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The Bharat way of insurance distribution | RenewBuy
When it comes to shaking things up in big industries, founders usually take one of two paths.
You've got the Silicon Valley path - cut out the middlemen and sell straight to customers. Or there's the “Made for Bharat” path- where you empower the middlemen for their entrepreneurial spirit. Take Amazon and Flipkart vs. Udaan and Jumbotail in retail as an example.
Insurance is an industry where people used to rely on agents to buy policies. But then came PolicyBazaar which went the Silicon Valley route and ditched insurance agents. Enter RenewBuy which took the "Made for Bharat" approach.
RenewBuy was born out of the desire to create an InsurTech company that shakes up the old-school insurance system and makes it easy to understand and use.
In 2021, India's insurance coverage stood at 4.2%. That's considerably lower than the world average of about 7.23%. This big gap in insurance is what sparked the idea for RenewBuy.
Balachander Sekhar talks about his multi-decade journey in the insurance industry. He shares some of the unique choices they made while building up RenewBuy.
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