MyInsuranceClub claims to be the first IRDAI approved web insurance distribution and comparison platform
In 2020, MyInsuranceClub was acquired by the Indian Express Group
With the acquisition, the Religare Group is looking to strengthen its offerings in the insurance distribution space
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Religare Enterprises Ltd (REL) has signed a share purchase agreement to acquire insurance web aggregator MyInsuranceClub (MIC) in an all-cash deal.
In a statement, REL said it is aiming to expand its offerings into the insurance distribution space with the acquisition.
MyInsuranceClub is operated by MIC Insurance Web Aggregator Private Ltd. It claims to be the first Insurance Regulatory and Development Authority of India (IRDAI) approved web insurance distribution and comparison platform. It offers comparison and purchase of insurance products for cars, two-wheelers, health, and life.
In 2020, MyInsuranceClub was acquired by the Indian Express Group.
“With this proposed acquisition, the Religare Group will strengthen its insurance offerings, making them available for masses. The transition of MIC will not only propel the company into the next growth phase but will also prove to be a step towards digital evolution,” Dr Rashmi Saluja, executive chairperson of REL, said.
REL is a core investment company registered with the Reserve Bank of India. The diversified financial services company offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, affordable housing finance, health insurance and retail broking.
It claims to reach over 1 Mn policyholders in insurance business, 1 Mn plus broking customers, more than 26,000 customers in MSME finance and over 10,000 customers in affordable housing finance.
The insurance industry in India has grown rapidly over the last couple of years. With increasing digitisation, insurtech startups are betting big on the space. Many companies in the segment are also looking at expanding their offerings through acquisitions.
For instance, CarDekho’s insurance arm InsuranceDekho recently acqui-hired Sequoia and LightSpeed-backed SME insurance distribution company Verak. Last month, insurtech startup Medi Assist signed a definitive agreement to acquire competitor Raksha Insurance for an undisclosed amount.
Meanwhile, Reliance-backed Jio Financial Services is also planning to foray into the insurance space.
India is poised to emerge as one of the fastest-growing insurance markets in the coming decade, as per Economic Survey 2022-23.
As per Inc42 report, insuretech market is projected to touch the size of $339 Bn by 2025.
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