The Indian online insurance segment is expected to grow exponentially over the next five years and reach almost INR600bn ($8.8bn) on the back of an expanding digital ecosystem.
Currently, the online insurance sector is 2-3% of the total insurance premium collection of INR3trn annually, reports Business Standard.
“Over the next five years, the net insurance premium revenue is pegged at INR6trn, of which the onlne insurance space is expected to comprise 10% or about INR600bn,” online insurance aggregator RenewBuy CEO, Mr Balachander Sekhar, told Business Standard.
He claimed the growth in the insurance and online insurance spaces would emerge from both big cities and tier-II and tier-III towns. He said currently about 70m people of the total 1.25bn population in India had taken any type of insurance.
RenewBuy has drawn up a roadmap to onboard 100,000 digital insurance agents (partners) over the next 2-3 years, including 10,000 in Uttar Pradesh, which is a key market for the company. Currently, the insurer has a network of about 11,000 partners, which would ramp up to 100,000 in coming years, added Mr Sekhar.
The company has 24 offices in India, besides a network of digital agents in all key cities and towns.