InsurTech startup, Edelweiss General Insurance (EGI), registered a robust growth of 49% in premiums in FY21 over last year, while the Private GI industry grew at an average of 5.1% in the same time period. EGI’s achievement in tough and challenging times, is a true validation of its digital operating model.
EGI’s growth is primarily driven by its choice of segments – Private car and Retail Health insurance. 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. Its retail business now has 1.6 million active customers.
Commenting on the performance, Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance, 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”, Shanai added.
Key achievements for EGI in FY21:
Improved customer experience in Motors claims. 55% of claims in FY21 is processed through its video-based remote survey app, BOLT
Developed Plug & Play insurance stack platform by launching 1st open API gateway for business partners & 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 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.