India''s first insurance shopping website launched
18 June 2007
Mumbai: India''s first insurance shopping website in India was launched in Mumbai today. The site, insurancemall.in offers customers complete insurance solutions including an online choice between the products of leading insurance companies, online purchase and claims assistance.
The site provides indigenously developed ''quote-engines'' to compare, choose and buy bvarious insurance policies online. The website also offers complete portfolio management (renewal auto- reminders to advisory) and claims assistance on policies purchased.
Speaking at the launch of the website, Manish Jaiswal, founder and CEO, Bonsai International Group, said, "The timing is ideal for insurancemall to enter the Indian market. Besides witnessing 100 per cent y-o-y growth, the Indian insurance industry has been going through many transformations like detariffing, impending entry of new insurance companies, launch of new products, which will create more choice for the Indian Insurance customer."
While all the products will be sold online, the website has set up an offline customer service and operations infrastructure to assist insurance buyers shop as well take care of their claims.
Mahavir Chopra, head, eBusiness, said, "E-distribution of insurance is still to take off in India with only two insurance companies offering online issuance. We intend to help net enable the entire offline insurance industry for the customer."
Through one of the group''s subsidiaries, the website has also been scaled to the US, which is among the most mature insurance markets. "Our indigenous engine being completely flexible, we plan to scale the website with offerings from across the globe." said Niraj Jain, principal officer.
Bonsai International Group started in 2004 is an integrated full
service financial services group of companies in the insurance broking and money
changing business. The website is part of Bonsai''s efforts to provide customers
with tech-leveraged innovative solutions.