Edelweiss General Insurance has grown tremendously while in the pandemic. Grabbing 49% growth in FY21 by leveraging digital adoption.
While the Private GI industry grew at an average of 5.1% in the same time period, Edelweiss General Insurance (EGI), registered a robust growth of 49% in premiums in FY21 over last year.
The private Car YoY growth rate for EGI stood at 46% while the industry motor segment average is at -2%. Likewise, in Retail health, EGI had a YoY growth rate of 182%, against an industry average of 29%. EGI has more than doubled its customers in just 3 years of operations. Its retail business now has 1.6 million active customers.
“The year was not just about strength and resilience against adversity, it was also about some strong wins for us, thanks to the energy, enthusiasm and hard work by my entire team.” said Shanai Ghosh, Executive Director and CEO, Edelweiss General Insurance. “Along with our focus to offer innovative solutions to customers and enhance their experience, we also endeavour to continuously improve operational efficiency using our digital platform and leveraging data analytics for risk selection and pricing” she added.
The company has improved customer experience in motors claims. 55% of its claims in FY21 are processed through a video-based remote survey app, BOLT. They have also launched an on-demand motor insurance product, Edelweiss Switch, enabling pay-as-you-drive. Developed Plug and Play insurance stack platform by launching 1st open API gateway for business partners and developers.
The introduction of IPOS (Integrated Partner Onboarding Solution), an end to end digital onboarding solutions for partners took place. The company has also introduced a policy change for all its employees across India. EGI’s Work from anywhere (WFA) is a hybrid work model where the employees will have the flexibility and convenience to work from anywhere in India.
