InsurTech startup, Edelweiss General Insurance (EGI), registered a robust growth of 49 percent in premiums in FY21 over last year, while the private general insurance industry grew at an average of 5.1 percent in the same time period.
EGI’s growth is primarily driven by its choice of segments - private car and retail health insurance, according to a company press release. Private car YoY growth rate for EGI stood at 46 percent while the industry motor segment average is at (-)2%. Likewise, in retail health, EGI had a YoY growth rate of 182 percent, against an industry average of 29 percent. EGI has more than doubled its customers in just 3 years of operations. Its retail business now has 1.6 million active customers.
Commenting on the performance, Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance, said, “Our digital operating modelheld us in good stead, ensuring smooth business continuity and efficiency in operations."
Key achievements for EGI in FY21
1. Improved customer experience in Motors claims. 55 percent of claims in FY21 is processed through its video-based remote survey app, BOLT
2. Developed Plug & Play insurance stack platform by launching first open API gateway for business partners & developers
3. Launched India’s first digital, on-demand motor insurance product, Edelweiss Switch, enabling pay-as-you-drive
4. Introduced IPOS (Integrated Partner Onboarding Solution), an industry first, end to end digital onboarding solutions for partners
5. 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 organisation’s growth. Employees whose physical presence is not required in office, will be able to work from anywhere permanently, even once offices begin to reopen, according to the press release.