The Insurance Trailblazer RenewBuy's insurance advisors reach out to their consumers across the country, armed with the RenewBuy Mobile App, which replicates fully what a physical insurance company branch can do
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A two-decade stint in the Indian insurance sector in various roles inspired Balachander Sekhar to take on entrepreneurship in 2015 and launch his own insurance distribution platform, RenewBuy, aiming to reach out to millions of underserved customers in Tier 2 and 3 cities.
"Tech is the core of our business—from guiding consumers to providing the most suitable insurance policy to insurance servicing to claim settlement and other end-to-end insurance service. RenewBuy's insurance advisors reach out to their consumers across the country, armed with the RenewBuy Mobile App, which replicates fully what a physical insurance company branch can do. That's the reason why a consumer in Ladakh today is availing insurance through us without any hassles," says Sekhar, co-founder, RenewBuy.
Accordingly, the company makes use of artificial intelligence, machine learning and automation in every aspect of its insurance value chain. While it has a significant presence in the motor insurance category, RenewBuy is now trying to enhance its distribution portfolio with the inclusion of more health and life products to forge a stronger foothold in a rather competitive market.
On the question of governmental regulations, Sekhar is full of optimism. "We are blessed to be working in a sector which is so well-regulated by IRDAI (Insurance Regulatory and Development Authority) and aimed at protecting the interest of policy-holders and promoting the orderly growth of the industry both for insurance as well as re-insurance businesses. IRDAI introduced a lot of reforms recently, which will help in improving the ease of doing business and make the sector more consumer-friendly." he explains.
According to Sekhar, being an entrepreneur, in the fintech space or otherwise, involves a lot of challenges. "There will be hardships as well as success; one needs the motivation and ability to cope with all the good and the bad. Following a calm and focussed approach is the only way to persist in your endeavours for the long haul," he shares from his personal experience.
Factsheet:
• Amount of funding received: USD 70 million
• Year of inception: 2015
• Number of employees: 2400
