Screwvala backed insurejoy.com becomes the fastest-growing insurtech startup

Hyderabad (Telangana) [India], May 11 (ANI/BusinessWire India): In 8 months insurejoy.com has grown 5X with over 100 products offered by 30+ insurance partners.
The company has created a significant presence in 80 cities, with 800+ employees and is also recruiting a large force of Point of Sales agents, to take insurance to Bharat. The insurtech startup will cross 300 CR ARR in Premium this fiscal.
insurejoy.com is the Life insurance-focused one-stop solution in India. While most of the other insurtech players focus mainly on the Motor business, insurejoy.com has taken the harder but more lucrative route of Life Insurance. insurejoy.com does more than 70 per cent of its premiums through Life Insurance whereas, other players have less than 10 per cent Life insurance in their business portfolio.
There has been an uptake over the last 2 years due to COVID, India is still one of the most underinsured and vulnerable markets in the world.
Arvind Shivahare, Co-Founder & CEO, insurejoy.com, said, “India has one of the highest mortality protection gaps. Only 17 out of 100 people have the difference between the cover typically required by a family and the resources they have available, should a wage-earner pass away suddenly. To add to it, India has the highest ratio of dependents per family. Unlike most other insurtech players that are focused on the commoditized general insurance segment, Insurejoy is focused on solving for life insurance in India.”
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