How Jaipur Based Insurtech Startup ‘iAssure’ Is Providing Quality Insurance Plans At Affordable Price
The insurance tech sector is among those sectors in which participation of insurers from rural areas is very low.
As per IRDAI, insurtech sector is yet to penetrate more than 5% of India’s population in the life segment. And in the non-life segment, the penetration is only 15% of the total viable market of $100 billion.
Because of this low penetration, there is a huge distribution gap in the insurance sector.
Today’s startup story is about iAssure, an insurtech startup that aims to solve the problem of lack of distribution, awareness, trust, and digitisation in semi-urban and rural markets,
Startup Story: iAssure | Quality Insurance Plans At Affordable Price
Founded by Abhishek Tiwari in 2015, iAssure is a Jaipur-based insurtech startup that aims to increase insurance penetration in semi-urban and rural areas.
The startup is providing people with a platform to buy all general insurance products with point of salespersons (POSPs). iAssure is a bootstrapped startup (funded by family and friends) and has made a total investment of close to Rs 12 crore in the company.
How iAssure Started?
Abhishek is a law and CA graduate, and he worked with the ICICI Bank for a decade. But it was during the working as the CEO at Au Insurance broking, the idea of iAssure was born.
While working in Tier-II and III markets, Abhishek realised there was a huge gap in distribution as far as insurance is concerned.
Talking about distribution gap in the insurance segment, Abhishek says,
“While working in Tier-II and III markets, we realised there was a huge gap in distribution as far as insurance is concerned. For example, Rajasthan has 33 districts and 300 plus tehsils. The presence of private insurers is not more than ten districts, whereas public players have their presence in all 33 districts and another 30 tehsils. It implies that rest of the market is served by individual or corporate agents who have their own limitations when it comes to offer choice of product and servicing.”
So, Abhishek decided to solve this distribution issue by digitising the insurance services, create mass level networks, create employment, and serve the unserved and underserved consumers in semi-urban and rural markets of Bharat.
Through iAssure, Abhishek aims to solve the problem of lack of awareness, trust, digitisation, and distribution in semi-urban and rural markets, which is home to 80% of the Indian population.
USP Of iAssure
iAssure is helping individuals sign up with the right insurance plans at an affordable price. The startup offers car, bike, health, travel and commercial vehicle insurance.
iAssure appoints point of salespeople (POSP) who travel to towns and using digital means show different products and pricing to customers that suit their needs.
POSP assist individuals in choosing the right product and also help people with digital payments.
At present, the startup is providing services in the northern regions of the country and is currently present in ten states.
Present Situation of iAssure
Till now, iAssure has covered 500 tehsils in North India and claims to be having 5,500 POSP counters in the last three years. And competing with the likes of other insurtech startups like Acko, Policy Bazaar, and Artivatic, the startup has issued close to half a million policies.
On the revenue front, The startup clocked a revenue of Rs 9 crore in FY-20 and is eyeing Rs 15 crore in revenue by FY-21.
However, the company is yet to become profitable.
Future Plans of iAssure
iAssure has some aggressive expansion plans for the future. And in the next 18 months, iAssure wants to cover 1,400 tehsils in 10 states in its current area of operation and penetrate vertically.
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