InsuranceDekho and the RenewBuy group announced on 1 September 2026 that they have combined their businesses to create India’s largest artificial intelligence enabled insurance distribution platform. The combined business will operate under the InsuranceDekho brand and will be led by founder and Chief Executive Officer Ankit Agrawal. It is ranked as the largest on the basis of premium generated through Point of Sales Persons in financial year 2025-26, with a premium book of more than ₹6,600 crore.
What Does the InsuranceDekho RenewBuy Merger Create?
InsuranceDekho refers to the insurance distribution business run by Girnar Insurance Brokers Private Limited, while RenewBuy refers to the platform run by D2C Insurance Broking Private Limited along with its support companies D2C Consulting Services and RB Info Services. The two groups have now consolidated their operations into a single business. The unified business will use only the InsuranceDekho brand.
The merged entity will be led by Ankit Agrawal, founder and Chief Executive Officer of InsuranceDekho. Founders and senior leaders from both sides, including RenewBuy Chief Executive Officer Balachander Sekhar, will continue in key roles to manage strategy and daily operations. The teams handling technology, distribution, product and operations will also be combined.
The logic of the deal is geographic and product fit. InsuranceDekho has a strong partner network across northern and western India, while RenewBuy has a deep presence in the south. Together they get a true pan India footprint. The platform will work as an open marketplace offering more than 750 products from 52 insurers across motor, health, life, travel and commercial lines.
Scale of the Combined Platform in Numbers
As on 31 March 2026, the combined business reported a premium book of more than ₹6,600 crore. This figure is also reported as about ₹67 billion in pro forma numbers for financial year 2025-26, which reflects the two businesses counted together. The rank of largest platform is measured only on Point of Sales Person driven premium in that year, not on total market capitalisation or total industry premium.
The distribution reach is very large. The network includes more than 6 lakh digital partners and covers 98.57 percent of India’s pin codes. Since start of operations, the two platforms together have helped issue more than 2 crore insurance policies.
| Indicator | Combined Figure as on 31 March 2026 |
|---|---|
| Premium book | More than ₹6,600 crore |
| Digital partners | More than 6,00,000 |
| Pin code coverage | 98.57 percent |
| Policies issued since start | More than 2 crore |
| Insurers on platform | 52 insurers |
| Products on platform | More than 750 plans |
InsuranceDekho started in 2017 as an insurance vertical of the CarDekho group and was later formed into a separate arm. It is housed under Girnar Software Private Limited, which also runs platforms such as CarDekho, BikeDekho and CollegeDekho. RenewBuy was founded in 2015 by Balachander Sekhar and Indraneel Chatterjee and built its model around digitally enabled advisors in Tier 2 and Tier 3 cities. In 2023, RenewBuy received an investment of about ₹310 crore from Dai-ichi Life Holdings of Japan.
How the Merger Was Structured and Approved
The talks began early. RenewBuy had confirmed in October 2024 that it was in early discussions for a possible merger with InsuranceDekho. The two sides then signed a Merger Framework Agreement on 12 May 2025 to set the legal structure for the deal.
The Competition Commission of India (CCI), which is the national authority that checks large mergers for fair competition, approved the proposal on 7 November 2025. The CCI approval covers the merger of Girnar Finserv Private Limited, Girnar Insurance Brokers Private Limited, D2C Consulting Services Private Limited and RB Info Services Private Limited into Artivatic Data Labs Private Limited. Artivatic is a technology company that provides application programming interface based tools and software services for underwriting and claim support. It was acquired by RenewBuy in 2022 and will now house the combined business as the core legal and technology entity.
Girnar Finserv provides marketing communication services, while Girnar Insurance runs the InsuranceDekho platform. D2C Consulting, D2C Insurance Broking and RB Info together run the RenewBuy platform. Early reports described the transaction as a share swap that valued the combined entity at about ₹7,400 crore, with RenewBuy valued at about ₹1,800 crore. The companies have not disclosed the final financial terms of the completed merger.
What Is POSP and Why Does It Decide Leadership in Distribution?
POSP stands for Point of Sales Person. A POSP is an individual who is trained and sponsored by an insurer or an insurance intermediary to sell simple, pre approved insurance products. POSPs do not need a full agent licence, but they must complete basic training and follow the rules set by the Insurance Regulatory and Development Authority of India (IRDAI).
POSPs mainly sell standard products such as motor insurance, travel cover and personal accident cover. These products need only basic advice, so a large network of trained persons can distribute them quickly in towns and villages. POSP driven premium means the total premium collected from policies sold through this network. The merged InsuranceDekho RenewBuy entity claims leadership on this exact measure for financial year 2025-26.
This model matters because India’s insurance reach is still low. Insurance penetration, which is total premium as a share of gross domestic product, stood at 3.7 percent in 2024-25, with life at 2.7 percent and non life at 1 percent. Insurance density, which is premium per person, was only $97. Against the global average of 7.3 percent penetration and $943 density, a low cost partner network is seen as the fastest way to take simple policies to smaller cities and rural areas.
What Is an Insurance Broker and How Is InsuranceDekho Licensed?
An insurance broker is a licensed middle agency that helps customers choose policies from different insurers and also helps with claims and risk advice. Brokers are different from agents, who usually work for one insurer. Brokers are regulated by IRDAI under the IRDAI (Insurance Brokers) Regulations, 2018.
IRDAI was set up under the IRDAI Act, 1999 and is headquartered in Hyderabad. It gives licences in five types, which include direct broker for life, direct broker for general, direct broker for life and general, reinsurance broker and composite broker. A direct broker can arrange insurance from insurers inside India. A composite broker can arrange both insurance and reinsurance from insurers inside India and abroad.
InsuranceDekho operates through Girnar Insurance Brokers, which holds a composite broking licence (Licence No. 588) from IRDAI. D2C Insurance Broking, which is part of RenewBuy, holds a licence to act as a direct broker for life and general insurance. This licence base allows the combined platform to sell policies from many insurers on one digital system, instead of tying customers to a single company.
How Will Artificial Intelligence Shape Insurance Distribution?
Insurtech means the use of digital technology to improve insurance sales, service and claims. The merged entity calls itself an AI enabled insurance distribution platform, which means software helps partners at each step rather than doing all work manually.
InsuranceDekho brings tools that give real time plan suggestions to partners based on customer needs and price comparison. RenewBuy brings systems for automatic partner joining, paperless policy issue and digital renewals. Together they aim to build a single flow where joining, quote comparison, sale, renewal and claim help happen on one screen.
For a partner in a small town, this means faster customer joining with digital know your customer checks, instant comparison of many insurers, and advice on which cover fits the need. For insurers, it means wider reach without opening new branches, plus data on sales and renewals. The companies say this mix of human partners and machine support can lower cost per sale and improve renewal rates, which are key to steady premium growth.
Why This Merger Matters for Insurance Access in India
India is the 10th largest insurance market in the world by premium volume, with a global share of 1.8 percent. In financial year 2024-25, the sector collected premiums of ₹11.93 lakh crore, issued 41.84 crore policies and paid claims of ₹8.36 lakh crore. Assets under management stood at ₹74.44 lakh crore as on 31 March 2025. Yet coverage remains thin, with most business still coming from the top 30 cities.
The merger directly targets this gap. RenewBuy has long reported that about 70 percent of its business comes from beyond the top 30 cities, using advisors in more than 1,500 cities. InsuranceDekho has set a goal of reaching every village in the country through local partners. By joining a north and west heavy network with a south strong network, the combined platform can offer the same product choice and digital service in metros and remote districts.
This also fits the national goal of Insurance for All by 2047, which aims to give every household and business access to life, health, property and accident cover. IRDAI is building shared digital systems such as Bima Sugam to bring all insurance services under one roof. A single large partner network that can explain simple products in local language can support that mission, especially for motor, health and life covers that protect families from sudden medical or accident costs.
The Way Forward: IPO and Expansion Into Bharat
The merged group plans to go deeper into Bharat, which here means small towns and rural India. The stated aim is to have a trained advisor in every village, supported by digital tools for comparison, sale and claim help. The platform also plans to use the same advisor network to distribute motor, health, life and corporate insurance, along with mutual funds and loans.
The next milestone is a public listing. The company plans to file its Draft Red Herring Prospectus (DRHP), which is the main application document for a public offer, with the Securities and Exchange Board of India (SEBI) by the end of September 2026. SEBI was set up in 1988 and became a statutory body under the SEBI Act, 1992. It is headquartered in Mumbai and regulates the securities market.
The proposed initial public offering (IPO) is targeted for financial year 2026-27, with listing aimed by 31 March 2027. Reports place the offer size at ₹3,500 crore to ₹4,000 crore, with a mix of fresh shares and an offer for sale by existing investors. The indicated valuation is around ₹9,500 crore. The company is in a quiet period before filing, so it has not shared forward projections. The immediate focus, as stated by the management, is disciplined execution and smooth technology integration.
Key Takeaways
- InsuranceDekho and RenewBuy announced their merger on 1 September 2026 to create India’s largest AI enabled insurance distribution platform by POSP driven premium in FY26.
- The merged entity operates under the InsuranceDekho brand and is led by Ankit Agrawal as Chief Executive Officer.
- The combined platform holds a premium book of more than ₹6,600 crore, with over 6 lakh partners across 98.57 percent of pin codes and more than 2 crore policies issued.
- POSP stands for Point of Sales Person, a trained individual sponsored by an insurer or intermediary to sell simple insurance products under IRDAI rules.
- The merger of Girnar and D2C entities into Artivatic Data Labs was approved by the CCI on 7 November 2025 after a framework agreement signed on 12 May 2025.
- The group plans to file its DRHP with SEBI by September 2026 for an IPO of ₹3,500 crore to ₹4,000 crore targeted by 31 March 2027.
