from investors and is expected to close soon.
RenewBuy’s technology is used by insurance advisors across life, health, and motor insurance; where they can compare product features, and prices and issue policies on the spot, in a transparent and frictionless manner for their consumers.
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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 in 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.”
The company said it works with more than 40 insurers, has more than 5 million consumers, and a distribution franchis, across 1500 cities.