Edelweiss shows 10 times faster growth than insurance industry, becomes second largest in India

Source :Sify
Author :Finance Desk
Last Updated: Fri, Jun 18th, 2021, 13:01:22hrs
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Edelweiss GeneralInsurance

Mumbai: Edelweiss General Insurance that labels itself as a InsurTech startup has seem premiums rise by 49 percent in this fiscal.

Compared with the Private GI industry, which grew at an average of 5.1 percent from the last fiscal, Edelweiss' premiums have grown by nearly ten times.

Edelweiss claims it is the second fastest growing general insurer in India with retail business commanding 1.6 million active customers. In a note the company adds phenomenal growth in private car and retail health insurance categories.

""Private Car YoY growth rate for EGI stood at 46% while the industry motor segment average is at -2%. Likewise, in Retail health, EGI had a YoY growth rate of 182%, against an industry average of 29%. EGI has more than doubled its customers in just 3 years of operations.""

Shanai Ghosh, Executive Director & CEO said, ""The year was not just about strength and resilience against adversity, it was also about some strong wins for us, thanks to the energy, enthusiasm and hardwork by my entire team.""

""Our digital operating model also held us in good stead, ensuring smooth business continuity and efficiency in operations. I am confident that we will continue performing well this year too. Along with our focus to offer innovative solutions to customers and enhance their experience, we also endeavour to continuously improve operational efficiency using our digital platform and leveraging data analytics for risk selection and pricing,"" she added.

The note also detailed the strategies Edelweiss adopted:

1. Improved customer experience in Motors claims -- 55% claims in FY21 is processed through a video-based remote survey app, BOLT.

2. Developed Plug & Play insurance stack platform by launching 1st 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. Partnered with digital ecosystem players.
 

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