Info Edge India (Naukri), a BSE listed online company, has invested Rs. 20 Crores in eTechAces Marketing and Consulting Pvt Ltd, for a 49 percent stake, as per a release.
eTechAces, founded by Yashish Dahiya (INSEAD, IIM-A, IIT Delhi), Avaneesh Nirjar (BITs Ranchi) and Alok Bansal (IIM Kolkata) runs Insurance aggregator PolicyBazaar.com. Policybazaar allows users to compare insurance products, on the basis of their quality and their price, and allow customers to choose an insurance plan. Monetization is essentially via lead generation for insurance companies.
I’m not sure if PolicyBazaar will be able to offer insurance online, but they can also act as insurance agents and close such deals offline. The earnings from premiums in that case would be higher. From what I know, the insurance business is cyclic, and peaks at the end of the fiscal year, when consumers buy insurance in order to earn tax incentives. That season starts in January, and ends on 31st March.
Other companies in this space include Sequoia Capital funded ApnaInsurance and InsuranceMall.
Disclosure: I have an inconsequential number of shares of Info Edge India
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4 Comments until now.
Congratulations to Yashish and his team. Its a great concept and the most important part is handled by an excellent team
Good Luck Yashish and to all the team members
Cheers
Santosh
Do you know any other companies, in india or abroad, who issue policies online? any idea what the challenges are?
Heartiest congratulations to Avneesh and his entire team…great efforts will always pay , may be bit late sometimes…..I am glad for this news and new concept in market…
wishing you all the success…cheers..!!
but any tom dick harry can start similar aggregation services and generate leads….so whts the point of such high valuation . can som1 throw some light on entry barriers ?