It has been announced its entry into insurance web aggregation space by acquiring around of 100 percent stake in MyInsuranceClub on Thursday.
Whereas the deal was signed earlier this year, it got concluded recently after receiving the approval of the regulator that is Insurance Regulatory and also Development Authority of India (i.e. IRDAI). As an insurance web aggregator, that selling both life and also non-life insurance products, MyInsuranceClub (i.e. MIC) is highly expected to benefit from the reach of The Indian Express Group, that is is one of the world’s largest digital newsgroups that reaching over around of 140 million users/month (that according to the Comscore Media Metrix of May 2020) around the world in around six languages as well. An IRDAI-licensed insurance web aggregator, MIC has been an early entrant into the insurance comparison business in India.
Besides that the change in ownership, MIC founders Deepak Yohannan (i.e. CEO) and Manoj Aswani (i.e. COO) would continue and proceed to run and also operate the business which under the new shareholders and so also would report to Sanjay Sindhwani –the Digital CEO, of Indian Express Group. Anant Goenka, the executive director of The Indian Express Group, stated, “We clearly liked the space and so also the people who are simply running the company, and also we simply saw synergies with our media business whichever now reaches more than around 140M unique users/month. With the around low insurance penetration in India, which this space ideally offers a huge opportunity for growth as well.
As a media and so also the marketing organization our skills in the building a strong and so also trusted brand would work to the advantage of MyInsuranceClub to enable it to become a significant player in this business and so also to be a first step for us to diversify our revenue streams that beyond advertising.” Yohannan stated, “This acquisition offers around two benefits… Firstly, for any of the insurance business to then succeed, the trust ideally plays a crucial role. With the brand like “Indian Express” on board, we hope to solve that problem to a large extent as well. Then Secondly, the group has a very large digital footprint in multiple regional languages. This could be a great catalyst for an online-only business like ours as well. We are very excited about that new phase of our entrepreneurial journey as well.” Whereas MIC had been focussing on selling the term insurance and so also the health insurance plans, as the company mentioned that it would now also then focus on the other retail plans such as motor and also the travel insurance.
Moreover, On the customer acquisition front, as the company has been built a strong organic channel and so also it gets a little less than around half a million monthly users, as totally free of cost. The Indian Express Group was advised by Lastaki Advisors for this transaction as well.