KOCHI: The Indian insurance industry has a market size of $106 billion with double-digit growth. This is just a tip of the iceberg as there are significant gaps in the Indian insurance market and there is a huge market opportunity in the non-insured and the underinsured segments.
To tap into these unexplored areas, vKover, an online platform operated by Yella insurance, is planning to hire 10,000 agents in Kerala in the next two years as part of its expansion plan. They are planning to bring on board 1,00,000 digital agents in India by 2026.
Founded in 2020 by Vijayakumar, an IIM -Kolkatta alumni and Arun Mohanan, vKover is logging an annual turnover of Rs 25 crore. The company hopes to double its annual premium turnover to Rs 200 crore in the next two years with its proposed expansion to southern and western regions.
The company has partnered with 30 insurance companies in the Life and General Insurance categories. Anyone who has passed 12th grade with access to a smartphone can apply for the post. The Agent will be given the mandatory IRDAI(POSP) training, certified by vKover and will be granted a licence.