Indian Insurance
Industry members estimate there is huge potential in online life insurance
aggregation, as there are limited players due to heavy regulation by the
central government.
Mr. Alok Bhatnagar,
of EasyPolicy, a rival to PolicyBazaar, said, “Only 1.5% of the insurance in
India is sold online (but) the quality of customer and the renewal rate through
internet is extremely high in India“
Only nearly 5% of
India's 120 crore people are currently insured.
Insurance Regulatory
and Development Authority (IRDA) has made it mandatory for internet firms to
procure a licence prior to starting such operations.
Other companies which
offer aggregation & comparison of financial products online include Sequoia
Capital - backed BankBazaar, CoverFox & MyInsuranceClub.
No comments:
Post a Comment