QuickInsure
Brokers Private Limited, an insurance broking company, has tied up with 17
insurance companies to offer automobile, health, personal accident and travel
insurance. It has launched quickinsurance.co.in, through which it offers
paper-less service to insurance buyers through its agents. The company plans a
three-fold rise in its agents this year from the present of about 6,000.
QucikInsure Founder and Chief Executive Officer Anand
Shrikhande speaks with B
Krishna Mohan on their strategies and expansion plans. Edited
excerpts:
Business model
We are insurance brokers. Earlier, only insurance companies were allowed to appoint agents. But that changed after regulator Irdai allowed brokers to appoint agents. Ours is an agent driven-business. We now have 6,000 of them including 500 in Hyderabad. We plan to increase the total number to 20,000 this year. We give instant commission (about 15 per cent) to the agents as against the 30 days’ time taken in the industry. We support them with an app that allows them to showcase products from various insurers. We integrated our systems with that of insurance companies to get realtime updates so that we can compare the policies on features prices. We are a completely paperless — the policies are delivered online. Payments are accepted only online and are made directly to the insurance companies We are settling about 50 claims every month.
We are insurance brokers. Earlier, only insurance companies were allowed to appoint agents. But that changed after regulator Irdai allowed brokers to appoint agents. Ours is an agent driven-business. We now have 6,000 of them including 500 in Hyderabad. We plan to increase the total number to 20,000 this year. We give instant commission (about 15 per cent) to the agents as against the 30 days’ time taken in the industry. We support them with an app that allows them to showcase products from various insurers. We integrated our systems with that of insurance companies to get realtime updates so that we can compare the policies on features prices. We are a completely paperless — the policies are delivered online. Payments are accepted only online and are made directly to the insurance companies We are settling about 50 claims every month.
Trends
in the sector
More people are taking health insurance mainly due to the rising healthcare costs. The average sum insured is about Rs 5 lakh. The segment is growing around 35 per cent. Also, many are talking about a personal accident cover for financial security. Motor insurance is steady with about 15 per cent growth. However, the automobile industry is now seeing a slowdown mainly due to new emission norms and conversion to electric vehicles. About 50 per cent of the two-wheelers plying on the roads do not have any kind of insurance. Among those buying insurance, many are inclined at having third party insurance. Own damage cover is considered only if the vehicle age is below five years. Many are also considering zero-dip policies. Travel insurance is yet to take off in a big way. Now, the domestic travel insurance is mainly for flight and train journeys. Health, personal accident and a term policy are must haves for all.
More people are taking health insurance mainly due to the rising healthcare costs. The average sum insured is about Rs 5 lakh. The segment is growing around 35 per cent. Also, many are talking about a personal accident cover for financial security. Motor insurance is steady with about 15 per cent growth. However, the automobile industry is now seeing a slowdown mainly due to new emission norms and conversion to electric vehicles. About 50 per cent of the two-wheelers plying on the roads do not have any kind of insurance. Among those buying insurance, many are inclined at having third party insurance. Own damage cover is considered only if the vehicle age is below five years. Many are also considering zero-dip policies. Travel insurance is yet to take off in a big way. Now, the domestic travel insurance is mainly for flight and train journeys. Health, personal accident and a term policy are must haves for all.
Revenue target
Our revenues were about Rs 2 crore and the insurance premium collected was about Rs 20 crore. But this year, we expect the insurance collection to rise about five-fold and a corresponding rise in our revenues on the back of addition of new customers as well as renewal of policies. We are confident of achieving this the number of polices for us is rising by over three-fold month-on-month.
Our revenues were about Rs 2 crore and the insurance premium collected was about Rs 20 crore. But this year, we expect the insurance collection to rise about five-fold and a corresponding rise in our revenues on the back of addition of new customers as well as renewal of policies. We are confident of achieving this the number of polices for us is rising by over three-fold month-on-month.
Funds and Plans
We have secured about $1 million in funding last year. We are getting enquiries for funding and will decide on that as we grow. The segment we operate in has limited competition now. However, this will be the future of the trade and use of technology will be key to cater to the customers.
We have secured about $1 million in funding last year. We are getting enquiries for funding and will decide on that as we grow. The segment we operate in has limited competition now. However, this will be the future of the trade and use of technology will be key to cater to the customers.
