Insurtech startup Insurejoy.com set to cross ARR of Rs300 cr this year

With the surging prices of everything, consumers now prefer to insure many things that form core parts in their day-to-day life. As a result, general insurers are witnessing a growing demand for insurance plans, investment plans, pension plans and child insurance, car and bike insurance, health insurance, etc. This has created more demand for one-stop solution providers, who can offer a gamut of insurance services at one go, observes a top official at Insurejoy.com, a recently launched startup.

"India has the highest ratio of dependents per family. Insurejoy.com has been set up with a vision to provide transparent and top-notch insurance related services driven by technology which are simple and easy to inform and educate customers about the importance of buying insurance," said Arvind Shivhare, co-founder and CEO, insurejoy.com.

While the market has always been there as insurance plays a vital aspect in everyone's lives where several types of insurance are made for different requirements like children's education, medical requirements, car and bike insurance and many other kinds of requirements which are important and are helpful in times of need, the demand for the health insurance had risen during Covid pandemic.

As per the latest updates, after the pandemic broke in the previous years, there has been an uptake over the last two years due to Covid-19, wherein India has been one of the most underinsured and vulnerable markets in the world "Unlike most other insurtech players that are focused on the commoditised general insurance segment, insurejoy is focused on solving life insurance in India. This will lead to insurance becoming more accessible and available across India" he added.

Supported by famous entrepreneur, Ronnie Screwvala it is now the fastest-growing insurtech startup, which will be crossing an Annual Recurring Revenue (ARR) of Rs300 crore in 2022. Founded in August 2021, it has a presence in 13 States and over 80 cities. In eight months, the organisation grew five times with over 100 products offered by more than 30 insurance partners. The company created a significant presence by employing more than 800 people.

It offers a wide range of insurance products including term life insurance, investment plans, pension and child insurance, car and bike insurance and health insurance. One can also compare and choose the best available insurance plans according to their needs.

A registered direct insurance broker with the Insurance Regulatory and Development Authority of India (IRDAI) this insurtech platform is managed and operated by Insuregram Insurance Brokers Private Limited.

"We do more than 70 per cent of our premiums through life insurance whereas other players have less than 10 per cent life insurance in their business portfolio," Arvind Shivahare said.

The company's website (Insurejoy.com), which helps users understand, compare and buy insurance products online is one of the most technologically advanced insurance comparison tool in India.

Adding more details about Insurejoy.com, Arvind Shivahare said, India has one of the highest mortality protection gaps. Only 17 out of 100 people have the difference between the cover typically required by a family and the resources they have available.

Insurejoy.com gives unbiased expert advice and information, helps in application assistance, insurance support, claim assistance and instant policies, which are fast secure and convenient "Our vision to provide transparent and top-notch services through technology to simplify, advise, inform, educate and to make insurance more accessible and available across India. Its motto is to reach out to insurance seekers residing in the far corners of the country, as well as promptly service customers in the thriving metros," concluded Arvind Shivahare.