Chennai broker ties up with 20 risk firms for online insurance

Insurance companies are betting big on the online medium in a bid to augment the facilities offered to customers. And cashing in on the new trend is a Chennai-based online insurance broker EasyInsuranceIndia.com, which has tied up with 20 insurance companies, including public sector life and non-life insurers.

“The company has recently got approval from the Insurance Regulatory and Development Authority (Irda) to start this facility and we are expecting to strike in this new form of business,” said EasyinsuranceIndia.com Chairman V Narayanan, who earlier this week announced the company’s partnership with state-owned Oriental Insurance Company.

“The penetration level of life insurance in the country is still very low at 5 per cent, while non-life insurance sector comprises only 0.4 per cent. So, we are very hopeful to get good business as we are the initiator in this form of insurance broking,” he added.