Bussiness

Newbie Renewbuy is Changing the Way We Look at Motor Insurance

Renewbuy, an online motor insurance platform, seeks to usher in a new era in the Indian motor insurance segment and in the process, change the way motor insurance is bought in the country, sold and serviced by leveraging technology and becoming an enabler by streamlining and digitizing the motor insurance category, an initiative that was unheard off until recently. This startup platform is backed by proprietary technology that maps both car and bike models and instantly seeks the lowest available quotes from multiple insurers allowing consumers to save up to 60% on their automobile premiums.

Renewbuy Team

Renewbuy Team

RenewBuy was setup in January 2015 and launched its’s customer platform in July 2015 with a 20-member team that has now grown to 50. This new online platform is doubling its’s revenues month on month and they continue to be boot-strapped and cost efficient despite growing at this pace. Recently, the company has raised $ 500,000 worth of funding from Mount Nathan Advisors, a Singapore based firm and plans to invest the money to continue to grow the business and build more innovative solutions on claims so that they can serve their customers better.

RenewBuy1

The portal is operated by D2C Consulting services and has four co-founders – Balachander Sekhar, Indraneel Chatterjee, Devesh Joshi and Sandeep Nanda. The team consists of experienced professionals from Insurance leadership, Technology, Product Management, Marketing and Sales background from leading ecommerce and insurance companies.

The founders are visionaries in themselves and they plan to bring about the following three fundamental changes in the market:
• Changing the consumer habit for good by making them adopt digital medium to buy motor insurance.
• Understanding the level of acceptance of their products and service by consumers through real-time feedback and their ability to nimbly address the same.
• Adopting measures to evolve their products and services to stay ahead of the competition while being relevant to the consumer always.

New Buy two

The company boasts of having some prominent insurance partners such as Bharti Axa, Iffco-Tokio, HDFC Ergo and Bajaj Allianz, Reliance General. And the good news is that it has an insurance broking licence from the Insurance Regulatory and Development Authority (IRDA) and promises to offer the lowest premiums for insurance coverage for automobiles.
Though the company is just a year old that does not stop it to take baby steps towards success.

Currently, the car and bike insurance market is an INR 30k Cr category and given the huge increase in both car and bike sales, this category is likely to grow to a whopping INR 50k Cr in premiums by 2020.

Meanwhile, given the advent of smart phone and internet users in India, it is estimated that 25% of INR 50k Cr (INR 12.5k Cr) will be transacted online. In several developed economies, this percentage has already touched 50% and above. RenewBuy as a company, seeks to gain a substantial portion of this online market and become a category leader. Amidst huge success, there is a juxtaposition of constant challenges as well which the company have to constantly greet.

As one of its founder said, “Like any start-up, we face challenges big and small on a daily basis and have to be nimble enough to manage them effectively. The biggest challenge that most e-commerce organizations and hence online motor insurance category faces is consumers’ comfort and habit in transacting online. Today 99% of motor insurance is sold offline and is dominated by large brick and mortar conglomerates and financial services powerhouses. It will be a tough and long journey to gain consumer trust and change their habit.” Impossible is nothing, really.

Newbie Renewbuy is Changing the Way We Look at Motor Insurance
21 Comments

21 Comments

  1. Chrinstine

    July 17, 2016 at 9:55 pm

    I’ve been surfing on-line greater than three hours these days,
    yet I by no means found any attention-grabbing article like yours.
    It’s beautiful worth sufficient for me. Personally, if all website
    owners and bloggers made just right content material as
    you probably did, the internet shall be a lot more helpful than ever before. http://www.yahoo.net

  2. delhi escort

    August 6, 2016 at 2:55 am

    Wonderful blog! Do you have any suggestions for aspiring writers?
    I’m hoping to start my own site soon but I’m a little lost on everything.
    Would you suggest starting with a free platform like WordPress or go for a paid option? There are
    so many choices out there that I’m completely overwhelmed ..
    Any tips? Thanks!

  3. free ps plus codes

    August 20, 2016 at 12:35 am

    Hey There. I discovered your weblog using msn. This is an extremly smartly writen article.
    I will make sure to bookmark it and come back to learn more of
    your helpful info. Thank yyou for the post.
    I will certainly comeback.

  4. escort in delhi

    August 21, 2016 at 2:18 pm

    Great internet site you’ve got here.

  5. site

    August 25, 2016 at 7:30 pm

    Hi there, great web-site you have got in here.

  6. free porn videos

    August 28, 2016 at 3:15 pm

    Incredibly individual friendly site. Huge information available
    on few gos to.

  7. http://webuyjunkcarshouston.strikingly.com/

    August 30, 2016 at 12:57 am

    That is really interesting, You’re an overly professional blogger. I have joined your rss feed and stay up for in the hunt for extra of your great post. Also, I’ve shared your site in my social networks!

  8. cash for junk cars

    August 30, 2016 at 5:15 pm

    An impressive share, I just given this onto a colleague who was doing a bit of evaluation on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the deal with! However yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading extra on this topic. If attainable, as you become experience, would you thoughts updating your weblog with more details? It is highly helpful for me. Large thumb up for this weblog put up!

  9. junk cars for sale

    August 31, 2016 at 6:23 am

    Hey, you used to write fantastic, but the last several posts have been kinda boring… I miss your super writings. Past few posts are just a little bit out of track! come on!

  10. free porn online

    September 1, 2016 at 5:20 am

    The data is extremely interesting.

  11. visit site

    September 3, 2016 at 8:23 am

    Thanks pertaining to offering these types of great info.

  12. delhi escort

    September 9, 2016 at 11:38 pm

    Hello There. I found your weblog the use of msn. This is a really neatly written article.
    I’ll be sure to bookmark it and return to read extra of your helpful information. Thank you for
    the post. I will certainly comeback.

  13. cheap viagra

    September 10, 2016 at 4:03 pm

    There are a couple of interesting points over time in this article but I do not determine if these people center to heart. There exists some validity but I’m going to take hold opinion until I investigate it further. Very good post , thanks and that we want more! Added to FeedBurner likewise

  14. free porn online

    September 15, 2016 at 7:59 am

    This is a good tip particularly to those new to the blogosphere.
    Simple but very precise information… Appreciate your sharing
    this one. A must read article!

  15. 3ds emulator android

    September 16, 2016 at 1:15 pm

    diamond engagement rings will be always be the best stuff. it has great style and it is priceless,,

  16. free porn online

    September 17, 2016 at 2:40 pm

    I constantly spent my half an hour to read this webpage’s content daily
    along with a mug of coffee.

  17. 3ds emulator mac

    September 17, 2016 at 9:12 pm

    It’s difficult to acquire knowledgeable individuals for this topic, nevertheless, you sound like you know what you are discussing! Thanks

  18. 3ds emulator

    September 18, 2016 at 11:28 am

    Well done! I appreciate your contribution to this matter. It has been insightful. my blog: how to make money online

  19. 3ds emulator download

    September 19, 2016 at 2:43 am

    Just thought I’d leave a comment to state how much I enjoyed reading this read. Quality blog!

  20. delhi escort

    September 20, 2016 at 10:09 pm

    You really make it seem so easy with your presentation but I find this topic to be really something which I think I would never understand.
    It seems too complex and very broad for me. I’m looking
    forward for your next post, I’ll try to get the hang of it!

  21. kshticswlx

    September 21, 2016 at 1:05 am

    Newbie Renewbuy is Changing the Way We Look at Motor Insurance – TechnologyIssue
    kshticswlx http://www.gtggycmo26zk4r4d1099860emn468b94s.org/
    [url=http://www.gtggycmo26zk4r4d1099860emn468b94s.org/]ukshticswlx[/url]
    akshticswlx

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top