Insurance marketplace InsuranceDekho is focusing on to become a market leader in the country’s insurtech space.
If its business growth trends continue, then the company would be able to take the numero uno position in the insurtech space in the next 18-24 months, CEO and co-founder Ankit Agrawal said.
“From the profitability perspective, we are still in the investment mode right now. We are investing in technology, we are investing in people. Our focus is on building our people’s capability and tech capability. Our focus is now growing the business,” Agrawal told FE.
On the possible timeline for breaking even for the company, he said, “Right now our focus is to grow our business and become a market leader in the insurtech space. We are the fastest-growing insurtech in the country. If the same trend continues, in the next 18-24 months we should be able to take the numero uno position.”
The company is focusing on strengthening its B2C play, deepening its distribution in terms of cities and partners, and opening new business and product lines.
“On a year-on-year basis, we doubled our growth in terms of premium in the last financial year during the Covid pandemic. As an organisation we deepened our distribution. We expanded to over more than 700-800 cities. We grew our B2C business and channel business. We launched new business lines. So, growth was across segments and across categories,” Agrawal pointed out.
InsuranceDekho sold over 10 lakh policies and clocked Rs 1,200 crore premium last fiscal. It plans to grow three times in the current fiscal. Currently, health and life insurances constitute less than 7-8% of its overall book, while the rest is auto insurance. “Our focus is towards building the health and life insurances business. Health and life will account for 20-24% of our book, it will take at least 18 months to get there.” Agrawal said. Launched in 2017, the company is an insurtech start-up by Girnar Insurance Brokers.
In the last few months, the company has partnered with more than 2,000 offline stores in more than 15 cities. As of March 31, 2021, around 10% of its business came from B2C, while around 90% came from B2B. B2B is where the company works with agent partners who help acquire customers, while in B2C, a customer comes online and buy insurance policies.
Under ‘Saathi’ initiative, it wants to take insurance in a big way to Tier III, IV and V cities. By the end of the current financial year, the company plans to partner 50,000 micro-entrepreneurs across over 500 Tier III and beyond cities across the country.
“During the pandemic the health insurance market has completely been reset. Health has now moved from a push product to a pull product, on the back of increasing awareness. I think obviously there might be some tapering down in demands, but more people will want to buy a health insurance. As the lockdown restrictions are being lifted, more people are stepping out of their house. So, the demands for auto insurances are going to increase,” Agrawal added.