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Registered Office

Go Insure India Insurance Broking Private Limited, Upper Ground Floor, Plot No. 78, Block-H,Kirti Nagar, New Delhi-110015

IRDAI Registration Number : 948
CIN : U66220DL2023PTC421813
Category : Direct Broker (Life & General including Health)
License Period : 11-03-2024 to 10-03-2027

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Go Insure India

GoInsureIndia.com was founded by Two Visionary Leaders—Yogesh Sharma and Mangat Dhiman—who aimed to revolutionize the insurance sector in India. Recognizing a gap in customer needs, they created GoInsureIndia.com to provide transparent, efficient, and personalized insurance solutions. Their vision is to make insurance simple, accessible, and customer-centric, especially for the younger generation looking for innovative solutions.

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Introduction to Insurance in India - Key statistics



History of Insurance in India

This comparison highlights key differences between private and public insurers, aiding customers in making informed decisions based on their specific needs and preferences.

Early Beginnings

The concept of insurance in India dates back to ancient times, with evidence of risk management practices found in the Manusmriti, Dharmashastra, and Arthashastra. These texts mention pooling resources to be used during calamities such as fire, floods, epidemics, and famine. However, the modern era of insurance in India began with the establishment of the Oriental Life Insurance Company in 1818 in Calcutta (now Kolkata), which was the first insurance company in India.

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Pre-Independence Era

The Indian insurance sector witnessed significant growth during the 19th century. By the end of the century, several insurance companies had been established. Some notable names include:

  • Bombay Mutual Life Assurance Society (1870): This was the first native insurance company to cover Indian lives.
  • Oriental Government Security Life Assurance Company (1874)
  • Bharat Insurance Company (1896)
  • United India Insurance Company (1906)
  • National Insurance Company (1906)
  • Indian Mercantile Insurance (1907)
  • Swadeshi Life (later Bombay Life) (1910)


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The pre-independence period also saw the establishment of the Insurance Act of 1938, which brought stringent state control over the insurance business. This Act provided a framework for insurance regulation in India, including provisions for licensing, operations, investments, and management of insurance companies.

Post-Independence and Nationalization

After India gained independence in 1947, the government recognized the importance of insurance in protecting the financial interests of the masses and decided to regulate and nationalize the industry.

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Nationalization of Life Insurance

In 1956, the government merged 245 Indian and foreign insurers and provident societies into one nationalized entity called the Life Insurance Corporation of India (LIC). This was a landmark event aimed at spreading life insurance widely across the country, particularly in rural areas. The LIC Act of 1956 was passed by the Parliament of India, giving LIC a monopoly over life insurance in India.

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Nationalization of General Insurance

In 1972, the General Insurance Business (Nationalization) Act was passed, and the government nationalized the general insurance business in India. 

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Under this Act, 107 insurers were amalgamated and grouped into four companies

  • National Insurance Company Ltd.
  • New India Assurance Company Ltd.
  • Oriental Insurance Company Ltd.
  • United India Insurance Company Ltd.

These companies were under the supervision of the General Insurance Corporation of India (GIC), which was also established by the Act.

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The Formation of IRDA and Privatization

The insurance sector in India was opened up to private players in the 1990s as part of the broader liberalization and economic reforms. This was a major turning point in the history of insurance in India.

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Incorporation of IRDA

The Insurance Regulatory and Development Authority (IRDA) was incorporated as a statutory body in April 2000. The primary objective of IRDA is to protect the interests of policyholders, regulate, promote, and ensure orderly growth of the insurance industry. The IRDA Act of 1999 laid down the framework for the opening of the insurance market to private players.

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Privatization and Entry of Private Players

Following the establishment of IRDA, the insurance sector was opened up to private and foreign companies. This led to the entry of numerous private insurance companies in the Indian market, fostering competition and innovation. Some of the key private players that entered the market include ICICI Prudential, HDFC Standard Life, Max Life, and Bajaj Allianz, among others.

The privatization of the insurance sector has resulted in increased penetration, product diversification, and improved customer service standards.

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Current Landscape of the Insurance Sector in India

Life Insurance Companies

As of now, there are 24 life insurance companies operating in India. LIC remains the largest and only public sector life insurer, but it faces stiff competition from private players who have significantly increased their market share over the years. Total Premium Collected by Life Insurance Companies in FY 2022-23: ₹7,31,000 crore Total Claims Paid by Life Insurance Companies in FY 2022-23: ₹3,50,000 crore

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Publicly Listed Life Insurance Companies

Life Insurance Corporation of India (LIC), ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, SBI Life Insurance Company

4 logo of publicly-listed-life insurance

General Insurance Companies

There are 34 general insurance companies in India, including public sector insurers and private sector players. The public sector general insurers are National Insurance, New India Assurance, Oriental Insurance, and United India Insurance. Private players include ICICI Lombard, HDFC Ergo, and Bajaj Allianz General Insurance, among others. Total Premium Collected by General Insurance Companies in FY 2022-23: ₹2,20,000 crore Total Claims Paid by General Insurance Companies in FY 2022-23: ₹1,75,000 crore

6 logo of General-Insurance-Companies

Publicly Listed General Insurance Companies

New India Assurance Company, ICICI Lombard General Insurance Company

2 logo of publicly-listed-general-life insurance

Standalone Health Insurance Companies

India also has specialized health insurance companies like Star Health and Allied Insurance, Max Bupa Health Insurance, and Apollo Munich Health Insurance. Total Premium Collected by Standalone Health Insurance Companies in FY 2022-23: ₹65,000 crore Total Claims Paid by Standalone Health Insurance Companies in FY 2022-23: ₹40,000 crore

3 logo of Standalone-Health-Insurance-Companies

Reinsurance Companies

The General Insurance Corporation of India (GIC Re) is the sole national reinsurer, but the sector has seen the entry of several foreign reinsurance companies such as Swiss Re, Munich Re, and Hannover Re. Total Premium Collected by Reinsurance Companies in FY 2022-23: ₹30,000 crore Total Claims Paid by Reinsurance Companies in FY 2022-23: ₹25,000 crore

4 logo of Reinsurance Companies

Insurance Brokers in India

Insurance brokers play a crucial role in the Indian insurance market by acting as intermediaries between insurers and policyholders. They provide valuable services such as risk assessment, policy recommendation, and claims assistance. The IRDA has laid down stringent guidelines for the registration and operation of insurance brokers to ensure transparency and accountability. Currently, there are over 500 registered insurance brokers in India. These brokers cater to a diverse clientele, including individuals, small businesses, and large corporations, helping them navigate the complexities of insurance products and services. Market Share of Brokers in Insurance Industry: Insurance brokers have a market share of approximately 30% in the non-life insurance segment.

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Insurance Agents in India

Insurance agents are another key distribution channel for insurance products in India. They are individuals or entities authorized by an insurance company to sell its products. Agents are responsible for providing information about policies, assisting in the application process, and offering post-sale services. As of the latest data, there are approximately 20 lakh insurance agents in India. These agents operate across urban and rural areas, contributing significantly to the penetration and reach of insurance products in the country.

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Role of Insurance Broker

Key Statistics of Insurance Broker Market Share. Market Share of Brokers:

Non-Life Insurance Segment

Public Sector (PSU)
30%

of annual insurance business

Private Sector
43%

of annual insurance business

Life Insurance Segment

Retail Life Insurance
3.07%
Group Life Insurance
1.67%

Health Insurance Segment

Group Health Insurance
48%
Retail Health Insurance
8%+
Overall Health Insurance
28%

Registered Brokers:
665 insurance brokers registered with IRDAI as on June 2024

Team

We are a team of well organized professionals who believes that supporting each other professionally is the key to the organizational success and social well being.

yogesh sharma is dressed in a black t-shirt with the goinsureindia.com logo and glasses

Yogesh Sharma

Chief Executive Officer & Principal Officer

As CEO & Principal Officer at Go Insure, Yogesh Kumar Sharma combines nearly two decades of corporate insurance expertise with visionary leadership. With proven success at Orange Capital, Capital Square, and Zoom Insurance, he excels in strategic development, client acquisition, and service excellence, propelling the company’s growth.

Mangat Dhiman is dressed in a black t-shirt with the goinsureindia.com logo

Mangat Dhiman

Director

Serving as Director at Go Insure, Mangat Dhiman applies 16 years of specialized experience to champion corporate insurance strategies. A proven expert in client retention, claims management, and business development, he has excelled at Orange Capital and Emedlife. His hands-on leadership fosters service excellence and advances Go Insure’s market reach.

Mohit Kumar is dressed in a black t-shirt with the goinsureindia.com logo and glasses

Mohit Kumar

Lead - Corporate Sales
Leading corporate insurance sales at Go Insure, Mohit Kumar propels strategic growth through targeted prospecting, cross-selling, and retention. With industry exposure at Global Insurance Broker, Prudent Insurance, and Toyota Tsusho, he delivers end-to-end solutions that drive profitable expansion. Leveraging an MBA from IMT Ghaziabad, Mohit fosters partnerships and operational excellence.
Varun Porwal is dressed in a black t-shirt with the goinsureindia.com logo

Varun Porwal

Lead – Retail & Micro-SME Corporate

As Lead–Strategic Business Initiatives, Varun Porwal expands Go Insure’s presence in specialized and emerging markets. Formerly Claims Manager at Orange Capital, he refined his expertise in policy administration and client relations. His data-driven approach, focus on wellness, and innovation in communication consistently elevate Go Insure as a trusted insurance partner.

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Nikhil Kumar

Lead – Employee Benefit Insurance

Nikhil Kumar leads Customer Service at Go Insure, integrating technology for responsive and transparent client support. Formerly heading Employee Benefit Insurance at Orange Capital, he streamlined processes to enhance user experiences. His experience at Bijnis and ICICI Bank drives empathy-driven innovation, reinforcing Go Insure’s reputation for excellence.

Nikhil Mehra is dressed in a black t-shirt with the goinsureindia.com logo and glasses.

Nikhil Mehra

Lead – Human Resource & Administration

Nikhil Mehra leads Human Resource & Administration at Go Insure, ensuring an engaged, productive workforce. With a decade at Competent Software and Orange Capital, he excels in end-to-end HR management, policy formation, and performance oversight. His dynamic leadership promotes collaboration and efficiency, propelling Go Insure toward outstanding results.

Akash Chaudhary is dressed in a black t-shirt with the goinsureindia.com logo

Akash Chaudhary

Lead – Finance & Accounts

As Lead-Finance & Accounts at Go Insure, Akash Chaudhary safeguards fiscal stability through policy management, budgeting, and tax compliance. Known for analytical precision, he orchestrates seamless operations and cross-team collaboration. With deep finance expertise and a penchant for innovation, Akash strengthens Go Insure’s reputation for reliability, driving sustainable growth.

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LIFE @ GoInsureIndia.com

Life at Go Insure India is dynamic and growth-focused, fostering innovation, collaboration, and customer-centricity. A supportive environment empowers employees to excel, drive change, and revolutionise the insurance sector in India.

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Career Flexibility through Role Shifting

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Competitive Compensation Packages

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Flexible Working Hours

Incentive icon

Incentive-Based Rewards

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Five-Day Work Week

Comprehensive-insurance icon

Comprehensive Insurance Coverage

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Continuous Learning and Development

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Collaborative Work Environment

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Insurance & Wellness Programs for Employees

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Modern Office Facilities

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Community Involvement and CSR Initiatives

At GoInsureIndia.com, we strive to create an environment that not only attracts top talent but also nurtures and retains them by providing a supportive, flexible, and rewarding workplace.

Interested candidates may connect with us as follows:

  • Email your resume at hr@goinsureindia.com
  • Connect with us at social/professional media platform at these links

          

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Testimonals
400+ Corporates
Insured by us

45+ Partnership

with Insurers

99.4%

Business Retention Rate

3 lakh +

Total Lives Insured

USD 2 billion +

Total Asset Insured
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