RenewBuy raises $40m Series D funding led by Dai-ichi Life Holdings Inc.

By Gloria Mathias

RenewBuy, an Indian InsurTech company had raised $40 million in its Series D funding from Dai-ichi Life Holdings Inc.

Through this investment, the Japanese firm aims to enhance its business by strengthening and supporting Star Union Dai-ichi Life, by leveraging the huge distribution capacity of RenewBuy as well as by expanding RenewBuy’s technologies and capabilities into the Group’s business.

RenewBuy is a pioneer in the digital insurance distribution business. They have developed an insurance distribution platform for insurance advisors by leveraging digital technology, which brings significant efficiencies to the insurance value chain, including sales management, underwriting, and claims.

This platform provides a seamless and transparent insurance experience for both customers and insurance advisors by offering a clear comparison of multiple products while allowing them to complete the issue process on the spot.

RenewBuy aims to lead the digital transformation of the insurance industry. With the recent acquisition of Artivatic.AI, the platform has developed an AI-based insurance underwriting engine and claims management system which they offer to insurance companies through SaaS business.

Dai-ichi Life Holdings, Inc. Representative Director, Managing Executive Officer, Hitoshi Yamaguchi said, “Our investment in RenewBuy shows our desire to constantly improve ourselves and seek for new ways to create value for our customers. RenewBuy is a great example of a disruptor that leveraged social trends and technology effectively to reach a market that was once thought to be unreachable. This mindset of constant disruption is what we want to drive further into our Group, and we believe that through the partnership with RenewBuy, we can accelerate the sophistication and innovation of our group business, including our life insurance business in India.”

RenewBuy Co-Founder & CEO, Balachander Sekhar shared, “RenewBuy has brought massive efficiency in the sales process; we want to leverage this to deliver better pricing to customers. With low penetration levels currently, we will see exponential growth for RenewBuy in the next two decades. With Dai-ichi coming on board, we have found an ideal partner who shares our long-term vision. It provides us with an incredible growth opportunity, not only in India but across Asian markets, by leveraging our technology.”