Insurance Distribution platform where insurance sales and service journeys are configured to enable brokers, aggregators, fintech companies can insure their user base
Our platform is live on production and 5 SME Banks are using our platform to sell insurance to their user base. We are doing 30-35 policies everyday. We intend to scale this to 100 policies everyday in next 1 month and also get into SME Insurance
1. Banks- Bancassurance is Rs. 3000 cr business in India. 2. Aggregators- It can generate Rs. 1000 cr insurance business 3. FMCD companies- It can generate Rs. 800 cr insurance business 5. Brokers- It can generate Rs. 2000 cr business
Problem or Opportunity
Insurance Distribution is not simplified right now due to the lack of adoption of cloud technology by insurance companies. There are few tech companies that have developed cloud-enabled distribution platforms for selling and servicing insurance.
Solution (product or service)
We have a cloud-native Enterprise SaaS distribution platform for companies interested in selling and servicing insurance. We intend to add various ML algos to smoothen the whole process and reduce human dependency on the whole sales and service journey
Riskcovery- less than 2% market share Exegesis- around 10% market share Covergenius- less than 1% market share Ebaotech- less than 1% market share ITMines- less than 10% market share
Advantages or differentiators
1. Instant setup of account for client 2. Completely cloud-native with scalability to manage huge volumes 3. Many ML algos to minimize the human intervention of processes 4. Easy to use with focus on customer experience
3-5% commission from each sale transaction
We expect to process Rs. 100 cr insurance from our platform in the next 1 year, which will generate approx Rs. 3-5 cr revenue for us.
We have a B2B2C model more we enable our partners to sell insurance and in turn, get a commission from each sale. We have the following metrics 1. Number of registered clients, 2. Value of total insurance processed from our platform, 3. MAU 4. Amount of insurance cross-sold/ up-sold