Does the Quickbima and Easypolicy Merger highlight consolidation of Insurance Aggregators in India?


On 12th February 2020, Quickbima and Easypolicy announced the completion of their merger which started in September 2019. Post-merger, the combined entity would operate under the name of Easypolicy, while Ankit Sachdeva and Sunil Juneja (Co-founders of Quickbima) would join Easypolicy’s Board as CTO and COO respectively.

In an interview with Ken Research, Ankit Sachdeva, Co-Founder at Quickbima said that “The merger would advance the technological capabilities, strengthen the Board’s composition and allow the entity to provide better all-round services to customers.”

How Big are both the Companies?

Founded by Alok Bhatnagar, Divyanshu Tripathi and Neeraj Aggarwala in 2011 & ranked 3rd in the industry, Easypolicy reported total assets worth USD 1.7 mn and minted revenue of USD 1.1 mn in FY’2019, experiencing a Y-o-Y revenue growth in excess of 200%.

Founded by Ankit Sachdeva and Sunil Juneja, Quickbima reported USD 0.2 mn worth of total assets and filed revenue of USD 66k during FY’2018-19. The cumulative market share of the pre-merger entities was around 2%, lagging behind market leaders PolicyBazaar’s and Coverfox’s combined share of 90%.

Parameters, FY’2018-19 Pre-Merger EasyPolicy Quickbima
Total Assets (USD Mn) 1.7 0.2
Revenue (USD Mn) 1.1 0.06
Net Profit Margin (%) -268.6% -374.2%


Expectations from the Merger:-

Quickbima’s strong customer base in Haryana (especially Karnal), highly advanced tech capabilities and strong presence in Motor Insurance segment will boost up Easypolicy’s aim to become the second largest company within next few years.

Operational synergies are expected to reduce the company’s customer acquisition cost by leveraging existing tele-sales team and rapidly increasing platform traffic.

“We are looking at a holistic company, that have strengths of both players combined; capable of delivering all-round superior services through a new traditional brokerage license”, said Ankit.  Analysts at Ken Research estimate the combined entity’s revenue to cross USD 5mn by FY’2020-21.

India Web Insurance Aggregator Market

Challenges Ahead:-

Post-merger Easypolicy needs to strategize the way to take on the market leader PolicyBazaar, which reported revenue of USD 45mn in FY’2019. Founded in 2008, PolicyBazaar boasts a strong investor base in the form of Tencent, Softbank, Tiger Global Management and others. Coverfox holds share of 9% of the highly fragmented industry and provides insurance aggregation services through Omni-channel mode of distribution including onboard 50,000+ POS agents. It has raised USD 58.9 million through Series A, B & C funding till October’19.

Industry Outlook:-

Analysts at Ken Research estimate penetration of aggregation based sales to grow from 0.6% of total GWP in FY’2019 to 4.5% by FY’2024, led by millennials preferring online comparison-led buying of insurance and expected launch of products aimed at B2B segment. The revenue of industry is also projected to grow at a CAGR of more than 60% in next five years.

Our Take:-

The merger highlights that operational synergies could be created by joining hands and lower sized companies need to find their core competencies to survive the rapidly evolving industry. The concerns of profitability of the industry must also be duly addressed by the aggregator players.

Follow our report on India Web Insurance Aggregator Market Outlook to 2019 and our Linkedin Page for more update on this sector.

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications


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