MyInsuranceClub, an Indian insurance web aggregator, has been acquired by the Indian Express Group, the owner of various newspapers in India, for an undisclosed sum.

The deal was inked earlier this year and was closed following the approval granted by the Insurance Regulatory and Development Authority of India (IRDAI).

Claims to be the first insurance comparison website to be approved by the IRDAI, MyInsuranceClub offers visitors of its website with price quotes from multiple insurance firms for comparison sake before they can buy the suitable policy on the portal itself.

MyInsuranceClub sells both life and also non-life insurance products on its products and by joining the Indian Express family, is expected to benefit from the footprint of the latter’s news network.

Anant Goenka – executive director of Indian Express, commenting on Indian Express acquisition of MyInsuranceClub, said: “We liked the space and the people who are running the company, plus we saw synergies with our media business which now reaches more than 140M unique users/month. With low insurance penetration in India, this space offers huge opportunity for growth.

“As a media and marketing organisation our skills in building a strong and trusted brand will work to the advantage of MyInsuranceClub to enable it to become a significant player in this business, and be a first step for us to diversify our revenue streams beyond advertising.”

Indian Express said that MyInsuranceClub’s founders Deepak Yohannan and Manoj Aswani will continue to operate the insurance web aggregator and will work under Sanjay Sindhwani, Indian Express digital CEO.

Commenting on Indian Express acquisition of MyInsuranceClub, Deepak Yohannan – CEO of MyInsuranceClub said: “This acquisition offers two benefits… Firstly, for any insurance business to succeed, trust plays a crucial role. With brand “Indian Express” on board, we hope to solve that problem to a large extent. Secondly, the group has very large digital footprint in multiple regional languages. This can be a great catalyst for an online-only business like ours. We are very excited in this new phase of our entrepreneurial journey.”

According to the Indian Express, the insurance web aggregator has been offering term insurance and health insurance policies so far and will now look to sell other retail insurance solutions such as motor and travel insurance. The Indian media group said that, on the customer acquisition front, the insurance comparison website has developed a robust organic channel and serves a little less than half a million unique visitors per month, totally free of cost.

  Anant Goenka, Deepak Yohannan, India, Indian Express Group, Insurance, Insurance acquisition news, Insurance industry news, Manoj Aswani, MyInsuranceClub