Screwvala Backed insurejoy.com Becomes the Fastest-Growing Insurtech Startup

11 May 2022 , 09:30 AM

Business Wire India
In 8 months insurejoy.com has grown 5X with over 100 products offered by 30+ insurance partners. The company has created a significant presence in 80 cities, with 800+ employees and is also recruiting a large force of Point of Sales agents, to take insurance to Bharat. The insurtech startup will cross 300 CR ARR in Premium this fiscal.

insurejoy.com is the Life insurance-focused one-stop solution in India. While most of the other insurtech players focus mainly on the Motor business, insurejoy.com has taken the harder but more lucrative route of Life Insurance. insurejoy.com does more than 70% of its premiums through Life Insurance whereas, other players have less than 10% Life insurance in their business portfolio.

There has been an uptake over the last 2 years due to COVID, India is still one of the most underinsured and vulnerable markets in the world.

Arvind Shivahare, Co-Founder & CEO, insurejoy.com, said, “India has one of the highest mortality protection gaps. Only 17 out of 100 people have the difference between the cover typically required by a family and the resources they have available, should a wage-earner pass away suddenly. To add to it, India has the highest ratio of dependents per family. Unlike most other insurtech players that are focused on the commoditized general insurance segment, Insurejoy is focused on solving for life insurance in India.”
About Insurejoy.com
 
insurejoy.com is an Insurtech platform managed & operated by Insuregram Insurance Brokers Private Limited, a registered Direct Insurance Broker (Life & General) with the Insurance Regulatory and Development Authority of India (“IRDAI”). Focused on taking insurance to the large & underserved addressable population in India, Insurejoy.com wants to transform the way insurance has been distributed in the country. Founded in August 2021, Insurejoy.com is now one of the fastest-growing insurtech companies in India, with a presence in 13 states and over 80 cities.