In India, it is difficult to get neutral advice about insurance. Traditionally, Indian insurance industry is ruled by agents who push consumers to buy insurance products of their choice. Mr. Subir Mukherjee founded GIBL with a view to eradicate the miss-selling and up selling of insurance products which is very prevalent in India. His aim is to cut lengthy documentation process short and to allow consumers buy insurance policies quickly and conveniently through a comprehensive user-friendly website and mobile app based procurement platform.
Let’s Know What GIBL.IN is All About
Essentially, GIBL.in is an intuitive web and mobile platform that enables customers compare various insurance policies and make informed decisions independently through a personalized process guided by technology. GIBL is not just an aggregator, it has also got the broking license from IRDA and is entitled to help clients in their claim settlement. They facilitate their customers with multiple insurance quotes & features so that they can make quick comparison and make decision accordingly and thus remove their dependency on agents. GIBL is one stop online insurance shopping destination for both individuals and business organizations. One can search, compare, buy and renew from more than 3000 policies offered by over 25 leading insurance companies in India at GIBL.
The Challenges that GIBL Has Faced
The biggest challenge that Mr. Mukherjee faced and is still facing is people’s conventional mindset. Indian people have blind faith on God. The mass-belief is that the God protects them from all disasters. So, they don’t feel the necessity of being insured. Most people in India don’t consider insurance products until and unless it is mandatory and only when they fall prey to sickness and accidents. “This orthodox mentality is the biggest obstacle I have come across in Indian insurance industry,” shares Subir.
About The Competition in the Market
Competition is always there and the team GIBL believes it is good as it inspires to strive harder. The team is focused to remain unfazed by competition and make GIBL the best online insurance marketplace in India. They keep a close eye on recent and upcoming trends in insurance industry and make developments accordingly. They put in efforts every day to enhance the user-experience on their web and mobile platform.
According to Mr. Subir Mukherjee, “Online insurance market in India is fragmented and still there is no company that holds over 10% of the total market share. We are building a niche of our own and carving out a share of the total market. Our special customer-centric process is keeping us ahead in the competition.”
The Unique Benefits that GIBL Provides
Health, motor and travel insurance plans available at GIBL that come with lowest premium in India. GIBL negotiates with insurance companies to offer the best rate to its customers. Subir says, “ being armed with IRDA license, we are legally eligible to represent clients and fight for their claim with insurers. Furthermore, we design our own policy and can expand our operation both online & offline. “
GIBL.IN is Equipped Enough to Deal with Tech Savvy Generations?
GIBL is an insurance tech start-up. Technology plays a major role in its operation and financial transactions. Subir explains in details, “ our mobile app gives customers the freedom to purchase, renew a policy on the move. I believe this app will keep our young and tech savvy generation hooked.” Browsing internet on the go is the latest trend and GIBL seems to have caught up with the trend by introducing its own mobile app. The mobile app also acts as a policy vault to store all policy related documents, claim history etc, as customers need to submit documents repeatedly to redeem or renew policies. The app gets updated on regular basis and offers all the latest information.
This tech-savvy generation is conscious about the dangers of online transactions. The latest SSL technology has been encrypted with GIBL to ensure safety. All the payment gateways are completely safe for online transaction.
“We visualize a seamless insurance industry in India and use cutting-edge technology to make the dream come true,” Subir further adds.
The Milestones that GIBL have Accomplished So Far
Presently, GIBL has around 500,000 registered users and is seeing more than 20,000 monthly transactions. Subir shares, “ our growth rate is 50% per month. In FY15-16 GIBL saw a growth of 5000% compared to the last financial year.”
The Future Plans of GIBL
Insurance penetration in India is yet to reach 10%. And this makes for a great opportunity to expand the operations in the hinterland of the country. With increasing penetration of mobile internet, the scope of online insurance market is broadening with each passing year. In this scenario GIBL aspires to emerge as the leading household brand for purchasing insurance in India.
The GIBL team also aims to usher in the new age of personalized insurance. GIBL is all set to tap into the widespread use of a myriad of devices that garner data from the insured people. According to the surveys, insurers will increasingly use internet-connected devices to collect data to work out insurance premium on individual basis. For example, health insurers will use wearable devices to access data about an individual’s lifestyle and risk of injury and illness. Similarly, car insurers will use telemetric to monitor car-owners’ behavior and set premiums accordingly. Read more about Indian Startups.
“We are excited to be a part of this revolutionary move that is unprecedented in the Indian insurance industry,” concludes Subir
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