RenewBuy appoints Rahul Garg as Chief Technical Officer

Updated on: 12 October 2022 9:36 pm

According to Tracxn’s ‘Q3’22 India Quarterly Start-Up Report’ late-stage funding was impacted the most, with an 88 per cent decline from Q3 2021 and a 64 per cent drop from Q2 2022

Start-up Funding drops by 80 per cent in Q3 22 to touch $14.9 billion Photo: According to Tracxn’s ‘Q3’22 India Quarterly Start-Up Report’ late-stage funding was impacted the most, with an 88 per cent decline from Q3 2021 and a 64 per cent drop from Q2 2022

InsurTech start-up RenewBuy has appointed Rahul Garg as a chief technical officer. In this role, he will oversee products, technology and digital services and will be responsible for devising a tech-based strategy for increasing the company's profitability.

Garg has two decades of expertise in multiple roles in the IT industry and was instrumental in introducing online transactions of mutual funds. Speaking on the appointment, Balachander Sekhar, chief executive officer of RenewBuy, said, "The next few years are significant for our company's growth and we are incessantly working towards tech development, product offerings and accelerated consumer outreach. We are moving from pure agent-led distribution to a multi-channel distribution platform, for which we are persistently building the company's tech stack."

Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy claims to have about 95,000 insurance advisors and has insured more than 3 million customers across 800 cities and towns.

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The start-up recently ventured into the motor insurance category and is working towards an artificial intelligence (AI)-based claim settlement process for seamless claim intimation, processing, and settlement.
It is also working on developing customised insurance products, using micro-consumer behaviour data targeted at helping consumers in the smaller pockets.

Sekhar claimed that Garg would extensively focus on RenewBuy's tech growth strategy and help further shape its digital transformation solutions. Garg said, "At RenewBuy, my focus will be to strike the right balance between the company's business goals and technology stack. I will be working towards enhancing RenewBuy's AI and machine learning capabilities, real-time performance data and help create innovative consumer solutions. I am hopeful that I will be able to help the company scale its business to even greater heights, using technology as an enabler."