RenewBuy Company Profile

Background

RenewBuy is a digital insurance marketplace established in 2015 by Balachander Sekhar and Indraneel Chatterjee. The company aims to bridge the insurance gap in India's semi-urban and rural areas by leveraging technology to provide accessible and transparent insurance solutions. RenewBuy offers a range of insurance products, including motor, health, life, and travel insurance, primarily through a network of digitally enabled Point of Sale Person (POSP) advisors. This model combines digital efficiency with personalized advisory services, enhancing customer trust and satisfaction.

Key Strategic Focus

RenewBuy's strategic objectives include:

• Expanding Insurance Penetration: Targeting underinsured populations in Tier 2, 3, and smaller cities to increase insurance coverage.

• Technology Integration: Utilizing a proprietary digital platform to streamline the insurance purchasing process, ensuring efficiency and transparency.

• Advisor Empowerment: Equipping a vast network of POSP advisors with digital tools to offer tailored insurance solutions, thereby enhancing customer engagement and trust.

• Product Diversification: Offering a comprehensive suite of insurance products to meet diverse customer needs.

Financials and Funding

RenewBuy has secured significant funding to support its growth:

• Series B Funding (July 2019): Raised ₹130 crore (~$18 million) led by Lok Capital and IIFL Asset Management, with participation from existing investor Amicus Capital.

• Series C Funding (June 2021): Secured $45 million led by Apis Growth Fund II, managed by UK-based Apis Partners LLP.

• Additional Funding (August 2021): Received an additional $10 million from Evolvence Capital, bringing the total Series C round to $55 million.

• Investment from responsAbility (January 2022): Participated in the $60 million Series C round, with funds managed by Swiss asset manager responsAbility.

The capital raised is intended for technological enhancements, product diversification, and geographical expansion, both domestically and internationally.

Technological Platform and Innovation

RenewBuy's technological advancements include:

• Proprietary Digital Platform: A mobile application enabling POSP advisors to offer instant insurance quotes, compare products, and issue policies seamlessly.

• AI and Machine Learning Integration: Following the acquisition of Artivatic.AI in February 2022, RenewBuy has incorporated advanced AI and machine learning capabilities to enhance underwriting, risk assessment, and claims processing.

• End-to-End Digital Experience: Ensuring a paperless and contactless process for customers, from policy selection to issuance, enhancing efficiency and customer satisfaction.

Leadership Team

• Balachander Sekhar: Co-Founder and CEO, with extensive experience in the insurance sector, leading RenewBuy's strategic vision and growth initiatives.

• Indraneel Chatterjee: Co-Founder and Principal Officer, focusing on product development and market expansion strategies.

• Devesh Joshi: Chief Marketing Officer, responsible for brand positioning and customer engagement strategies.

• Sandeep Nanda: Chief Technology Officer, overseeing technological development and innovation.

• Sulbha Rai: Head of Human Resources, managing talent acquisition and organizational development.

• Harman Preet Singh: Chief Distribution Officer, leading the expansion and management of the advisor network.

Competitor Profile

Market Insights and Dynamics:

India's insurance penetration remains relatively low, presenting significant growth opportunities. The market is characterized by a mix of traditional insurers and emerging insurtech companies aiming to increase accessibility and efficiency.

Competitor Analysis:

• PolicyBazaar: Established in 2008, PolicyBazaar is a leading online insurance aggregator offering a wide range of insurance products. It has a substantial customer base and has raised significant funding to support its growth.

• Coverfox: Founded in 2013, Coverfox provides an online platform for comparing and purchasing insurance policies. It focuses on simplifying the insurance buying process and has secured multiple funding rounds.

• Acko: Launched in 2016, Acko is a digital-first insurance company offering innovative products and services, including partnerships with various digital platforms. It has attracted substantial investment to fuel its expansion.

Strategic Collaborations and Partnerships

• Acquisition of Artivatic.AI: In February 2022, RenewBuy acquired Artivatic.AI, a fintech startup specializing in AI and machine learning solutions for insurance. This acquisition enhances RenewBuy's technological capabilities in underwriting and claims processing.

• Investor Partnerships: Collaborations with investors like Apis Partners, Lok Capital, IIFL Asset Management, Evolvence Capital, and responsAbility have provided financial support and strategic guidance for RenewBuy's growth initiatives.

Operational Insights

RenewBuy's operational strategies include:

• Advisor Network Expansion: Growing the network of POSP advisors to enhance reach and customer engagement, particularly in underserved regions.

• Technological Enhancements: Investing in AI and machine learning to improve operational efficiency and customer experience.

• Product Diversification: Expanding the range of insurance products to cater to diverse customer needs.

Strategic Opportunities and Future Directions

RenewBuy's future plans encompass:

• International Expansion: Entering markets in the Middle East and Southeast Asia to replicate its successful model and tap into new customer bases.