Mumbai: InsuranceDekho, India’s leading Insurtech, has acquihired Verak, a Mumbai-based SME insurance distribution firm. Verak, backed by Sequoia and LightSpeed, has become a formidable name in the Indian SME insurance landscape in just 13 months of operations. This will strengthen InsuranceDekho's SME insurance vertical and expand its offerings in the micro-business insurance space.
InsuranceDekho will be onboarding the Verak team, including the founder Rahul Mathur. Through its unique partnership led model, Verak has made deep inroads into the untapped micro-business insurance space, bringing thousands of small shopkeepers under the insurance umbrella for the first time and registering 30% MoM premium growth every month.
Rahul has cross continental insurance exposure having worked at Laka Insurance and Accenture in UK before embarking on his entrepreneurial journey back in India.
There are an estimated 63Mn MSMEs in India, out of which 98% are micro enterprises. While MSMEs contribute to 27%[1] of India’s GDP and 40%¹ exports, their insurance penetration is just 5%. With the Verak team onboard, InsuranceDekho will have a stronger foothold and is well-positioned to tap into the potential of this rapidly growing market.
Ankit Agrawal, Co-founder and CEO of InsuranceDekho said, "We are excited to welcome the Verak team to the InsuranceDekho family. Their expertise in SME insurance will complement our deep distribution network in Bharat and our industry-best tech stack. This strategic move will enable us to consolidate our position in the SME insurance vertical and enhance our product offerings."
Rahul Mathur, Founder of Verak, added, "We are thrilled to join InsuranceDekho. Our team has worked hard to build a strong brand in the SME insurance space, and we are confident that our combined efforts will take our offerings to the next level. InsuranceDekho's deep relationships with insurers and strong infrastructure will help us resolve the challenges that we faced during our formative years, such as commanding higher commissions from insurers, getting the right talent to hire, and API-based insurer integration."
This move aligns with InsuranceDekho's vision to "transform the insurance buying and selling experience by building deep distribution, enabling digitization, and leading diversification into new product lines." InsuranceDekho is committed to providing innovative insurance solutions that meet the evolving needs of its customers in the SME space.
InsuranceDekho recently raised $150 Mn, the largest ever Insurtech series A fundraise in South East Asia. Through its robust technology platform, InsuranceDekho has expanded its presence to 1350+ towns covering 98% of pin codes in India and aims to achieve 100% penetration in the near future. InsuranceDekho aims to have 2 lac partner advisors on its platform by the end of this calendar year. Today, InsuranceDekho successfully insures 10[2] Indians every minute.
InsuranceDekho continues to scout for inorganic growth opportunities that will enable it to expand its geographical coverage, acquire new technological capabilities and diversify into unexplored product lines. The acquihire of the Verak team marks another milestone in InsuranceDekho's journey to provide customers with the best-in-class insurance experience.
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