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Serial entrepreneurs Mallesh Reddy and Vijay Krishnamurthy, who come with a collective experience of over 50 years in insurance and finance industry, announced the launch of their new venture, Insuremile, an insurance aggregator platform, on Thursday.
Partnership with 24 firms
Insuremile has already partnered with 24 insurance companies and has on offer more than 200 products across general and life insurance. The company is targeting a cumulative premium of ₹800 crore from over one million policies in the next five years.
In the past, Mallesh and Vijay have founded companies which include iTrans and Xenon Capital Advisors.
India is a heavily under-insured market, with 75 per cent of Indians not covered by any form of life insurance.
The penetration of medical, vehicle and such insurance is also less than 10-20 per cent and varies according to sector.
On the other hand, online aggregators have witnessed significant traction is recent times, with consumers increasingly turning to online resources to compare policies and get quotes before making a purchase.
Privacy concerns
It is estimated that the total number of policies sold online in India is expected to touch 50 million by 2025. However, out of the 50 million people who search and compare insurance products online currently, only six million purchase products online, mainly due to privacy concerns. “Insuremile is addressing this challenge by not asking for personal information of customers, like email or mobile numbers, to search and compare quotes,” said Mallesh Reddy, Founder, Insuremile.
Recent data reveals that currently, there is ₹11,000 crore of insurance policy premium that goes unclaimed due to the complex process of reaching out across multiple touch points. “Insuremile is addressing this challenge by providing free policy services for all existing policies issued by insurance partners,” said Vijay Krishnamurthy.
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