RenewBuy was founded on the basis of two realizations- the first, in the motor insurance category, consumers were not getting a choice, best price, or the right advice. The second was customer experience during claims was usually poor. Recently featured in the global list of best insurance tech companies, RenewBuy seeks to change the way motor insurance is bought, sold and serviced in the country, using technology.
The company was founded by Balachander Sekhar, Indraneel Chatterjee, Sandeep Nanda, and Devesh Joshi. We chat with them about the venture. An excerpt of the interview:
- What made you start your venture?
Car & Bike insurance is a 25,000 Cr category in India and is expected to double to by 2020. While the category is currently dominated by large brick & Mortar conglomerates and financial services powerhouses, online sales are expected to capture more than 20% market share by 2020.
This movement towards the web-based platforms is being fueled by improving Internet infrastructure, smartphone penetration as well as consumers’ expectation of transparency, discounted deals, ease of buy and high-class service experience. Backed by our own background in the category, we not only saw a huge commercial potential in this but more importantly saw an opportunity to disrupt the market by becoming an enabler by simplifying and digitizing of motor insurance category.
- What has been the key to your business’s success?
To our mind it is a combination of timing and a sharp business model backed by a seasoned team with relevant experience across Insurance, Technology and Marketing domains. As mentioned above, RenewBuy seeks to change the way motor insurance is bought, sold and serviced in the country- – our proprietary technology has been fully operational for last 6 months.
While many “E-com” players rely heavily on intrusive tele-calling processes to reach out to consumers, RenewBuy with its ‘No Tele-calling’ mantra focuses on simplifying and digitizing consumers’ buying experience – for instance, during our customer registration process we do not as for the customers’ telephone number! However, we are happy for customers to call us for anything if have queries.
The key differentiator for RenewBuy, in this nascent eCom based auto insurance space, is its vision of going vertical in the category and establishing itself as a customer-centric, single window solution for all consumers’ needs related to their vehicles.
- Quote comparison from leading insurance companies- savings of up to 60% on premium
- 1-click, hassle free buying process, no paperwork required, instant policy
- Insurance reminder service, Fully digitized buying and claim assistance process- no tele-calling
- Digital locker for key documents like RC, Insurance Policy, License, Road Tax certificate, Pollution certificate etc.
- Service and maintenance assistance
- What are the major challenges in your line of business and how did/do you overcome them?
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 eCommerce 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 & Mortar conglomerates and financial services powerhouses. It will be a tough and long journey to gain consumer trust and change their habit.
- Do you have a mentor who guides/advices you on matters of the business?
The team itself has deep domain expertise in the insurance industry. Added to that is the advisory board comprising of people from leading positions in large and successful companies.
- Have you benefitted from the use of any specific technology for your regular operations?
RenewBuy is fast getting established as India’s premier, web-based, auto insurance comparison platform backed by its proprietary technology. This technology enables its search engine to find the lowest quotes from leading insurers and save consumers up to 60% on their renewal premium.
- What strategy do you follow for Customer Satisfaction & Expansion?
Our endeavor is to provide world-class service through our proprietary technology, multiple quote comparison, straight through, hassle free processing, instant policy and digitized claims process. Our pure digital model makes it a completely scalable model.
- What, according to you, are the top 3 skills needed to be a successful entrepreneur?
There is no right answer for this, and we are far from calling ourselves ‘successful” however, in our view the key skills are: Strong domain knowledge on the business Sharp consumer insights – which helps one solve their issues on your product Nimbleness – adapt and move fast in this dynamic environment Visit their Website: www.renewbuy.com Like them on Facebook: https://www.facebook.com/Renewbuy