Express Group Takes Over Insurance Web Aggregator MyInsuranceClub

The Indian Express group made a new entry in the insurance sector with the acquisition of a 100% stake in MyInsuranceClub. The deal was recently carried out successfully, though it was signed in the first part of the year after the Insurance Regulatory and Development Authority of India (IRDAI) gave a green signal for the same.  MyInsuranceClub (MIC) is an insurance web aggregator, selling both life and non-life insurance products. The deal is said to bring benefit for the insurance company after the acquisition made by The Indian Express Group which is the world’s largest digital newsgroup and has a reach to 140 million users/ month from all over the world in six different languages. MIC  is said to be one of the first companies from the insurance sector who started its business in India. The insurance company will function under the existing old management and the founders of the company Deepak Yohannan (CEO) and Manoj Aswani (COO) will continue with their duties and will report to Sanjay Sindhwani – Digital CEO, Indian Express Group.

Anant Goenka, executive director of The Indian Express Group, 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 a huge opportunity for growth. As a media and marketing organization 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.”

Yohannan said, “This acquisition offers two benefits. Firstly, for any insurance business to succeed, trust plays a crucial role. With the brand “Indian Express” on board, we hope to solve that problem to a large extent. Secondly, the group has a 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 about this new phase of our entrepreneurial journey.”

MIC is having the core business of selling term insurance and health insurance plans which will now diversify to other retail plans like motor and travel insurance. It has a good base of strong and loyal customers and claims to have half a million monthly users which are totally free of cost. Lastaki Advisors played its role as an advisor in taking forward the transaction for Indian express.