RenewBuy is an InsurTech start-up. It was founded by Balachander Sekhar and Indraneel Chatterjee in the year 2015. It offers a variety of insurance products via its online distribution platform. It was started under the parent Company D2C Consulting Services Private Limited. As a revolution in the insurance industry, RenewBuy offers products such health, life, and motor insurance products, which are delivered through a network of Point of Sales Person (POSP) insurance advisors. Since its inception, RenewBuy claims to service more than five million clients in more than 800+ locations through a network of over one lakh insurance consultants, primarily in smaller cities that account for over 70% of its income.
Funding & Acquisitions
To date, RenewBuy Tech has raised around $132M in nine funding rounds. The latest Series D funding round took place in July 2023 in which Japanese Insurance major Dai-Ichi Holdings acquired an 11% stake in the business at a valuation of $364M. The investment round occurred a little over two years to the day after the insurtech business concluded a $55 million Series C round, headed by Apis Partners, in August 2021. In addition, Stride Ventures and InnoVen agreed to give the business Rs. 68 Cr in debt in November 2022.
In terms of acquisitions, Artivatic, a startup in insurance technology with AI capabilities, has been acquired by RenewBuy.AI last year aimed at speeding up the resolution of insurance claims, which has improved and expanded its current policy distribution and servicing capabilities. Competitors of RenewBuy include Policy Bazaar and Insurance Dekho. RenewBuy competes with sites like Policy Bazar and Insurance Dekho.
ReNewTech – USP
With lower penetration and increasing demand for affordable insurance products, insurance remains a lucrative segment for fintech startups in India. The Indian insurtech market is expanding at a CAGR of 17% and is projected to generate $307 Mn in revenue by 2030, based on Inc42’s “State of Indian Fintech report published in 2022.RenewBuy is a tech-driven, branchless company with advisors all around the country that seeks to simplify insurance. Some of its distinctive USPs include-
Faster Claim Processing – By partnering with the insurer to classify diseases based on disease codes and then transferring it to the insurer under the specified set of paperwork obtained towards the claim amount validation which takes around 5–10 mins with advanced AI tools, as opposed to the conventional method, which would require more than 45–60 mins, enabling a smooth claim processing experience for the customers.
Tailored Insurance Products- RenewBuy is working together on the development of customized insurance products in the life and health insurance sectors for which it has just launched its first OPD-based health insurance, which has customizable coverage that ranges from Rs 2 to 5 lakh with additional benefits.
Future Opportunities
ReNew Buy is growing and planning to grow even bigger by making more acquisitions by investing in acquiring top, mid, and entry-level talent along with building our national network of insurance advisors. It also aims to –
- Achieve profitability.
- Presence across 800+ districts in India
- Reaching around 25M consumers in the next few years.
