The recently merged InsuranceDekho-RenewBuy entity is set to significantly deepen its presence across India, particularly in rural areas, by expanding its distribution network to offer a comprehensive suite of financial products, including insurance, mutual funds, and loans, as it prepares for an initial public offering.
Illustration used for representation purpose only. Illustration: Dominic Xavier/Rediff
Key Points
- The merged InsuranceDekho-RenewBuy entity aims to become India’s largest AI-enabled insurance distribution platform, targeting a premium book of ~6,600 crore by 2025-26.
- Ankit Agarwal will lead the unified entity as founder and CEO, focusing on expanding reach into ‘Bharat’ (rural India) by having an insurance advisor in every village.
- The combined business will distribute motor, health, life, and corporate insurance, alongside mutual funds and loans, leveraging its network of over 600,000 digital partners.
- The merger combines complementary geographic strengths (North/West vs. South/East India) and product focuses (motor vs. health/life insurance), enhancing overall market penetration.
- The company is preparing for an initial public offering (IPO) and expects further consolidation in the insurance distribution sector, with mergers and acquisitions playing a key role in building scale.
The merged InsuranceDekho-RenewBuy entity will deepen its presence across India by expanding its distribution network and using it to distribute insurance, mutual funds, loans and other financial products, said Ankit Agarwal, chief executive officer (CEO) of InsuranceDekho.
The entities recently announced joining forces to create the country’s largest artificial intelligence (AI)-enabled insurance distribution platform in terms of point-of-sales person (PoSP) premium generated in 2025-26.
The combined entity will have more than 600,000 digital partners, cover 98 per cent of India’s pincodes and have a premium book of around ~6,600 crore.
Leadership and Strategic Vision
Agarwal will lead the unified entity as founder and CEO, while Balachander Sekhar and the RenewBuy team will continue with the combined organisation.
“That continuity in leadership was central to how we structured this,” Agarwal said. The combined business operates under the InsuranceDekho brand.
The company sees the next phase of growth coming from expanding its reach beyond existing markets, particularly through its agency network.
Agarwal said there are around 650,000 villages in India and the objective should be to have an insurance advisor in every village.
The merged entity currently reaches around 17,000-20,000 villages, covering an estimated 15-20 per cent of the country’s villages.
It plans to expand its physical presence by opening in a new town every couple of days, he said.
Product Diversification and IPO Plans
Through its advisors, the company plans to distribute motor, health, life and corporate insurance, as well as mutual funds and loans.
However, as the company is preparing for an initial public offering (IPO), Agarwal said it could not offer further details on its future plans.
“I will not be able to share too much in terms of forward-looking statements because we are in the middle of our IPO preparation and are currently in the quiet period.
“From a company perspective, however, we want to go deeper into Bharat (India).
“We believe the real insurance distribution opportunity is in Bharat, and that is where we are focused,” Agarwal said.
Complementary Strengths and Integration
The merger brings together complementary geographic and product strengths.
While one business has been stronger in northern and western India and in motor insurance, the other has a stronger presence in southern and eastern markets, with a greater focus on health and life insurance.
The businesses also have complementary distribution models, with one having a strong agency network and the other a direct, street-level presence.
The company’s immediate priority is integrating the two organisations and managing people.
The integration process began after regulatory approval, with teams being merged and the organisational structure rolled out.
The process is expected to take three to five months.
Future Growth and Market Consolidation
Beyond insurance distribution, the company is building adjacent financial services businesses.
It has launched mutual funds and loans and plans to continue investing in these areas.
Its software business, meanwhile, has signed up around eight to 10 banks and non-banking financial companies and will remain a core focus area.
The company also expects further consolidation in insurance distribution, with Agarwal saying mergers and acquisitions could help players build scale.
