The growth of Edelweiss General Insurance is primarily driven by the choice of segments: private auto and retail health insurance.
InsurTech start-up, Edelweiss General Insurance (EGI), saw robust premium growth of 49% year over year in FY21, while the private GI industry grew by an average of 5.1% over the same period. EGI’s performance in difficult and challenging times is a real validation of its digital operating model.
EGI’s growth is primarily driven by its choice of segments – private car and retail health insurance. The EGI growth rate for private cars was 46% year over year, while the average for the industrial engine segment is -2%. Likewise, EGI’s Retail Health segment posted a 182% year-over-year growth rate versus an industry average of 29%. EGI has more than doubled its number of customers in just 3 years of operation. The retail business now has 1.6 million active customers.
Comment on performance, pHanai Ghosh, Executive Director & CEO, Edelweiss General Insurance said: “The year was not only about strength and resilience to adversity, but also some strong victories for us thanks to the energy, enthusiasm and hard work of my entire team.”
“We also benefit from our digital operating model, which ensures smooth business continuity and operational efficiency. I am confident that we will continue to do well this year as well. In addition to our focus on providing our customers with innovative solutions and improving their experience, we are also committed to continuously improving operational efficiency with our digital platform and the use of data analytics for risk selection and pricing, ”added Shanai.
Main achievements for EGI in FY21:
• Improved customer experience in engine damage cases. 55% of claims in FY21 will be via its video-based remote survey app BOLT. processed
• Development of a plug & play insurance stack platform through the introduction of the first open API gateway for business partners and developers
• Launch of India’s first digital on-demand vehicle insurance product, Edelweiss Switch, which enables pay-as-you-drive
• Introduction of IPOS (Integrated Partner Onboarding Solution), an industry-wide first, end-to-end digital onboarding solution for partners
• Partnership with actors in the digital ecosystem
The company has also introduced a policy change for all of its employees across India. EGI’s Work from Anywhere (WFA) is a hybrid work model that aims to empower and support employees in choosing a job while ensuring optimal work productivity. With the introduction of this policy, employees have the flexibility and convenience to work from anywhere in India and help grow the organization. Employees who do not need to be physically present in the office can continue to work from anywhere even after the offices reopen.