Democratising Indian Insurance Sector
When Ankit Agrawal and Ish Babbar founded InsuranceDekho in 2016, their main aim was to simplify the insurance buying experience and serve customers with the most holistic offerings at one platform.
Now, with the insurance industry in India on the verge of explosive growth, thanks to government initiatives, and increasing public awareness, InsuranceDekho is well-positioned to meet the insurance needs of every Indian.
For Bharat
Earlier in February this year, InsuranceDekho raised $150 million in Series A funding consisting of a mix of equity and debt. The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments. Since its inception, the company has witnessed significant premium growth.
According to Babbar, Co-founder and CTO, InsuranceDekho, the latest funding will be used to scale up InsuranceDekho’s product and technology functions, expand to new markets and launch new innovative products in the health and life categories.
The Big Picture
Agrawal, CEO and Co-founder, InsuranceDekho says, “We need to go beyond the urban regions when it comes to insurance penetration in the country. To realise our goal of democratising insurance for the general public, we are expanding our reach.”
By the end of this calendar year, InsuranceDekho aims to have more than 200,000 insurance advisors active on its platform. Typically, most InsuranceDekho insurance advisors observe a threefold increase in total household income within six months of being associated with the company.
Babbar says, “There will be a phygital world that will lead India. People will depend on the right advisory and information available to make the best insurance choice.”
Next Phase of Growth
As to when InsuranceDekho will become a unicorn, Babbar says, “The unicorn tag should come soon. Even in the current tough environment, there is enough capital if one is building the business on the right fundamentals.” Already, the Insurance Regulatory and Development Authority of India (IRDAI), according to its chairman Debasish Panda, is working on a three-pronged approach -- availability, accessibility and affordability -- to ensure 'Insurance for all by 2047'. Lauding the nation’s goal, Babbar asserts that InsuranceDekho is on the right track to meet the target.
According to media reports, InsuranceDekho is looking to raise more than $50 million in Series-B funding, from new and existing investors in the next two-three months at a $650-700 million valuation
