The Indian Express Group has acquired 100% stake in MyInsuranceClub (MIC), marking its entry into the insurance web aggregation space.
The deal, which was signed earlier this year, was recently approved by the Insurance Regulatory and Development Authority of India (IRDAI).
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MIC sells both life and non-life insurance products. The company is expected to benefit from the reach of the digital news group that is said to have over 140 million users/ month globally, in six languages.
MIC founders Deepak Yohannan and Manoj Aswani will continue to operate the business and report to Indian Express GroupDigital CEOSanjay Sindhwani.
The Indian Express Group executive director stated AnantGoenkasaid: “We clearly liked the space and so also the people who are simply running the company, and also we simply saw synergies with our media business whichever now reaches more than around 140M unique users/month.
“With the around low insurance penetration in India, which this space ideally offers a huge opportunity for growth as well.”
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By GlobalDataCommenting on the benefits of the deal, Yohannan said: “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.”
