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Rural insurtech startup, GramCover has said, “It has crossed Rs 100 crore in premium for FY21.”
In a statement issued on Tuesday, GramCover said, “It has registered over Rs 100 crore in premium for FY21, and has covered over 17 lakh customers with net revenue growing up by 55% YoY.”
“In the coming year, We aim to target 100% CAGR growth and expand its offerings, geographies, and partners,” the statement said.
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 customer.
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% of its GDP, which includes 2.7% of life and 0.77% of non-life insurance. Whereas the global percentage is 6.28%, including 3.47% of life and 2.82% of non-life insurance.
Commenting on the development, Dhyanesh Bhatt, CEO of GramCover said, “GramCover has shown significant traction in the last few years moving from 1000 customers in FY 18 to 1.7 mn 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”
“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,” Jatin Singh, Managing Director of GramCover further added.