Premium growth is 100 per cent YoY and is expected to continue over the next few years
India’s leading rural insurtech startup ‘GramCover’ has crossed the milestone of Rs 100 cr premium for FY21 and covered more than 17 lakh customers with net revenues growing 55 per cent 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. In the coming year, GramCover aims to target 100 per cent CAGR growth and expand its offerings, geographies and partners.
The company has witnessed a huge increase in first-time insurance adopters and significant interest in the products that are provided at the doorstep of the customer.
Commenting on the growth milestone, Dhyanesh Bhatt, CEO, GramCover said, “GramCover has shown significant traction in the last few years moving from 1000 customers in FY 18 to 1.7 mn customers in FY 21. While crop insurance is our largest product as of now, we have seen massive growth in our non-crop portfolio as well 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.”
GramCover offers 10 products – crop insurance, parametric insurance, cattle insurance, goat insurance etc.
