Ahmedabad-based insure-tech startup AND APP is poised to change the way the insurance broking business is conducted. Having consolidated its operations in the first six months of its existence, the startup is set to embark on its growth journey.
AND APP secured the insurance broking licence from the Insurance Regulatory and Development Authority (IRDA) last year, and enrolled 1,000 PoSP (Point-of-Sales Person) within the first 100 days. It enrolled 1,000 more in the next 50.
“Our focus so far has been on stabilizing our operations, consolidating the processes. We enter the financial year 2021-22 with 2,000+ PoSP from around 24 states, 302 cities & 903 pin codes of India, and aim to add 1,000 PoSP every month in this year. Our ultimate aim is to have a PoSP in every pin code of India,” said Prabhat Vijh, Co-founder and Director at AND APP.
Each of the 2,000+ PoSP have been enrolled through AND APP’s 100% digital onboarding system, which Vijh said gives them the speed and capability to scale up quickly.
AND APP has generated business of Rs. 6 crore in the first six months, but aims to touch Rs. 60 crore this year as it gradually scales up operations.
“In a way, our business is beginning only now, and we are truly excited. We have plans to serve more than 50,000 clients this year,” said Dipti Trivedi, Co-founder and Director, AND APP.
AND APP has already had a soft launch in Surat, and expects to open a branch in the Diamond City by the second quarter of the fiscal.
In addition to its 100% online PoSP onboarding module, the startup is already working on more initiatives to usher in digital transformation in the insurance broking business. It is working on Application Programming Interface (API) integration, and aims to launch the web version by May. The second phase includes rollout of a mobile application, which is expected by the second quarter.
AND APP will also make maximum use of Artificial Intelligence and Machine Learning- powered technology in its operations.