New Delhi : GIBL (Greenlife Insurance Broking Limited), India’s largest omni-channel insurance distribution network, has launched the next phase of its strategic expansion drive. Headquartered in Kolkata, the insurance facilitator aims to reach 250 cities across India over the next two years, and will initially focus on bolstering its presence in the eastern region of the country. It plans to establish its presence in various locations across states like West Bengal, Assam, Orissa, Bihar, etc. During the latter stage of its strategic expansion plans, GIBL will focus on building a stronger presence in Central India.
Founded in 2013, GIBL has steadily grown to achieve tremendous success in a short span of 5 years. The company is headquartered in Kolkata with a vast pan-India operational network across 15 cities, including metros and major tier-1 cities. GIBL has tied up with 30+ general insurance companies in the country and offers insurance products across 20+ categories, such as Motor Insurance, Health Insurance, Travel Insurance, Personal Accident Insurance, Home Insurance, Business & Commercial Insurance, among others. The company offers customers an intuitive web-based portal and a mobile app-based platform through which they can buy insurance on-the-go. Customers can easily search for, compare, buy or renew insurance products at GIBL from 3000+ policy options. The company currently has over 2 lakh registered members and more than 80,000 pages on the portal.
GIBL distinguishes itself from other players in the market through its technology-led, mobile-based marketplace with POS agents acting as verified ‘insurance bazaars’. Not only is this POS system designed to enhance the selling and earning capacity of agents by automating all activities related to running an insurance business, it also allows customers to enjoy instant policy purchases at the lowest prices. Low-to-middle income groups can also avail easy EMIs on their policy purchases, which will further encourage Indians to invest in insurance and protect theirs and their family’s financial future.
Mr. Subir Mukherjee – Founder and Director, GIBL, commented, “The insurance market in India is highly fragmented, with a great deal of information asymmetry hindering consumers from being able to get the right insurance products that match their specific needs. GIBL’s intuitive marketplace curates hundreds of policy types from multiple providers in a much more streamlined manner, with easy search and comparison features to help customers purchase products based on specific parameters. As a part of our current expansion plans, we are also focusing on expanding to the largely untapped semi-urban and rural market, which has a high potential for growth. However, one of the major challenges which exists in the rural areas is a lack of awareness about the significance of insurance and how they can go about purchasing the right products. We aim to solve this problem by leveraging both our offline and online channels of distribution like the POS system to create greater awareness and easier accessibility for consumers.”
Since its inception, GIBL has grown tremendously, achieving an impressive growth of 11.7% during FY2016-17. Over the past 4 years, the company has built its team size to 60+, and has brought on-board experts from the IT & insurance sectors to build and enhance its overall capabilities. In 2018, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) awarded GIBL in the category of “Best Use of Technology in Insurance”, further bolstering its position as one of the most promising fintech and online insurance players in India.
