So far, the members, who have been on board since November 2020, have paid bonuses of Rs 140 crore and have traded nearly Rs 6.3 crore via discounts at various vendors.
Insurepays, which rewards consumers by offering discounts to providers on premiums paid for insurance policies, hopes to raise $ 5-7 million in a Series A funding round. now raised about $ 1 million from angel investors, according to co-founder KK Jain.
Insurepays currently has 1.6 lakh of clients and is looking to increase that number to 30 lakh over the next 12-18 months. At that point, he expects his members to have paid Rs 300 crore in bonuses, Jain said. So far, the members, who have been on board since November 2020, have paid bonuses of Rs 140 crore and have traded nearly Rs 6.3 crore via discounts at various vendors.
Jain believes the company can become Ebitda-positive by FY24 and report a net profit of around Rs 160 crore on revenues of around Rs 700 crore. Currently the fixed costs are around Rs 3 crore per year. In addition, marketing expenses are incurred. The company’s customer acquisition cost, which includes marketing and promotion expenses and technology support, amounts to Rs 480-500 per customer. The company promotes its products through digital marketing campaigns on Facebook, Google and other platforms.
Insurepays, which started its activities in 2020, does not distribute insurance policies; its objective is to encourage those who pay their premiums – in life, health or automobile insurance – regularly. The company says it has about 27,000 supplier partnerships where customers can benefit from a discount on their purchases.
A person who routes a premium payment through InsurePays – collections are processed and filed with the insurer by NPCI and BBPS – earns points for an equivalent amount. These points can be redeemed at any of the vendors who have partnered with InsurePays over a 12 month period.
In turn, the suppliers compensate InsurePays up to 0.25 to 2% of the value of the transaction. The company also rewards customers whose bill payments are routed through its app.
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