The online insurance market in India, when compared to western markets like that of UK, is still very underdeveloped. Now with the increase in penetration of internet and the credit cards in India this is set to change. This is the opportunity MyInsuranceClub.com, an online insurance comparison portal, is trying to leverage on, says Deepak Yohannan Founder & CEO of the company. The investors are also recognizing the potential of the field and of the company; this is clear from the second round of funding it raised from angel investors.

Started in 2009, it is now the second biggest insurance comparison website in India, second only to Policybazaar.com. With this funding Yohannan is planning on integrating his company’s website with that of Insurance companies websites’, so that if a buyer, after selecting a quote from MyInsuranceClub.com, clicks on the ‘buy online’ button it directly takes them to the ‘make payment’ page of the insurance provider company’s website. This integration with the insurance company provider will also help MyInsuranceClub.com to pull out real time insurance rates. Further with the funding, he is also planning to scale the business up by 400-500 percent.

“There are very few players in this industry. Most of the players in this space deal with loans, credit cards, mutual funds, and so on. Our focus is only on insurance and we are the only independent website that caters only to insurance,” says Yohannan about his competition. With an aim of making MyInsuranceClub.com, ‘the complete insurance Wikipedia of India’ he sets the bar very high. The company presently runs with a headcount of eight and is not looking into increase this.