Till now, customers have been able to compare insurance products based on the premium charged for the policy. Now, Insuremile a Bengaluru-based insurance aggregator is looking to bridge this gap by now allowing individuals to compare policies on the basis of product features.
In an interaction with Moneycontrol, Mallesh Reddy, Founder and CEO, Insuremile, said that the idea is to offer a comparison of products in the sector based on what they offer to the customer rather than the pricing.
Insurance web aggregators are platforms that provide information on the products of different insurers. They are the only entities allowed by Insurance Regulatory and Development Authority of India (IRDAI) to offer product comparisons on their websites. Currently, there are 29 web aggregators operational in the country.
Reddy said that there is a need to bring back trust into the system.
"We will provide all information about the products that a prospective customer is looking for, without them being required to give out their contact information," he said.
Customers can not receive policy quotes, the platform will also enable to make comparisons without divulging their personal information like email, mobile number or vehicle number.
The idea for the portal, said Reddy, is to target customers who are either not in the insurance system or need services related to product or claim. Unlike other web aggregator who offer these services for individuals buying a policy from their website, Insuremile will allow all insurance policyholders to get access to these facilities through their mobile application.
Reddy added that using the Insuremile platform, customers can make use of free claim services using their app. The company is looking to raise funds to expansion purposes in the next few months.
The portal will offer services related to car insurance, two wheeler, health insurance and life insurance, apart from general insurance products like home insurance, travel insurance and personal accident covers.Statistics show that out of the 54.5 million people in India who compare insurance policies online, only 6 million people have converted their search into purchases. A majority of them are deterred due to privacy issues.