Listen to the Podcast conversation between Dhirendra Mahyavanshi & Michael Waitze from Asia Insuretech podcast about about the ever-evolving dynamic Insurtech landscape in India.
Dhirendra speaks about his 19 years journey from his early days in the insurance industry to creating the largest Insurtech startup in India with a PoSP network of more than 1,20,000 insurance advisors in India.
- A large part of the population has been introduced to insurance very, very recently, because maybe COVID has accelerated that a little.
- We are solving for increasing penetration, getting new customers, who were probably in the rural markets, with less access to insurance kind of products, they become part of the insurance world and they get insured.
- One big change that I see is that this industry is able to attract talent now. Earlier, it would be very hard to get top notch students from the best colleges to come and join the insurance industry. Now we’ve got the best engineering talent that wants to work in the insuretech space.
- We firmly believe that insurance is a business of relationship, it’s a business of trust. The product is complex. Consumers may understand parts of it, but can’t make a decision for themselves without expert advice. And, and that’s why also the need for buying insurance is not something that is inherent in a person, it has to be told to him and then he makes a then he comes to know that he needs to be insured, especially in markets like India.
- We have a content strategy that is focused on creating awareness around insurance. And we disseminate this content, which is what we call micro bite sized content, which is both video and sort of text and material based. We disseminate through our network of advisers.
- So we have about 500,000 financial advisors, who use our platform. More than a million downloads, but 500,000 actively distributing content within their community and getting customers to know about insurance.
- We have about 80% of our business that happens in cities beyond the top 10 and 65% of our business comes from cities beyond top 30.
- What we also did was we created technology that could also be consumed by large companies or small companies alike, who probably did not have access to this kind of a platform. So we’ve created API’s that banks, fintechs, or any other startup with a captive consumer base can use.
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