Edelweiss General Insurance registers 49 per cent growth in FY21 making it 2nd fastest growing General Insurer
EGI’s growth is primarily driven by its choice of segments - Private car and Retail Health insurance
Mumbai: InsurTech startup, Edelweiss General Insurance (EGI), registered a robust growth of 49% in premiums in FY21 over last year, while the Private GI industry grew at an average of 5.1% in the same time period. EGI’s achievement in tough and challenging times, is a true validation of its digital operating model.
EGI’s growth is primarily driven by its choice of segments - Private car and Retail Health insurance. Private Car YoY growth rate for EGI stood at 46% while the industry motor segment average is at -2%. Likewise, in Retail health, EGI had a YoY growth rate of 182%, against an industry average of 29%. EGI has more than doubled its customers in just 3 years of operations. Its retail business now has 1.6 million active customers.
Commenting on the performance, Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance, said, “The year was not just about strength and resilience against adversity, it was also about some strong wins for us, thanks to the energy, enthusiasm and hardwork by my entire team.”
“Our digital operating model also held us in good stead, ensuring smooth business continuity and efficiency in operations. I am confident that we will continue performing well this year too. Along with our focus to offer innovative solutions to customers and enhance their experience, we also endeavour to continuously improve operational efficiency using our digital platform and leveraging data analytics for risk selection and pricing”, Shanai added.