Online insurance policy aggregators Easypolicy and Quickbima, on Wednesday (February 12), announced the merger of the two companies. Under the agreement of these companies, the merged entity will operate under the brand name of Easypolicy.
After this merger, Divyanshu Tripathi cofounder and CEO of Easypolicy will maintain his position. Quickbima’s cofounder Ankit Sachdeva and principal officer and director Sunil Juneja will join Easypolicy as chief technology officer and chief operations officer, respectively.
The merger will help Easypolicy to leverage Quickbima’s technology to offer a simple and better user experience to its customers. Tripathi said that the customer experience is going to be the key factor in bringing new customers as well as retaining users.
Explaining further how this alliance will help both the companies, Tripathi said that the alliance will help Easypolicy to enter the untapped markets and grow exponentially. “Easypolicy will also offer short and convenient quick pay shopping model to enable users to buy policies even on smartphones,” he added.
Founded in 2011 by Alok Bhatnagar, Tripathi and Neeraj Aggarwala, EasyPolicy, is an insurance comparison platform that eases the decision of users to buy an insurance product. The startup does so by providing detailed information about various insurance products. It also provides a comparison of all the insurances available which helps users to opt for insurance according to their needs. Easypolicy is licensed by the Insurance Regulatory and Development Authority of India (IRDAI) to offer these services on the platform.
Unilazer Ventures, private equity and venture capital firm set up by former media scion Ronnie Screwvala, holds a majority stake in Easypolicy. In May 2018, Unilazer Ventures had invested $6.7 Mn – $7.43 Mn (INR 45-50 Cr) in Easypolicy. Other investors in Easypolicy include Burman Family Holdings.
According to an IBEF report, the overall insurance industry is expected to reach $280 Bn by 2020. While the report highlights that digital insurance has a penetration of less than 4% in the country, it also states that the penetration rate stands at about 90% annually, thanks to the rising internet penetration in India.
Besides Easypolicy and Quickbima, other players that count in as the leading insurance aggregator platforms in India are PolicyBazaar, InsuranceDekho, Coverfox, and BankBazaar.