NL Correspondent
Jammu Tawi, Sep 9: India's leading InsurTech player, RenewBuy, aims to double its insurance advisor workforce strength by the end of
2023. The company is on an advisor acquisition spree, where it is planning to increase its advisor base by 100k in the smaller markets. The
Gurgaon headquartered company has approximately 70 branches across the country and the acquisition is planned across all its regions
and offices.
In the last six years of the company's inception, RenewBuy has built a national insurance advisor network of approx 95000 advisors,
across 780 districts. The next few years are focused on RenewBuy's exponential growth; in terms of tech development, product offerings,
accelerated consumer outreach and insurance advisor acquisition across the country. The company is also working towards scaling its
technology, so that the insurance process can further become seamless and simplified. The hiring process is thus, aimed at making more
and more insurance advisors take insurance to the masses, and increase consumer base, especially in the smaller regions, where
insurance is still not accessible.
Speaking on the occasion, Balachander Sekhar, CEO RenewBuy said, “Since RenewBuy's inception, our mantra has been to make
insurance simple and accessible to everyone. RenewBuy has made the entire end-to-end insurance process simple, where RenewBuy's
digitally enabled insurance advisors help consumers choose the best suited insurance policy.
Our model has helped consumers especially in the health and life insurance category, where digital has been instrumental in
increasing insurance penetration amongst consumers. We currently have 3 million consumers, and we are looking at an accelerated
growth in the consumer base. The consumer outreach can only increase when we have more digitally enabled insurance advisors
across the country.”
Chief Business Officer, Nishant Mehta said, “RenewBuy is on an advisor acquisition spree this year. We are aiming to add 100k new
insurance advisors to our network. By the end of this quarter, we aim to on-board around 3000 insurance advisors in Jammu. In order to
achieve our acquisition goals, we are deploying multi-channel strategies, including advisor outreach through internal referrals. We have
also initiated internal recruitment programs, where people across all departments are contributing in their own ways towards advisor on-
boarding. We are also grooming our insurance advisors through intense training programs, so that they get skilled enough to use
RenewBuy's InsurTech platform and guide consumers in the best possible way.”
“We are looking at hiring insurance advisors who have been in this business, people from other professional backgrounds who are
interested in building a career in InsurTech, housewives and even freshers from colleges and B-schools,” Nishant further added. Insurance
advisors joining RenewBuy would be trained to provide a sound understanding on how the tech model of RenewBuy works. They would be
educated about the business metrics and trained to connect with consumers and guide them with the best suitable insurance products.
