MyInsuranceClub.com, which was set up in late 2009, reports that the investment will enable them to focus on its aggressive growth plan, including platform development and sales and distribution.
MyInsuranceClub.com, which has an impressive list of clients in both the life and general insurance sector, has seen consistent month-on-month growth in the number of visitors to its website since the launch of their business. They are the largest online comparison portal which focuses solely on insurance and plans to grow revenues by 400% in 2011.
Deepak Yohannan, the Founder and CEO of MyInsuranceClub.com said that the angel investors not only believed in the online growth story in India and the potential in the insurance vertical but were also impressed by the performance till date of the firm, a robust and scalable business plan and an efficient cost structure.
Deepak added, “Almost all general insurance companies have enabled an online purchase mode for most of their retail products like health insurance and car insurance . Even the life insurance companies have got very aggressive in this space in the last 6 months. We have a seen a large number of online term insurance and ULIPs being launched. This helps the cost structure of the insurances companies as they can do away with the intermediaries and save on the commission costs, which sometimes run throughout the term of the policy. The customers too stand to benefit a lot whether they are purchasing online or offline; they can expect unbiased, simple-to-understand comparison services before making a purchase”.
Manoj Aswani, the COO of MyInsuranceClub.com said, “With more and more insurance companies launching operations, the need for comparison and better understanding would increase. It would be very difficult for customers to check and compare a large number of policies by themselves. That is where MyInsuranceClub.com would bridge the gap and help customers with their decision-making process.”
MyInsuranceClub.com which is a part of iGear Financial Services Private Limited will employ these funds to enhance their platform with a variety of innovative capabilities. Plans are in place to provide real-time assistance and help where the purchase needs to be made in a relatively short period of time. The company is also launching an Ask an Expert service through which every insurance related query would receive personalised solutions. The company would be focussing on providing assistance to insurance agents also, to enable them to service customers better.