RenewBuy

The service features policy issuance that is "natively digital and therefore paperless and contactless", combining digitally trained insurance advisors equipped with mobile apps to offer insurance products across Tier 1, 2 and 3 cities.

Mission: deliver superior customer experience through an empowered point-of-sale for every 10,000 customers, empowering distribution across the insurance value chain.

RenewBuy works with more than 30 insurers to offer diversified products, enabling agents to recommend solutions from multiple carriers rather than promoting a single company's products.

RenewBuy primarily targets underserved populations in Tier 2, 3, 4, and 5 markets; the company estimates approximately 700 million uninsured people lack access to insurance due to complex products and branch-dependent distribution. 70% of RenewBuy's business originates beyond the 30th city, with 35% coming from beyond the 100th city.

A nationwide network of point-of-sale-person (POSP) insurance advisors who use the RenewBuy platform and mobile app to sell and service policies as their livelihood.

Individuals must complete a training program and pass an IRDAI-mandated certification exam before becoming a RenewBuy POSP (point-of-sale-person) insurance advisor, ensuring a baseline of qualified, compliant advisors representing the platform.

A dedicated team of technically qualified claims experts handles disputes and liaises directly with onboarded insurers on behalf of customers and advisors to help ensure fair claim settlements.

RenewBuy built an integrated platform giving advisors claim registration plus a comprehensive, intuitive dashboard view of all reported claims, letting them self-serve on claim status for their customers.

RenewBuy's consumer-facing platform commits to ongoing support for customer queries and claims beyond the initial policy purchase.

120,000+ digitally-enabled POSP agents across 800+ cities and towns who use the RenewBuy Mobile App for on-ground outreach.

A digital platform (website and mobile app) for direct consumer access, alongside the agent-led channel.

68+ branch offices nationwide, with presence in 1,500+ cities across India from Andaman & Nicobar Islands to Kashmir.

RenewBuy actively co-creates low-cost, customised products in the health and life insurance segments, tailored using consumer data for Tier 2 markets and beyond.

RenewBuy's leadership treats ongoing investment in its technology platform as vital to expanding its reach into India's smallest markets.

RenewBuy applies artificial intelligence, machine learning and automation across its insurance value chain, working to improve claim settlements and underwriting processes following its acquisition of AI-based insurtech Artivatic.

The RenewBuy Mobile App is the core technology resource its advisors carry into the field; the company describes it as recreating what a physical insurance company branch can do, letting advisors serve consumers nationwide.

RenewBuy's February 2022 acquisition of AI-based insurtech Artivatic.AI brought it a SaaS underwriting/claims technology stack including more than 400 APIs and over half a dozen patents, strengthening its AI and machine-learning capabilities.

RenewBuy uses technology plus micro consumer-behaviour data and insights to co-create low-cost, customised insurance products aimed at Tier 2 markets and beyond.

RenewBuy's largest resource is its human capital: a strong nationwide network of advisors that the company equips and supports daily from its Gurugram corporate office and branch network.

RenewBuy works with over 35+ insurers across motor, health and life insurance categories and financial products in loans, credit cards and health plans (per a 2022 profile); a later 2023 profile put the figure at "more than 30 insurers."

Japanese insurer Dai-ichi Life Holdings invested $40 million for roughly 11% equity in a Series D round, aiming to leverage RenewBuy's distribution capacity and expand its own group business (via Star Union Dai-ichi Life) using RenewBuy's technology and capabilities.

RenewBuy acquired AI-based underwriting and claims solutions provider Artivatic.AI in February 2022 to strengthen capabilities across insurance claim settlement, underwriting and risk assessment.

RenewBuy operates as a broking intermediary, earning commissions from partner insurers for policy sales and servicing.

Motor insurance dominates at 75% of business, while health and life insurance contribute 25%.