InsuranceDekho is taking insurance to the masses with aggressive distribution plans

In a recent conversation with YourStory’s Daily Dispatch Ankit Agrawal, CEO and Founder, InsuranceDekho shares the company’s journey, how it grew through the pandemic and discusses roadmaps for the future.
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Founded in 2016, Gurgaon-based InsuranceDekho, with its extensive network in major Indian cities, is at the forefront of insurance space in India.

The company has recently launched InsuranceDekho Saathi plan through which the platform plans to take insurance distribution to the masses.

InsuranceDekho, initially present in 17 cities, has grown to 60 and currently has partners across more than 1,000 cities. The company says it achieved this growth by enabling people like kirana shop owners or housewives, who are not full time agents, to sell insurance.

Speaking about the insurance space, Ankit Agrawal, CEO and Founder, InsuranceDekho says that health insurance has been the biggest beneficiary of COVID-19.

“No amount of government spending or advertisement by insurance companies could have increased the kind of awareness on health insurance and the importance of it which the pandemic did,” he says. In that context, InsuranceDekho’s business in health insurance grew by almost 400 percent over the last 18 months.

He adds that the insurance companies innovated quickly in terms of products, coverages and processes of underwriting such as video call or telephonic verification.

Ankit mentions that the insurance industry is growing and finally getting its due, with companies like PolicyBazaar leading the charge. There’s a lot of innovation happening around distribution and underwriting which adds up to software-as-a-service (SaaS) play.

The sector is also garnering investor interest, with top companies in the field are even planning to go public.

Ankit shares that by the end of this financial year InsuranceDekho would source Rs 1,000 crore plus in premium.

The company aims to exit this financial year at an annualised run rate in premium of Rs 1,700-2,000 crore.

“The company has been growing 2x year on year for the last couple of years,” he says.

Lastly he concludes by saying that, in terms of fundraising, InsuranceDekho is planning to hit the market in the next two to three weeks. The target is to be out there in the market by the first week of 2022.

Edited by Affirunisa Kankudti