New Delhi, August 2023.
InsurTech major, RenewBuy has closed US$ 40 million fund raise, in a series D funding round; from Japanese insurance major, Dai-ichi Life Holdings Inc. This round is part of the company’s on-going Series D fund raise, which is attracting interest from several other marquee investors and is expected to close soon.
RenewBuy’s pioneering technology is used by 1,00,000 plus insurance advisors across life, health and motor insurance; where they can compare product features, price and issue policies on the spot, in a transparent and frictionless manner for their consumers. The company works with more than 40 insurers, to deliver a smooth digital experience, and now has more than 5 million consumers. RenewBuy stands out in the market, given its wide-spread distribution franchise, across 1500 cities. Already 70% of business comes from Tier 3,4,5 markets; RenewBuy also has tailor made packages for health and life solutions for these markets.
With (recently acquired) Artivatic.AI’s deep tech integration, RenewBuy has substantially upgraded and increased its current policy delivery and servicing capabilities. It is consistently working towards improving underwriting solutions and claim settlement processes, for easing out insurance solutions in the country.
Speaking on the fund raise, Balachander Sekhar, CEO, RenewBuy said, “RenewBuy, in seven years has digitally empowered advisors to offer insurance seamlessly, and 70% of our business comes from beyond the 30th city. Most insurance companies continue to focus on the top 30 cities only – and unable to expand due to high fixed costs. Using technology, RenewBuy has brought massive efficiency in the sales process; we want to leverage this to deliver better pricing to consumers. With low penetration levels currently, we will see exponential growth for RenewBuy in the next two decades.”
“With Dai-ichi coming on board, we have found an ideal partner who shares our long-term vision. It provides us with an incredible growth opportunity, not only in India but across Asian markets, by leveraging our technology,” Balachander Sekhar further added.
Hitoshi Yamaguchi, Representative Director, Managing Executive Officer of Dai-ichi Life Holdings, Inc. said, “Our investment in RenewBuy shows our desire to constantly improve ourselves and seek for new ways to create value for our customers. RenewBuy is a great example of a disruptor that leveraged social trends and technology effectively to reach a market which was once thought to be unreachable. Their strong management team and disruptive technology have taught us to adopt a proactive mindset to disrupt our own traditional ways of doing things. Their performance gives us the confidence that they can continue to drive significant growth in the underpenetrated and ever-growing Indian market, as they constantly find ways to improve themselves and stay at the edge of technological disruption.”
“This mindset of constant disruption is what we want to drive further into our Group, and we believe that through the partnership with RenewBuy, we can accelerate the sophistication and innovation of our group business, including our life insurance business in India,” Hitoshi Yamaguchi further added.
RenewBuy has proven to provide one of the most capital efficient business models, which makes it one of the fast-growing InsurTech companies in the country. It is empowering India’s workforce as well, by providing employment opportunities in the smaller town and cities.