BENGALURU : A new city-based insurance aggregator platform was launched on Wednesday by serial entrepreneurs Mallesh Reddy and Vijay Krishnamurthy. Insuremile will target a cumulative premium of `800 crore from over 1 million policies in the next five years.
According to the company, around 75 per cent of Indians are not covered by any form of life insurance and the penetration of medical, vehicle and other insurances is 10-20 per cent. “On the other hand, online aggregators have witnessed significant traction in recent times, with consumers increasingly turning to online resources to compare policies and get quotes. It is estimated that the total number of policies sold online in India is expected to touch 50 million by 2025,” the founders said in a statement.
Out of the 50 million people who search insurance products online currently, only six million purchase products online, mainly due to privacy concerns. The company will address this by not asking for personal information. “In the next 5 years, we see a large segment of the underinsured and insured customer base shifting to the mobile space to buy and avail insurance services via mobile apps,” Reddy said.