Individuals  Corporates  Professionals	Home Glossary SiteMap Contact Us

Policy Advisor

Policies

My Bima

Careers

Premium Calculator

Bimaonline.com seeks tie ups for Rs 20 cr VC funding

28thJune 2000

THE insurance portal Bimaonline.com is getting venture capital funds of Rs 15 to 20 crore to part fund its expansion & brand promotion plans over the next 24 months. The first tranche of the fund - Rs 2.5 crore - is expected to be in soon. The portal already received Rs 2.5 crore from an NRI-angel investor when it was floated in May.

Bimaonline.com's chief executive officer B Anand told eFE that the funds would be used towards various expansion and promotional activities spread over a period of two years. The expansion plans would include setting up back-end offices in all metros during the fiscal besides improving technology infrastructure. The portal's first back-end office in the country is already operational in Hyderabad.

Anand said currently the portal was gearing up to rope in around 100 foreign insurance firms entering India by the end of the fiscal for insurance broking business. "We are targeting around 50 each foreign insurance firms handling life and non-life insurances," he said. The portal already entered into tie-ups with 20 insurance companies for life and non-life segments.

Anand said the portal was waiting for the Insurance Regulatory Development Authority's (IRDA) clearance for insurance broking. "Once it is cleared by the parliament, we will get into insurance broking business bridging the gap between the insurance firms and the public," Anand said.

The insurance broking was expected to be legalised in the country by September, he said. He said the portal would soon have a sub portal on corporate and commercial insurance. The sub-portal would include information on insurance and consultancy services. According to Anand, Bimaonline.com would function as a single point reference to all kinds of information on insurance products and policies. The portal would soon have online transaction facility, he said.

He said portal was also working on country specific portals starting with Singapore and the Middle East. "Our insurance portal for Middle East will be launched during the fiscal," he said.

Bimaonline.com currently has 250 agents working across the country. A couple of portals were in talks with Bimaonline for outsourcing content and services, Anand said.

	Policy Advisor  |  Policies  |  Premium Calculator  |  MyBima  |  Careers  |  Personal Finance  |  Tax Planner  |  Compare Policies  |  Bonus Calculator  |  News Updates  |  Message Board  |  Agents Search  |  Insurers  |  NewKids  |  Consumer Corner  |  E-Mail  |  Tips  |  Book Point  |  Events  |  Basics  |  FAQs  |  NRI Centre  |  Insurance Guide  |  Insurance Rules  |  Bima Stats  |  Proposal Forms  |  Bimaonline in News  |  Articles  |  Greetings  |  Bima Fun  |  Partners  |  GuestBook  |  Site Map  |  Contact Us  |  Debate Corner  |  Glossary  |  Home
	DISCLAIMER Copyright © 2000-03. Bimaonline.com All rights reserved