The Indian Express Group, a media group, has entered the insurance web aggregation space by acquiring a 100% stake in MyInsuranceClub.
The deal was signed early this year and completed following IRDAI approval.
MyInsuranceClub, an IRDAI-licensed insurance web aggregator has been among the earliest entrants into the insurance comparison business in India. Deepak Yohannan (CEO) and Manoj Aswani (COO), the original founders of MyInsuranceClub, will continue to run and operate the business under the new shareholders and will report to Sanjay Sindhwani, Digital CEO of Indian Express Group.
As an insurance web aggregator, selling both life and non-life insurance products, MyInsuranceClub is expected to benefit from the reach of The Indian Express Group, which is one of the world’s largest digital news groups reaching over 140m users a month across the world in six languages.
While MyInsuranceClub has been focussing on selling term insurance and health insurance plans, the company said that it will now also focus on the other retail plans like motor and travel insurance.
Mr Anant Goenka, executive director of The Indian Express Group, said, “We saw synergies with our media business which now reaches more than 140m unique users a month. With low insurance penetration in India, this space offers huge opportunity for growth. As a media and marketing organisation our skills in building a strong and trusted brand will work to the advantage of MyInsuranceClub to enable it to become a significant player in this business, and be a first step for us to diversify our revenue streams beyond advertising.”