InsurTech RenewBuy has closed a $40 million fundraise in a series D funding round from Japanese insurance major Dai-ichi Life Holdings Inc. This round is part of the company’s ongoing Series D fundraising, attracting interest from several other marquee investors and is expected to close soon.
RenewBuy’s technology is used by 1,00,000 plus insurance advisors across life, health and motor insurance, where they can compare product features and prices and issue policies on the spot, transparently and frictionlessly for their consumers. The company works with over 40 insurers to deliver a smooth digital experience and now has over 5 million consumers.
RenewBuy’s distribution franchise spreads across 1500 cities. Already 70 per cent of its business comes from tier 3, 4 and 5 markets. The start-up 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 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.
Regarding the fundraise, Balachander Sekhar, CEO of RenewBuy, said, “RenewBuy, in seven years, has digitally empowered advisors to offer insurance seamlessly, and 70 per cent of our business comes from beyond the 30th city. Most insurance companies focus only on the top 30 cities and cannot 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, 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,” he added.
Hitoshi Yamaguchi, representative director and managing executive officer of Dai-ichi Life Holdings, Inc. said, “Our investment in RenewBuy shows our desire to constantly improve ourselves and seek new ways to create value for our customers. RenewBuy is a great example of a disruptor that effectively leveraged social trends and technology to reach a market that was once considered unreachable. Their strong management team and disruptive technology have taught us to adopt a proactive mindset to disrupt our 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.”
Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is an insurtech player offering health, life and motor insurance products through 1 lakh plus insurance advisors. It has insured over five million customers across 800 cities, towns, and districts, using technology as an enabler.
