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RenewBuy launched industry-first, hyper-personalized InsurTech AI- PRISM Aims to reach out to 1 million new and existing consumers by FY 26
RenewBuy launched industry-first, hyper-personalized InsurTech AI- PRISM Aims to reach out to 1 million new and existing consumers by FY 26

Business Standard

time6 days ago

  • Business
  • Business Standard

RenewBuy launched industry-first, hyper-personalized InsurTech AI- PRISM Aims to reach out to 1 million new and existing consumers by FY 26

PNN New Delhi [India], June 26: RenewBuy has announced the launch of PRISM (Predictive Risk Identification & Selection Model), a cutting-edge AI-powered recommendation engine- the first of its kind in India. PRISM is set to transform how consumers and insurance advisors will engage around insurance offerings, going beyond the 'One-size-fits-all' model to deliver highly personalized, data-driven recommendations, granularly suited to their individual needs. The AI-powered PRISM has been launched to make insurance more seamless, accessible, and relevant for Indian consumers. It is offering hyper-personalized policy recommendations based on age, income, Pincode, gender, occupation, medical health history, family and even education. While many consumers might have insurance, their existing coverage might not suffice the actual needs. PRISM will help insurance advisors evaluate and align insurance coverage, as per every single consumer's unique requirement, and help them offer suitable policies. The engine will generate smart, context-aware recommendations across health, term, and savings categories. Speaking on the launch of PRISM, Balachander Sekhar- CEO, RenewBuy said, "While awareness and consumer outreach in insurance have grown in recent years, India continues to face a substantial protection gap- particularly in the life and health insurance categories. In our estimation, around 700 million individuals across the country have both the intent and capacity to avail insurance, what they lack is reliable, affordable and approachable channels." "In 2022, we launched customised health insurance policies aimed at bridging insurance gap for the Missing Middle. PRISM will mark yet another key step towards expanding access in smaller towns and semi-urban markets, to make insurance more affordable, flexible and easier to understand. Through granular customisation in PRISM, consumers will be able to refine their choices from a curated list of plans, empowering them to find policies that truly fit their needs. We aim to reach out to more than 1 million existing and new consumers by the end of FY 26 through PRISM," he further added. PRISM will not only enhance user experience, but also equip insurance advisors with sharper consumer insights, allowing them to recommend more precise, relevant solutions and policies. They will receive a technology-driven, precision-based report, a powerful ready reckoner that will help them engage with consumers in the most targeted and effective manner. Consumers, on the other hand, will receive personalized insurance summary, that highlights optimal top-up plans, premium amounts, and key benefits- empowering them to make informed and relevant decisions. As a result, consumers will save valuable time in identifying the right plans, while the tailored experience will build more consumer connect, greater trust, loyalty, and long-term engagement. About RenewBuy Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is a disruptive InsurTech player providing choice and convenience to customers buying Health, Life and Motor Insurance products, delivered through a trusted network of insurance advisors. The company has more than 1.5 lakh plus insurance advisors and has insured more than 5.5 million customers across 1500+ cities. Using technology as an enabler, the company has created differentiation in consumer experience and service, as well as in the geographical expansion of the sector. For more information, visit:

RenewBuy forays into auto loan space
RenewBuy forays into auto loan space

Hans India

time30-04-2025

  • Automotive
  • Hans India

RenewBuy forays into auto loan space

Hyderabad:As the auto loan market is growing at a compound annual growth rate (CAGR) of 15 – 16 per cent, city-based insurtech, RenewBuy on Tuesday announced its foray into the auto loan segment. The company plans to onboard about 10,000 consumers and disburse Rs1,500 crore in auto loans in FY26. The company has officially launched RB Wheelz, a dedicated brand for its auto loan offerings. In the first phase, the company is offering loans to four-wheelers and fleet vehicles. RenewBuy has disbursed nearly Rs 100 crore in auto loans in the last quarter of FY25. Speaking on the occasion, Indraneel Chatterjee, Co-Founder, RenewBuy, said: 'After having served consumers in the insurance space for nearly a decade, we are now expanding our footprint in the financial services ecosystem. We are seeing a clear shift in aspirations for vehicle ownership, especially beyond the metros, along with a rising preference for auto loans. In tier-II and III cities alone, over 75 per cent of consumers are opting for vehicle financing. This is a high-potential segment which we want to cater to.' Chatterjee further informed that with mandatory scrapping of diesel cars that are more than 10 years old and petrol cars over 15 years, there is a growing consumer preference towards vehicle ownership. Hence, the auto loan market is growing at a compound annual growth rate (CAGR) of 15-16 per cent, he added.

RenewBury announces foray into auto loan segment with RB Wheelz
RenewBury announces foray into auto loan segment with RB Wheelz

United News of India

time29-04-2025

  • Automotive
  • United News of India

RenewBury announces foray into auto loan segment with RB Wheelz

Hyderabad, Apr 29 (UNI) Leading Insurtech RenewBuy on Tuesday announced its foray into the auto loan segment with RB Wheelz. RB Wheelz will serve as the dedicated brand for RenewBuy's auto loan offerings, the company said in a release here. The company has upgraded its cutting-edge digital insurance platform- creating an integrated unified ecosystem, where consumers can access both new vehicle financing, balance transfer, top-up loans and insurance solutions seamlessly under one roof. With mandatory scrapping of diesel cars over 10 years and petrol cars over 15 years, and with growing consumer preferences towards vehicle ownership, the auto loan market is growing at a compound annual growth rate (CAGR) of 15-16 percent. With RB Wheelz, RenewBuy aims to tap into this growing market by simplifying and streamlining the entire vehicle ownership process, from financing to insurance, offering customers a faster, more efficient, and digitally driven experience. Disbursed close to INR 100 crores in auto loans in the last quarter of FY 25, the company plans to onboard around 10k consumers and significantly scale up the loan disbursement to INR 1500 crores in FY 26. The loan offerings are being catered to four-wheelers and fleet vehicles in the first phase. Speaking on the occasion, Indraneel Chatterjee, Co-Founder, RenewBuy said, 'We are leveraging our tech platform and 1.5 lakh-strong advisor network to bring loan services to consumers in both metros and smaller cities. We are seeing a clear shift in aspirations for vehicle ownership, especially beyond the metros, along with a rising preference for auto loans. In Tier II and III cities alone, over 75 percent of consumers are opting for vehicle financing; this is a high-potential segment which we want to cater to, by making auto loans more accessible, seamless, and digitally driven.' Backed by partnerships with 18 leading banks and NBFCs, the platform is enabling RenewBuy's partners and network players to provide competitive loan offers. UNI KNR CS

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