India's leading Insurtech startup, InsuranceDekho, has recently introduced “pet insurance” to its product portfolio. InsuranceDekho has partnered with Future Generali India Insurance Company to offer this unique Dog Health Cover and is also in the process of tying up with other insurers.
On the day of the launch, the company hosted a special launch event attended by four-pawed friends from various daycares and animal shelters. During the event, the dogs cum special guests of the day participated in fun events with the company employees and beautifully illustrated the meaning of the ‘coexistence’ of different beings in the world.
Commenting on the launch Mr. Ankit Agrawal, Co-Founder and CEO of InsuranceDekho, said: “We are aware that pets and their human parents share a close bond, and that even dogs occasionally find themselves in unexpected predicaments. We have launched Pet Insurance to help pet parents protect their furry babies in these trying times. India has an estimated pet population of 32 million pets growing at 12% yearly, with dogs making up almost 85% of the total population. We can infer that the number of dogs insured in India is also on the rise, giving us an immense opportunity to grow in the dog health insurance category.”
Post covid, there has been a wave of pet parenting with millennials making up 31%, baby boomers 29%, Gen Xers 26%, and Genz and Builder generations making up the rest of the pet owner market in India. It is estimated that pet insurance (including cattle) in India will witness an increase of at least 14% to achieve $490 million at the end of the year 2022. Globally, the pet insurance market is anticipated to reach USD 32.7 billion by 2030.
InsuranceDekho under their dog health insurance plans offers comprehensive coverage for over 25+ breeds of dogs, aged 6 months to 10 years. With this pet insurance plan, financial assistance is offered for expenses incurred by pet parents towards hospitalisation (including pre and post hospitalisation), treatment of terminal illness, and surgery, subject to certain terms and conditions which may vary from one insurance provider to another. The pet insurance policy as of now has a starting premium of about Rs. 324 annually.
Insurancedekho incorporated in 2016 and has been granted the license to act as a Direct Insurance Broker by the Insurance Regulatory Development Authority of India (“IRDAI”) in 2017, InsuranceDekho is an Insurtech startup by Girnar Insurance Brokers Private Limited. It enables its consumers to compare different insurance policies based on their requirements and helps them purchase the most suitable plan as per their needs. In FY 2022, InsuranceDekho clocked a business of Rs. 1000+ Crore in premium. The company currently has tie-ups with 45+ insurance companies offering 300+ plans on its platform. InsuranceDekho is headquartered in Gurgaon and has a presence across 1200+ cities.