RenewBuy, a technology-based insurance platform, has launched a health insurance product that covers regular doctor visits, lab tests and medicine bills for the large uninsured segment in smaller cities and towns of India. The company says its ‘RenewBuy Health Wellness plan’ will offer a host of benefits in pre-hospitalisation and OPD treatments and bridge an existing gap as most insurance products offer financial protection for hospitalisation and post-hospitalisation.
“Our first line of health insurance products has been developed, using micro consumer behaviour data and understanding market needs. RenewBuy believes in listening to its insurance advisors and customers, to create more for them. We have a panel of 1,000 insurance advisors, mainly from smaller towns and cities from whom we have understood the real need for the mass market in terms of insurance products. Keeping these in mind, we set out to create the simplest product that is easy to understand, 30% cheaper than the usual plans and permanent solution to non-hospital costs,” Balachander Sekhar, CEO, RenewBuy says.
Offered in three variants – Gold, Silver and Wellness plans – it promises coverage of up to ₹5 lakh. Unlike regular premiums, which tend to increase with age, RenewBuy is offering up to 70% lower premiums for senior citizens. The plans also offer OPD benefits, unlimited doctor-on-phone consultations, free lab tests and heavy concession for offline OPD consultations. “The plans do not require any medical underwriting, additionally, they also offer wellness benefits,” Sekhar says.
Founded in 2015, the RenewBuy platform provides choice and convenience to customers buying health, life and motor insurance products from all major insurance companies, in addition to offering tailor-made products like the health wellness plan. Using AI, RenewBuy has automated the processes for enhanced consumer experience.
The company claims to have about 70,000 POS partners and has insured more than 3 million customers across 750 cities and towns. Over 35 insurance companies have partnered with RenewBuy. “Insurance is witnessing a fast-changing momentum in the last two-three years; be it with the changing consumer behaviour or emerging risks across health, life, environment, and data security. Thus, as a sector, we need to adapt fast, and newer products need to be developed.”
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