India’s leading rural insurtech startup ‘GramCover’ witnesses tremendous growth. The company crossed the milestone of 100 cr premium for FY21 and covered more than 17 Lakh customers with net revenues growing 55% YoY.
Since its inception, GramCover has enabled over 3.2 million Indian farmers with insurance through its vast unique technology led distribution and servicing model. The company has customers in 13 states, 50 districts, 450 blocks and 8000 villages. In the coming year, GramCover aims to target 100% CAGR growth and expand its offerings, geographies and partners.
The Company has witnessed a huge increase in first time insurance adopters and significant interest in the products that are provided at the doorstep of the customer. India has the 7th largest insurance gap -stands at 27 billion USD, significantly under-insured. India’s insurance penetration is as low as 3.49% of its GDP, which includes 2.7% of life and 0.77% of non life insurance. Whereas the global percentage is 6.28%, including 3.47% of life and 2.82% of non life insurance.
Commenting on the growth milestone, Dhyanesh Bhatt, CEO of GramCover said, “GramCover has shown significant traction in the last few years moving from 1000 customers in FY 18 to 1.7 mn customers in FY 21. While crop insurance is our largest product as of now, we have seen massive growth in our non crop portfolio as well including motor, health and livestock in FY21. Going forward we expect exponential increase in our non-crop portfolio which shall be the key growth driver for us”
Jatin Singh MD of GramCover said, “ Access and convenience are the key drivers for rural customers. We are leveraging technology to create seamless ecosystems that support both legs of the insurance process – onboarding and claims settlement. We will truly strengthen our tech expertise to fulfill my vision of providing a comprehensive cover to rural India.”
GramCover offers 10 products – crop insurance, parametric insurance, cattle insurance, goat insurance, two wheeler insurance, commercial vehicle insurance, car insurance, hospicash, personal accident, shop insurance.