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.

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 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%.