InsuranceDekho ‘acquihires’ Verak to strengthen SME insurance business

With the Verak team onboard, InsuranceDekho will have a stronger foothold and is well-positioned to tap into the potential of this rapidly growing market.

Ankit Agrawal, Co-founder and CEO of InsuranceDekho said, "We are excited to welcome the Verak team to the InsuranceDekho family. Their expertise in SME insurance will complement our deep distribution network in Bharat and our industry-best tech stack. This strategic move will enable us to consolidate our position in the SME insurance vertical and enhance our product offerings."

Rahul Mathur, Founder of Verak, added, "We are thrilled to join InsuranceDekho. Our team has worked hard to build a strong brand in the SME insurance space, and we are confident that our combined efforts will take our offerings to the next level. InsuranceDekho's deep relationships with insurers and strong infrastructure will help us resolve the challenges that we faced during our formative years, such as commanding higher commissions from insurers, getting the right talent to hire, and API-based insurer integration."

Through its unique partnership led model, Verak has made deep inroads into the untapped micro-business insurance space, bringing thousands of small shopkeepers under the insurance umbrella for the first time and registering 30 percent MoM premium growth every month.

There are an estimated 63 million MSMEs in India, out of which 98 percent are micro enterprises. While MSMEs contribute to 27 percent of India’s GDP and 40 percent exports, their insurance penetration is just 5 percent.

This move aligns with InsuranceDekho's vision to "transform the insurance buying and selling experience by building deep distribution, enabling digitization, and leading diversification into new product lines." InsuranceDekho is committed to providing innovative insurance solutions that meet the evolving needs of its customers in the SME space.

InsuranceDekho recently raised $150 million, the largest ever Insurtech series A fundraise in South East Asia. Through its robust technology platform, InsuranceDekho has expanded its presence to 1350+ towns covering 98 percent of pin codes in India and aims to achieve 100 percent penetration in the near future. InsuranceDekho aims to have 2 lakh partner advisors on its platform by the end of this calendar year. Today, InsuranceDekho successfully insures 10 Indians every minute.

InsuranceDekho was incubated within India’s leading Auto-tech and IPO bound unicorn — CarDekho Group. InsuranceDekho is a brand name owned by Girnar Insurance Brokers Pvt Ltd (GIBPL). GIBPL was incorporated in 2016 and has been granted the license to act as a Direct Insurance Broker by the Insurance Regulatory Development Authority of India (“IRDAI”) in 2017.

It enables its consumers to compare different insurance policies based on their requirements and helps them purchase the most suitable plan. The company currently has tie-ups with 46 insurance companies offering more than 400 plans on its platform. 10 Indians buy a policy from InsuranceDekho every minute. InsuranceDekho is headquartered in Gurgaon and has a presence in 1350+ towns across the country. Director-actor Farhan Akhtar is InsuranceDekho’s brand ambassador.

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