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MyInsuranceClub Secures Second Round Funding

MyInsuranceclub.com, the online insurance comparison portal owned by iGear Financial services, secured a second round of funding from angel investors. The details of the investment have not been revealed. The company intends to use the investment in platform development and in enhancing sales and distribution, and introduce real-time assistance. It has already launched an ‘Ask an Expert’ service, for offering personalized solutions to customers. It will also focus on providing assistance and training to insurance agents: the site is currently taking registration of insurance agents.

MyInsurance Club is targeting revenue growth of 400% in 2011, though such growth is typically on a small base. According to VCCircle.com, the site currently has a database of 1.5-2 lakh users and its revenue stream comes from charging insurance companies Rs. 75- 100 per lead.

Nikhil adds: It’s strange that yet another insurance site has managed to raise funding: it’s a lead generation based, and a commoditized market. Also note that the second round of funding has come from angel investors, not a VC Fund.

Other online insurance aggregation and comparison ventures include Info Edge owned PolicyBazaar, InsurancePandit (A&M Insurance brokers), ApnaInsurance.com (Apnapaisa-Sequoia Capital & JAFCO Asia), InsuranceMall.in (Bonsai Insurance broking), PolicyTiger.com, Getmeinsure.com (Peacock Financial Advisors),Fintact (Rediff backed), PaisaWaisa.com and iTrust.in.

Related:

Karvy Acquires Personal Finance Start-Up iTrust
Personal Finance Portal RupeeTalk Acquired By NetAmbit; 3 Recent Exits By Seedfund
Rediff.com Invested In Online Insurance Aggregator Fintact
Info Edge Picks Up 49% For Rs. 20 Crores In Insurance Aggregator PolicyBazaar

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