Edelweiss General Insurance registers 49% growth in FY21

According to the press release issued on 17 June, “EGI’s growth is primarily driven by its choice of segments – private car and retail health insurance. Private car year-on-year growth rate for EGI stood at 46% while the industry motor segment average is at -2%. Likewise, in retail health, EGI recorded a year-on-year growth rate of 182%, against an industry average of 29%. EGI has more than doubled its customers in just three years of operations. Its retail business now has 1.6 million active customers.

As per the release, here are some of the key achievements for EGI in FY21:

• Improved customer experience in motors claims. 55% of claims in FY21 are processed through its video-based remote survey app, BOLT.

• Developed plug & play insurance stack platform by launching the first open API gateway for business partners and developers.

• Launched India’s first digital, on-demand motor insurance product, Edelweiss Switch, enabling pay-as-you-drive.

• Introduced IPOS (integrated partner onboarding solution), an industry first, end to end digital onboarding solutions for partners.

• Partnering with digital ecosystem players.

The company has also introduced a policy change for all its employees across India. EGI’s Work from anywhere (WFA) is a hybrid work model that aims to empower and enable employees with their choice of workspace while ensuring optimum work productivity. With the introduction of this policy, employees will have the flexibility and convenience to work from anywhere in India and contribute to the organization’s growth. Employees whose physical presence is not required in the office will be able to work from anywhere permanently, even once offices begin to reopen, as per the release.