TPG backed InsurTech PolicyBoss closes Series B with India SME Investments amongst a consortium of investors

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TPG backed InsurTech PolicyBoss closes Series B with India SME Investments amongst a consortium of investors

PolicyBoss to invest in harnessing its technology to strengthen its B2B2C model and
insurtech offerings

  • PolicyBoss planning to deepen its last-mile presence pan-India

Mumbai, June 06, 2023: PolicyBoss, one of India’s fastest growing InsurTech
player today announced that it has closed its series B round of investment with a
consortium of investors’ including India SME Investments and Madhav Mirani,
(Ex-Co-founder–Ugam Solutions) and prominent Angel Investor – Jitendra Gupta,
amidst continued backing by TPG Growth and Sanjay Thakker, its existing
investor. Apart from this, other existing investors have also participated in this
round including the leadership team Altrim Consultants advised PolicyBoss for
this round.

PolicyBoss will invest these funds in harnessing its technology prowess
into becoming India’s foremost insurance specific B2B2C platform. PolicyBoss will
also deepen its last-mile presence to shape the advisory-led distribution pan-
India. Post this fund raise, the company boasts of a highly liquid balance sheet size
of Rs. 140 Cr+
Susheel Tejuja, Co-Founder and Managing Director at PolicyBoss said on the
fund infusion, “We have the backing of marquee global investors with deep
understanding of technology and analytics, and prominent individuals who have
supported businesses in scaling up and changing the market. Our investors are
visionaries, who can help PolicyBoss achieve its vision of comparison, convenience
and advisory, all at the click of a button.

The infusion of funds strengthens our
resolve to provide a state-of-the-art InsurTech platform that will holistically
elevate experience of the insurance ecosystem. We want to be the go-to trusted
platform for agents and customers further simplifying the decision-making
process.”
Mitin Jain, Managing Partner, India SME Investments said, “PolicyBoss has been
a market leader in many of the insurance verticals and the firm’s discipline and

focus on investing in technology to disrupt the market will make it a brilliant
outlier in the InsurTech ecosystem. We believe that the teams’ understanding of
the product and the insurance industry coupled with gold standard service will
become its core differentiator.”
PolicyBoss will be using cutting-edge technology to deliver transparent
experiences to both its partners as well as end consumers. PolicyBoss envisions to
harness the power of social which will help end consumers buy insurance without
missing on the element of advisory from a trusted relationship and the company
will consistently work towards making digital partners (POSPs) more skilled and
productive. Over time, the company will be enlisting more partners across India
and will help them elevate from being seen as insurance agents to insurance
advisors.
PolicyBoss has been ranked among the top 10 InsurTechs in India. It is among
India’s fastest growing InsurTech companies with a network of over 30 offices
across 25 cities and a partner network spanning 800+ locations, having served
over 5 million customers.

PolicyBoss is amongst the few players in this market
who charge an onboarding fee for enrolling its digital partners (PoSP) and is
profitable. PolicyBoss ended FY23 with annualized premium run rate in excess of
Rs. 1,500 crores. PolicyBoss aims to increase its partner network to over 200,000
agents by FY 27.
In 2015, the US-based private equity major TPG Growth acquired stakes in
PolicyBoss.
A new-age InsurTech company, PolicyBoss aims to revolutionize the Indian
customer’s insurance experience with its hands-on consultative approach. It’s a
B2B2C player keen on changing the perception of insurance by providing
customers with simple, transparent and spam-free interactions backed by a
robust technology framework.
PolicyBoss.com has an in-house tech and claims team to back their offerings that
range from health, life, motor (Car, 2W, CV), travel, cyber and commercial lines’
insurance catering to individuals, SMEs and corporates. PolicyBoss’s vision is to
help consumers opt for the right insurance services through a combination of
advisory and technology.

With the goal to take insurance social, their mantra is:
“Advisory + Comparison + Convenience = PolicyBoss”

  • PolicyBoss is the digital identity of Landmark Insurance Brokers Pvt. Ltd.
    About India SME Investments
    India SME targets early growth stage companies primarily based out of/operating
    in Tier 2/3 centers with ingenious business models, benefitting from conversion of
    unorganized to organized play, changing consumer preferences and adoption of
    technology. Including Landmark Insurance, India SME Investments has concluded
    12 investments and exited 1 investment in less than 3 years of its fund set-up. Its
    earlier investments include Magicrete (largest AAC block manufacturer in India),
    Simpolo Ceramics which is one of the leading premium ceramic tiles brands,
    Kushal’s (India’s largest fashion jewelry player) and KreditBee (India’s largest
    fintech lender) which have been backed by multiple other investors.

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