Insure-tech platform InsuranceDekho has announced that it will be hosting Life Insurance Corporation of India (LIC) products. The move is the culmination point of InsuranceDekho’s strategic partnership with LIC, announced on Tuesday, November 17. The Insuretech player, a part of the CarDekho Group, is looking to realise its vision of 100 per cent penetration in India, reaching the farthest corners of the country. InsuranceDekho currently has a presence in over 1,300 towns across India. The company covers 93 per cent of the pin codes in the country. Partnership with LIC, India’s largest insurance provider, is likely to bolster the number.
Speaking about the partnership, representatives from InsuranceDekho and LIC emphasised their common goal: to make insurance accessible to every citizen in the country. Both representatives also spoke about their plans to leverage technology to improve customer experience.
Ankit Agrawal, InsuranceDekho’s CEO and co-founder, said, that the partnership with LIC will enable his company to achieve its aim of “democratising insurance and making it accessible to everyone despite the geographic or class divide.”
“LIC is India’s most trusted insurance provider and by joining hands with them, our vision of establishing 100 per cent penetration in the remotest towns of the country will become easier to manifest,” Agarwal said.
Highlighting future plans, he noted that InsuranceDekho is looking to “leverage the best technology, POSP partner practices, and innovation to set new heroic benchmarks for our partners, insurance advisors and customers.”
InsuranceDekho’s live platform already features over 330 products from 45 different insurers. With the tie-up with LIC, the company will now be able to provide its customers, spread across the country, with the range of insurance solutions of India’s largest insurance company.
LIC’s Regional Manager (MBAC), Jayant Kumar Arora, said the partnership will help the company to increase its penetration. He stated, “With this partnership, we plan to leverage InsuranceDekho’s technology and analytics to further expand our customer base and provide best-in-class services to all customers.”
InsuranceDekho has been on an upward trajectory ever since its establishment. It is currently on track to end the 2023 fiscal year at Rs 3,000 crores annualised premium run-rate. The company claims close to 10 insurance policies are sold on the platform every minute.
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