RenewBuy.com forays into South

RenewBuy.com forays into South
Online insurance aggregator RenewBuy.Com has forayed into the Southern market, and aims to grow aggressively in the insurance space.

Launched in 2015, the aggregator has designed back-end technology integration with insurance companies, and its technology enables consumers to find lowest quotes from insurers.

RenewBuy.com Chief Executive Officer Balachander Sekhar said, “We have been catering to the North, and now we have started operations in the South with offices in Bengaluru and Chennai. We are planning to open in Coimbatore, Hyderabad and Kochi soon.”

“When we started, there were 20 other online insurance aggregators, but problems in the industry were still continuing, and when it comes to insurance, it is still massively underpenetrated.”

In spite of many online players and VC funding, less than 0.01% of life, and not more than 2% of motor insurance moved digital.

“What we are doing is combining both, technology and the agent. Our platform provides the consumer a one-stop solution for all insurance requirements, and so far, we have served more than 2.5 lakh customers and our annual premium turnover is Rs 100 crore,” he said.

Its partners or agents work exclusively for the aggregator. “We have 200 agents in Bengaluru and we want to increase the number to 10,000 in three years in Karnataka alone. At present, we are offering car, bike insurance and accident cover. We are planning to provide health insurance and life insurance soon,” he said.

RenewBuy.com recently raised Rs 60 crore from Amicus Capital.

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