MyInsuranceClub claims to be the first insurance comparison website in India to be approved by the IRDAI
The Indian Express Group, an India-based media company, has completed the acquisition of insurance web aggregator MyInsuranceClub (MIC) for an undisclosed price.
The transaction, which was signed earlier this year, was wrapped up after securing approval from the Insurance Regulatory and Development Authority of India (IRDAI).
MyInsuranceClub claims to be the first insurance comparison website in India to be approved by the IRDAI. The insurance web aggregator enables users to get quotes from various insurance companies and compare them, and eventually complete the process of buying the appropriate insurance.
The digital insurance firm, which sells life and also non-life insurance products, is anticipated to benefit from the reach that the Indian Express Group has through its newspapers and websites.
According to the Indian Express Group, although the ownership of MyInsuranceClub has changed, its founders Deepak Yohannan, who is the present CEO, and Manoj Aswani, the COO of the company, will continue to operate the business under the new shareholders. The duo will be reporting to Sanjay Sindhwani, the digital CEO of the Indian Express Group.
MyInsuranceClub CEO comments on joining the Indian Express Group
Deepak Yohannan said: “This acquisition offers two benefits… Firstly, for any insurance business to succeed, trust plays a crucial role. With brand “Indian Express” on board, we hope to solve that problem to a large extent.
“Secondly, the group has very large digital footprint in multiple regional languages. This can be a great catalyst for an online-only business like ours.”
MyInsuranceClub, which has been concentrating on selling term insurance and health insurance plans, will now also look to offer other retail plans such as motor and travel insurance products.
Indian Express Group executive director Anant Goenka said: “With low insurance penetration in India, this space offers huge opportunity for growth. As a media and marketing organisation our skills in building a strong and trusted brand will work to the advantage of MyInsuranceClub to enable it to become a significant player in this business, and be a first step for us to diversify our revenue streams beyond advertising.”