Rural Insurtech startup GramCover Generates over Rs 100 crore Premium for FY21

India's leading rural insurtech startup 'GramCover' witnesses tremendous growth. The company crossed the milestone of a 100 crore premium for FY21 and covered more than 17 lakh customers, with net revenues growing 55% YoY.

Since its inception, GramCover has enabled over 3.2 million Indian farmers with insurance through its vast, unique technology-led distribution and servicing model. The company has customers in 13 states, 50 districts, 450 blocks and 8000 villages. GramCover aims to target 100% CAGR growth and expand its offerings, geographies, and partners in the coming year.

The company has witnessed a huge increase in first-time insurance adopters and significant interest in the products provided at the customer's doorstep. India has the 7th largest insurance gap -stands at 27 billion USD, significantly under-insured. India's insurance penetration is as low as 3.49% of its GDP, including 2.7% of life and 0.77% of non-life insurance. The global percentage is 6.28%, including 3.47% of life and 2.82% of non-life insurance.

Commenting on the growth milestone, Dhyanesh Bhatt, chief executive officer of GramCover, said, "GramCover has shown significant traction in the last few years, moving from 1000 customers in FY 18 to 1.7 million customers in FY 21. While crop insurance is our largest product now, we have seen massive growth in our non-crop portfolio, including motor, health, and livestock, in FY21. Going forward, we expect an exponential increase in our non-crop portfolio which shall be the key growth driver for us."

Jatin Singh, managing director of GramCover, said, "Access and convenience are the key drivers for rural customers. We are leveraging technology to create seamless ecosystems that support both legs of the insurance process - onboarding and claims settlement. We will truly strengthen our tech expertise to fulfill my vision of providing a comprehensive cover to rural India."

GramCover offers ten products - crop insurance, parametric insurance, cattle insurance, goat insurance, two-wheeler insurance, commercial vehicle insurance, car insurance, hospicash, personal accident, shop insurance.