Insurance penetration to get a boost in smaller cities, here’s how

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New Delhi: Insurtech startup InsuranceDekho will partner with 50,000 micro-entrepreneurs across the country to offer offline insurance in smaller towns, with an aim to grow by three times in the current fiscal.

The company had launched an InsuranceDekho Saathi programme earlier this year and observed high traction from partners and customers.

“Over the last few months, InsuranceDekho has partnered with more than 2,000 offline stores in more than 15 cities. By the end of FY22, InsuranceDekho plans to partner 50,000 micro-entrepreneurs across 500 plus tier 3 and other cities across the country,” InsuranceDekho said.

The insurance policies comparing platform has currently an online and offline presence in over 1,000 cities and towns in India through its partner network.

InsuranceDekho is further expanding its reach in tier 3 and other cities. For this, the company is partnering with micro-entrepreneurs to create awareness about insurance and source and support its customers in these cities, it said.

These micro-entrepreneurs are engaged as Point of Sales Persons (PoSPs) of the InsuranceDekho Saathi initiative, it added.

The company said it has clocked premium worth Rs 1,200 crore in FY21 and plans to grow 3x in FY22.

Under the Saathi initiative, it will partner with micro-entrepreneurs in cities like Ludhiana, Jalandhar, Ajmer, Sikar, Udaipur, Jamshedpur, Mysore, Warangal, Kanpur, Aurangabad, among others, to further deepen its reach, give more choice to the customers, it added.

InsuranceDekho is giving training to these entrepreneurs.

They will cross-sell InsuranceDekho’s insurance products like life insurance, health, and motor insurance to their network.

“Insurance penetration in India is nearly 4% currently, and this number further dwindles as we move to tier 3 and beyond cities. We believe that there is an imminent need for us to create awareness about and expand the distribution of insurance products in the country,” InsuranceDekho CEO and co-founder Ankit Agrawal said.