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At a time when new startup ventures were struggling to survive, Ahmedabad-based insure-tech startup, iAND, not just launched its venture, but had a good start within seven months of its establishment in August 2020. The startup, which digitized the insurance broking business, clocked a premium collection of Rs 6 crore as of March 31, 2021.
“Within seven months of receiving an insurance broking license, we clocked a handsome premium collection of Rs 6 crore and have at least 2,000 points of sale persons (POSPs) who are all trained insurance advisors,” said Prabhat Vijh, founder-director of the startup.
The company provides a B2B digital platform to connect insurance companies with trained insurance advisors to help pitch and sell their products and reach out to a wider audience. The startup is also in the process of launching its mobile application in the first quarter of 2021-22.
“The idea of developing this B2B platform was to tap on the unorganized market in the insurance sector. A huge number of tele-callers operate in the sector currently, who are untrained. The companies, however, require trained insurance advisors, who are well informed about the market, trends, and customer requirements in the insurance sector,” Vijh explained.
Currently, iAND is associated with some 55 insurance companies offering a variety of different insurance products for individual and business requirements. It has a presence across some 900+ pin codes from where POSPs operate and reach out to clients. The startup differentiates itself from other platforms not just through its 100% digital interface but also through a team of well-trained insurance advisors. “We have people joining from some 302 cities in India spread across some 22 states. When we started out, we operated in Ahmedabad alone and eventually began onboarding more POSPs so that insurance companies get a wider network of well-informed advisors,” said Vijh.
Some of the key markets where iAND has a presence include Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Jharkhand, Jammu, New Delhi, Tamil Nadu, Uttar Pradesh, and Odisha. Going forward, the company plans to expand its presence and is looking at a 10-fold increase in its premium collection. “By the end of 2021-22, we’re looking at a premium collection of Rs 60 crore. In line with our plans, we aim at having some 10,000 insurance advisors,” Vijh further added.
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