India’s leading rural insurtech startup ‘GramCover’ has crossed the milestone of INR 100 crore premium for FY21 and covered more than 17 lakh customers with net revenue growing 55 per cent year-on-year.
Since its inception, GramCover has enabled over 3.2 million Indian farmers with insurance through its vast unique technology-led distribution and servicing model. The company has customers in 13 states, 50 districts, 450 blocks and 8,000 villages. In the coming year, GramCover aims to target a 100 per cent compound annual growth rate (CAGR) and expand its offerings, geographies and partners.
The company has witnessed a huge increase in first time insurance adopters and significant interest in the products that are provided at the doorstep of the customers. India has the 7th largest insurance gap -stands at 27 billion USD, significantly under-insured. India’s insurance penetration is as low as 3.49 per cent of its GDP, which includes 2.7 per cent of life and 0.77 per cent of non-life insurance. Whereas the global percentage is 6.28 per cent, including 3.47 per cent of life and 2.82 per cent of non-life insurance.
Highlighting the growth milestone, Dhyanesh Bhatt, CEO, GramCover said, “GramCover has shown significant traction in the last few years moving from 1,000 customers in FY 18 to 1.7 million customers in FY 21. While crop insurance is our largest product as of now, we have seen massive growth in our non-crop portfolio as well including motor, health and livestock in FY21. Going forward we expect an exponential increase in our non-crop portfolio which shall be the key growth driver for us.”
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Jatin Singh, MD, GramCover said, “Access and convenience are the key drivers for rural customers. We are leveraging technology to create seamless ecosystems that support both legs of the insurance process – onboarding and claims settlement. We will truly strengthen our tech expertise to fulfill my vision of providing a comprehensive cover to rural India.”
GramCover offers 10 products – crop insurance, parametric insurance, cattle insurance, goat insurance, two-wheeler insurance, commercial vehicle insurance, car insurance, hospicash, personal accident and shop insurance.
GramCover is a tech-enabled insurance marketplace for rural India. The company has adopted a unique technology-led distribution and servicing model that is well-suited to rural customers, minimising the inefficiencies and transaction costs involved in protecting people’s assets and families. Founded in 2016 by Jatin Singh, GramCover aims to solve the rural insurance challenge with a 360-degree approach delivered by a synergistic business model to achieve “efficiencies of scale”. The company reduces costs and increases penetration in rural areas by leveraging technology and an innovative distribution approach.