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RenewBuy Reviews

Gurugram, Haryana

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RenewBuy (legally operating as D2C Insurance Broking Private Limited) is a prominent Indian InsurTech company and digital insurance aggregator founded in 2015 by Indraneel Chatterjee, Balachander Sekhar, Sekhar Subramanya Pasupathy, and Devesh Joshi. Headquartered in Gurugram, Haryana, the company acts as a direct insurance broker licensed by the Insurance Regulatory and Development Authority of India (IRDAI). RenewBuy operates an online distribution platform that simplifies access to a wide array of life and general insurance products, specializing in motor, health, life, and Out-Patient Department (OPD) insurance. It facilitates a seamless digital marketplace where customers can instantly compare, choose, and buy or renew insurance policies from top-tier Indian insurers. The core of RenewBuy’s business model relies on a unique hybrid digitized insurance ecosystem. It blends a robust digital platform with an expansive, technology-enabled network of over 100,000 Point of Sale Person (POSP) insurance advisors. This digital-agent strategy empowers independent advisors with advanced sales management, instant underwriting, and automated claims processing tools via their proprietary mobile and web applications. By utilizing technology to minimize fixed operational costs, RenewBuy has successfully penetrated under-indexed semi-urban and rural regions across India, notably targeting Tier 3, Tier 4, and Tier 5 markets. The company draws approximately 70% of its business from outside India’s top 30 metropolitan cities, effectively driving financial inclusion in underserved areas. In tandem with its distribution reach, RenewBuy has focused heavily on technological innovation. The company expanded its capabilities by acquiring Artivatic.AI, an artificial intelligence platform specialized in automated underwriting engines and claims management systems. Operating this division via a Software-as-a-Service (SaaS) architecture, RenewBuy provisions enterprise AI services to several top-tier traditional insurance entities in India. Furthermore, the company leverages internal AI utilities, such as its "PRISM" tool, designed to personalize consumer insurance selections. Financially, RenewBuy is classified as a Series D growth-stage startup, having raised approximately $151 million in total funding across multiple investment rounds. Its institutional backing features prominent global and domestic venture capital groups and asset managers, including Dai-ichi Life Holdings (which executed a major INR 3.1 billion strategic investment in July 2023), IIFL Asset Management, Amicus Capital, responsAbility, and Lok Capital. The partnership with Dai-ichi Life serves to strengthen joint operations with Star Union Dai-ichi Life while setting foundations for scaling RenewBuy's proprietary technology stacks into broader Asian markets. Led by Co-Founder and CEO Balachander Sekhar alongside Co-Founder and COO Indraneel Chatterjee, the organization maintains a workforce of several thousand corporate and operational employees across 38 physical locations nationwide. RenewBuy continues to shape its market position amidst competitive peers like Policybazaar and Turtlemint, while navigating strategic corporate developments, including Competition Commission of India (CCI) approved merger pathways with InsuranceDekho.