Leading InsurTech, RenewBuy to double its insurance advisor network by 2023
News Editor, Takmaa News, Kolkata, 8th Sept 2022 : India’s leading InsurTech player, RenewBuy, aims to double its insurance advisor workforce strength by the end of 2023. The company is on an advisor** acquisition spree, where it is planning to increase its advisor base by 100k in the smaller markets. The Gurgaon headquartered company has approximately 70 branches across the country and the acquisition is planned across all its regions and offices.
In the last six years of the company’s inception, RenewBuy has built a national insurance advisor network of approx 95000 advisors, across 780 districts. The next few years are focused on RenewBuy’s exponential growth; in terms of tech development, product offerings, accelerated consumer outreach and insurance advisor acquisition across the country. The company is also working towards upscaling its technology, so that the insurance process can further become seamless and simplified. The hiring process is thus, aimed at making more and more insurance advisors take insurance to the masses, and increase consumer base, especially in the smaller regions, where insurance is still not accessible.
Speaking on the occasion, Balachander Sekhar, CEO RenewBuy said, “Since RenewBuy’s inception, our mantra has been to make insurance simple and accessible to everyone. RenewBuy has made the entire end-to-end insurance process simple, where RenewBuy’s digitally enabled insurance advisors help consumers choose the best suited insurance policy. Our model has helped consumers specially in the health and life insurance category, where digital has been instrumental in increasing insurance penetration amongst consumers. We have currently 3 million consumers, and we are looking at an accelerated growth in the consumer base. The consumer outreach can only increase when we have more digitally enabled insurance advisors across the country.”
Chief Business Officer, Nishant Mehta said, “RenewBuy is on an advisor acquisition spree this year. We are aiming to add 100k new insurance advisors to our network. By the end of this quarter, we aim to on-board around 5000 insurance advisors in Kolkata. In order to achieve our acquisition goals, we are deploying multi-channel strategies, including advisor outreach through internal referrals. We have also initiated internal recruitment programs, where people across all departments are contributing in their own ways towards advisor on-boarding. We are also grooming our insurance advisors through intense training programs, so that they get skilled enough to use RenewBuy’s InsurTech platform and guide consumers in the best possible way.”
“We are looking at hiring insurance advisors who have been in this business, people from other professional background who are interested in building a career in InsurTech, housewives and even freshers from colleges and B-schools,” Nishant further added.
Insurance advisors joining RenewBuy would be trained to provide a sound understanding on how the tech model of RenewBuy works. They would be educated about the business metrics and trained to connect with consumers and guide them with the best suitable insurance products.
RenewBuy’s insurance advisor model is based on the POS partner model, wherein the insurance (POSP) advisor is eligible to sell insurance of more than one company. The POSP partner model is entirely different from the tied insurance agents who can sell the insurance of only one company. RenewBuy is associated with leading insurance companies that offer life insurance, health insurance, and motor insurance. Its certified POSP advisors can offer insurance as per the consumer needs, as the advisors have numerous options to offer. The entire end-to-end process of insurance is through a digital medium, which is paperless, contactless and insurance is issued in few minutes. RenewBuy’s Mobile App is fully recreating what an insurance company branch can do.
