Easypolicy - Comprehensive Analysis Report

Summary

Easypolicy is an online insurance comparison platform founded in Noida, India, in 2011. The company's core mission is to provide transparent and high-quality services leveraging technology to simplify, advise, inform, and educate, thereby making insurance more accessible across India. It serves as an online comparison platform for both life and non-life insurance, offering quotes for products such as car, health, travel, and life insurance. Easypolicy plays a significant role in the Indian insurance industry by bridging the gap between numerous insurance providers and individual consumers or SMEs, simplifying the decision-making process, and providing support throughout the policy lifecycle, including claims assistance. It was acquired by Unilazer Ventures in 2017.

1. Strategic Focus & Objectives

Core Objectives

Easypolicy's main business objectives revolve around simplifying the complex world of insurance for its users.

Simplifying Insurance: Collecting and compiling information about various insurance policies from different companies and presenting it in an accessible and understandable format.

Customer Empowerment: Leveraging technology to inform and educate customers, enabling them to make informed decisions on insurance products tailored to their specific needs.

Market Expansion: In earlier years, a key objective was to establish and strengthen its distribution system across India's tier-II and tier-III cities.

Product Diversification: To launch a broader array of products, including two-wheeler insurance and customized small-ticket health insurance plans.

Operational Efficiency: Following the merger with Quickbima in 2020, a primary goal was to combine Quickbima's technology with Easypolicy's distribution network to drive efficiencies, automate business operations, and offer a simple and seamless user experience.

Specialization Areas

Easypolicy specializes in online insurance aggregation, providing a platform for comparing and purchasing a comprehensive suite of insurance products.

Online Comparison Platform: Core expertise in aggregating and comparing life and non-life insurance policies from multiple providers.

Expert Guidance: Offering unbiased support from insurance experts, application assistance, policy issuance support, and claim assistance.

Digital Policy Management: Providing a "Policy Vault" feature for digital insurance management.

Technology-Driven Solutions: Utilizing technology to streamline the insurance buying process and enhance user experience.

Target Markets

Easypolicy primarily targets individual consumers and small-to-medium-sized enterprises (SMEs) within the Indian subcontinent.

Individual Consumers: Catering to individuals seeking various insurance products like car, health, travel, and life insurance.

Small-to-Medium-Sized Enterprises (SMEs): Addressing the insurance needs of smaller businesses.

Geographic Focus: Predominantly operates within India, with a strategic focus on expanding distribution in tier-II and tier-III cities.

2. Financial Overview

Funding History

Easypolicy has raised a total funding of $13.1 million (approximately INR 318.4 million) over four rounds.

First Funding Round: January 24, 2015.

Series A Round (November 2016): Unilazer Ventures led a $10 million Series A round.

Latest Funding Round (March 18, 2017): A Series A round for $40.8K, with Windy Investments as the lead investor.

Key Institutional Investors: Unilazer Ventures, Windy Investments, and Sherisha Technologies.

Angel Investors: Neeraj Aggarwala and five other individuals are angel investors.

Further Investment (2018): Unilazer Ventures increased its stake in Easypolicy to 70% by investing an additional $6.7 million - $7.43 million (INR 45-50 Crore).

Fund Utilization: Capital from earlier rounds was intended to expand distribution in tier-II and tier-III cities and introduce new insurance products.

Revenue:

FY 2017-2018: Reported a total revenue of ₹2.3 crore.

March 31, 2021: Generated an annual revenue of ₹11.7 crore ($1.57 million).

Fiscal Year 2022: Easypolicy Insurance Web Aggregator Pvt. Ltd. generated revenue of INR 659,847.9.

Revenue Model: Primarily commission-based, earning fees from insurance providers upon successful transactions.

3. Product Pipeline

Key Products/Services

Easypolicy offers a comprehensive range of insurance products, acting as an online comparison platform for life and non-life insurance.

Car Insurance: Allows users to compare and purchase motor insurance policies for cars.

Health Insurance: Offers various health insurance plans, including critical illness coverage.

Travel Insurance: Provides options for travel insurance policies.

Life Insurance: Includes term insurance, investment plans, pension plans, and child plans.

Two-Wheeler Insurance: Part of the broader product expansion strategy.

Customized Small-Ticket Health Insurance: Plans to introduce specialized health insurance products.

Development Stage: The platform is fully operational, offering instant quotes and assistance for policy issuance and claims.

Target Market/Condition: Individual consumers and SMEs in India seeking to compare and purchase insurance policies seamlessly online.

Key Features and Benefits:

Instant Quotes: Users can enter their requirements and receive instant quotes from multiple insurers.

Unbiased Support: Assistance from insurance experts to help users choose the best policy.

Application and Issuance Support: Guidance throughout the application process and support for policy issuance.

Claim Assistance: Provides support during the claims process.

Policy Vault: A digital feature for managing all insurance policies in one place.

Comparative Analysis: Enables users to evaluate different policies across multiple providers.

4. Technology & Innovation

Technology Stack

Easypolicy operates as a technology-driven service provider, utilizing its online platform as its core.

Core Platforms: An online web aggregator platform designed to collect, compile, and present insurance policy information from various companies.

Proprietary Developments: The platform features advanced search, comparison, and filter functionalities to help users select suitable insurance plans.

Scientific Methodologies: Employs real-time updated records of insurance companies and their products to fetch relevant and reliable quotes based on user input.

Technical Capabilities:

Aggregation and comparison of diverse insurance products (life, health, travel, auto).

Streamlined, quick-pay journey model for policy booking via smartphones (post-Quickbima merger).

Shopping cart model for enhanced user experience and mobile accessibility.

Ongoing focus on strengthening technology to enhance customer-centric initiatives.

5. Leadership & Management

Executive Team

Easypolicy's leadership comprises experienced individuals in the fintech and insurance sectors.

Neeraj Aggarwala: Co-Founder of Easypolicy. He is also a founder of another company and an angel investor in three startups, serving on two company boards.

Divyanshu Tripathi: Co-Founder & CEO of Easypolicy. He serves on the board of one company and was a founding member of PolicyBazaar.

Ankit Sachdeva: Co-Founder of Easypolicy. He serves on the board of one company.

Alok Bhatnagar: Co-Founder of Easypolicy.

Arvind Shivhare: CEO of Easypolicy. He is also a founder of another company and an angel investor in one startup, serving on the board of one company.

Recent Leadership Changes

Merger with Quickbima (February 2020): Divyanshu Tripathi continued as Co-founder & CEO of the combined entity.

New Board Appointments: Ankit Sachdeva (co-founder of Quickbima) joined the Easypolicy board as Chief Technology Officer (CTO). Sunil Juneja (Principal Officer & Director of Quickbima) joined as Chief Operations Officer (COO).

6. Talent and Growth Indicators

Hiring Trends and Workforce

Easypolicy's employee count has shown some fluctuation across reported periods.

As of March 31, 2023: Easypolicy had an employee count of 2.

As of March 31, 2021: An employee count of 2 was reported.

Other Sources: Mention 350 employees or 237 total employees.

As of February 25, 2025: Easypolicy Insurance Web Aggregators Pvt. Ltd. has 255 employees.

Company Size: Classified by some sources as having 251 to 500 employees.

Company growth trajectory indicators: The company's strategic focus on expanding into tier-II and tier-III cities, along with enhancing its technology platform, suggests a growth-oriented trajectory.

7. Social Media Presence and Engagement

Digital Footprint

Easypolicy has an online presence on social media platforms.

Platforms: Easypolicy maintains profiles on X (formerly Twitter) and Facebook.

Brand Messaging: The company's communication aligns with its vision of making insurance accessible and simple through transparent, technology-driven services.

Community Engagement: Like many in the insurance industry, Easypolicy likely uses social media for customer support, building trust, and engaging with its community through informative content.

8. Recognition and Awards

Information on specific major awards, industry rankings, or recent media coverage highlights for Easypolicy is not readily available in the provided data.

9. Competitive Analysis

Major Competitors

Easypolicy operates in a highly competitive online insurance aggregation market in India.

PolicyBazaar: A dominant player in the market, known for significant funding and strong growth.

PB Fintech: A provider of an online platform offering insurance and lending products.

InsuranceDekho: Offers online insurance policy comparison and purchasing.

Coverfox: Provides a platform to compare and purchase various insurance policies online.

Others: Deal4loans, Souqalmal, Acko, BankBazaar, RenewBuy, and Ditto.

Competitive Positioning: Easily is ranked 31st among 97 active competitors. Its competitive advantage lies in its technology-driven platform, which simplifies insurance comparisons and purchases, complemented by expert guidance and customer assistance.

10. Market Analysis

Market Overview

The Indian digital insurance aggregators market is experiencing robust growth.

Total Addressable Market Size: The India Digital Insurance Aggregators Market is valued at USD 1.4 billion.

Growth Potential: Projected to expand at a 14.41% CAGR to USD 486.21 million by 2030. The broader Indian insurance sector is one of the fastest-growing globally, expanding at a CAGR of 17% over the past two decades and projected to reach Rs. 19,30,290 crore (US$ 222 billion) by FY26.

Key Market Trends:

Digital Adoption: Increasing internet penetration and rapid smartphone adoption (750-800 million units) are driving the shift towards online insurance.

Mobile-First Approach: Mobile app platforms are dominating distribution in the digital insurance market.

Regulatory Support: Government initiatives like "Digital India" and regulatory changes (e.g., IRDAI's "Guidelines on Insurance Web Aggregators" in 2023) are fostering a favorable environment.

Technological Integration: Adoption of AI and blockchain for improved customer experience and operational efficiency.

Private Sector Participation: Increased private insurer involvement fuels market expansion.

Market Challenges and Opportunities:

Challenges: Navigating a competitive landscape with established players and ensuring consumer trust in online platforms.

Opportunities: Tapping into underserved markets (tier-II and tier-III cities), leveraging advanced technologies for personalization, and benefiting from supportive regulatory frameworks.

11. Strategic Partnerships

Easypolicy has engaged in strategic partnerships to enhance its market position and capabilities.

Quickbima: A notable merger with Quickbima occurred in February 2020.

Nature of Partnership: This collaboration aimed to integrate Quickbima's technology infrastructure and distribution network with Easypolicy's operations.

Strategic Benefits: The merger sought to enhance efficiency, automate business operations, and offer a streamlined and seamless user experience through a tech-driven website and mobile app.

12. Operational Insights

Easypolicy operates in the dynamic and competitive Indian online insurance aggregation market.

Current Market Position: Ranked 31st among 97 active competitors.

Competitive Advantages: Its primary competitive advantage stems from its technology-driven platform, which simplifies the process of comparing and purchasing insurance policies. This is further bolstered by expert guidance and comprehensive customer assistance throughout the insurance lifecycle, including claims support.

Operational Strengths:

Technology-centric approach: Focus on digital solutions for comparison, purchase, and management of policies.

Customer-centric services: Providing unbiased advice, application assistance, and claim support.

Market reach: Efforts to strengthen distribution in tier-II and tier-III cities indicate a strategy to penetrate diverse geographic segments.

Product breadth: Offers a wide range of life and non-life insurance products.

Areas for Improvement: Given the highly competitive nature of the market, continuous innovation in product offerings, personalization, and enhancing brand visibility are crucial for sustained growth and market share capture.

13. Future Outlook

Strategic Roadmap

Easypolicy is positioned to capitalize on the growing digitalization and demand for simplified insurance solutions in India.

Planned Initiatives: The company plans to leverage its technological capabilities and market presence to expand its service offerings and enhance platform capabilities.

Growth Strategies: Expansion opportunities include launching new products tailored to specific customer needs and potentially extending operations into other geographic markets beyond the Indian subcontinent.

Expansion Opportunities: The increasing digital adoption, supportive regulatory environment, and technological advancements like AI and machine learning in India present significant avenues for Easypolicy to innovate in personalization, product offerings, and customer engagement.

Future Challenges and Mitigation Strategies: The company will need to navigate intense competition and continuously adapt its technology and service offerings to meet evolving customer expectations and regulatory changes. Strategic investments in technology and market penetration will be key to mitigating these challenges.