RenewBuy.com is one of India’s fastest-growing digital insurance platform with a unique digital Agent model, providing ‘contactless’ insurance service through its 35,000 plus POS agents spread over 450 cities across the country. These POS Agents use RenewBuy app and continue to provide ‘contactless’ motor, health and Life insurance solutions to their customers for renewals and as well as covers, even in these times and have been largely un-impacted during the lockdown. RenewBuy claims that it has pioneered the digitally enabled Point of Sale (POS) insurance model. Given many inbound investor interest in RenewBuy, the management decided to use this opportunity to provide employees across the hierarchy, an opportunity to cash in part of their employee stock ownership plans (ESOPs). This has given many employees an option to cash in part of their holdings. Since raising its series B in 2019, the company has not only grown 3X but also moved towards profitability. While the company is well capitalized, it has used the inbound interest to offer liquidity to its employees.
The company with its full-service insurance platform has emerged as the fastest growing insurance distribution platform in the country. Express Drives recently had an insightful interaction with Balachander Sekhar, Chief Executive Officer and Founder, RenewBuy during which he shared the current market conditions in terms of the motor insurance sector, revival and how one can renew motor insurance in just a few minutes at RenewBuy.
How do you expect the market to react in terms of motor insurance once the lockdown is over?
This crisis is fast changing the way we live and interact with people. I believe there will be emergence of 2 trends – Contactless service and move to Safety net. Given that RenewBuy has always been a contactless and digital insurance service provider, we have seen our business actually grow significantly through the months of March, April and May – across product lines. Motor, Health and Life insurance products. Apart from initial slowdown in April we see almost 100% comeback on motor. It is mandatory and also risk coverage is relevant – so will not expect major impact. Yes, given the nature of distribution in this category, a move from physical to digital will emerge. Providing a contactless service, like our agents do, will become important for customers who will always prefer to rely on their agents for expertise, and post sales service.
How does contactless renewal of Lapsed motor insurance works?
Typically, for renewal of a lapsed motor insurance policy, the customer has to get physical inspection done with the insurance provider. This process is completely offline and cumbersome and can take up to 2-3 days for the insurance company to issue the policy. RenewBuy has disrupted this traditional process with the use of AI tools built within our platform. With this, the entire process of policy issuance for a lapsed policy has been digitised. RenewBuy’s self-inspection tool within its app integrates with insurers’ underwriting logic engine and uses AI to approve or reject the case in real-time. This helps consumers to get their vehicle back on the road in no time. For post-sales servicing as well, the non-financial underwriting has been automated, which provides immediate solutions to customers with regards to policy servicing and claims processing.
We have enabled one-click renewal system on our platform that helps in instant renewals. We are using machine learning and data analytics that helps us in understanding and predicting issues to find out right solutions. We have succeeded in motor insurance space, as the process is almost effortless to compare motor insurance between different insurers.
What is the cost and how much time it takes to renew insurance through RenewBuy?
RenewBuy, as a platform allows a customer to compare between the multiple choices with regards to the quotes and plans offered by the insurance companies at one place and select the best suited plan. A customer can receive a policy in their inbox within few minutes. With our complete digital solution, we provide contactless, frictionless and seamless buying experience for the consumer. At the click of a button, the consumer can access products from multiple insurance companies at the lowest prices, as well as different kinds of customized offerings for their unique requirements. The policy is issued within minutes, digitally in a contactless manner; the highlight of our approach is that a trained and certified RenewBuy POS agent is always handholding the customer during the sale and the entire course of the policy.
What is the key USP of RenewBuy?
RenewBuy is India’s first digital agent model, completely backed by proprietary technology platform through which an agent can seamlessly offer choice of insurance products to the customer, transparently, instantly and at lowest price. We have pioneered the digitally enabled, Point of Sale (POS) ‘contactless’ insurance model and have over 35,000 + POS agents across the country. Technology remains the core to our growth. We have created the most cost efficient, customer-centric model that has digitized the entire insurance value chain for agents, insurers, and customers alike. RenewBuy.com’s platform has redefined the insurance selling & service experience in India. Our seamless and reliable platform, which provides choice of simplified insurance solutions across categories, is used by certified PoS partners to reach their consumers in every corner of India. Our branchless presence across more than 450 towns is a testimony of the success of our unique and disruptive model.
What is the stepwise process of motor insurance at RenewBuy?
With RenewBuy’s app-based model, everything is centralized and digitized thereby ensuring transparency. The platform is used by our digitally enabled and POS certified agents to advice and sell insurance products across Health, Life, Motor and Travel insurance to their customers. These POS agents first understand their customers’ requirements and use need analysis tools on the platform to recommend products to them. RenewBuy’s platform instantly provides multiple quotes from leading insurers with option to customize the recommendation. The recommended options are shared with the customer over email or WhatsApp to pay via credit card, debit card, net banking, or digital wallets. Following which, the policy is instantly delivered to the customer’s email. The whole process is transparent, seamless and efficient.
Are you charging any premium for contactless renewal of motor insurance amid lockdown?
No, we do not charge any premium from our partners for using our platform to issue contactless insurance policies for their customers, either during lockdown or in normal times.
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