RenewBuy.com, an online motor insurance aggregator and broking firm, hopes to double its annual premium turnover to ₹200 crore in the next two years with its proposed expansion to southern and western regions.
Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, both of whom had insurance industry experience of 15-16 years, RenewBuy is now logging an annualised turnover of ₹100 crore.
This has been contributed by just two markets — National Capital Region and Punjab. Only in the last three months, it opened offices in Ahmedabad, Mumbai and now in Chennai.
The company recently raised ₹60 crore from Amicus Capital. Overall, it seeks to have presence in 30 locations across the country.
“Our strategy has paid off and we have achieved success with frugal funding. In less than two years, we have become the second-largest player in the online insurance industry with more than two lakh consumers.
“With about 7,000 agents on our platform, we are also among the top 10 insurance distributors in the country for motor as a category,” Balachander Sekhar, Chief Executive Officer, told BusinessLine .
RenewBuy is looking to hire 10,000 agents in Tamil Nadu in the next two years as part of expansion in the south.
“Any 12th passed person with a decent aptitude for numbers and with access to a smartphone can become our agent. He will be given the mandatory IRDAI training, certified by us and given licence to work for us. We will also teach soft and sales skills,” said Sekar.
He said the agents will be able to earn a minimum of ₹10,000 per month. “Some of our agents earn up to ₹75,000,” he added.
RenewBuy has used technology to make renewal of motor insurance easier. Its website offers quotes from different companies for renewal of any two-wheeler or car insurance by just the click of a button.
It sees agents as a vital part of insurance distribution and uses a trained workforce to support its online business model.
The company is bullish on growth outlook as 75 per cent of the two-wheelers and 25 per cent of the four-wheelers in the country do not have insurance.
This huge under-penetration is seen as a strong opportunity for the company.