Roadzen Inc. ("Roadzen" or the "Company”), a global leader in AI at the convergence of insurance and mobility, announced a significant partnership with a leading commercial auto-focused agency network in India. This alliance onboards over 1,200 agents in 18 states across India to the Roadzen platform and aims to deliver coverage for more than 300,000 vehicles annually. This collaboration is projected to generate approximately $65 million in gross written premiums annually, adding upwards of $10 million to Roadzen’s annual revenue run rate over the next year.
According to the World Bank, India’s economy is the fastest-growing large economy in the world, with the Reserve Bank of India projecting GDP growth rate of around 8% in 2024. Rising consumer demand and income levels have fueled it to become the third-largest car market globally, with over 4.2 million new vehicles sold last year. Additionally, GlobalData predicts the auto insurance market in India is set to grow at a CAGR of 7.9% from 2024 to 2028, one of the fastest rates in the world.
Roadzen’s platform will offer these channel partners an enhanced selling experience, featuring real-time quote options from multiple carriers and risk-matching algorithms for commercial auto policies. It will also streamline the claims process from the first notice of loss to final dispensation within minutes, a service that most insurance intermediaries cannot offer their customers today. Commercial fleet owners will also benefit from adding Roadzen’s advanced technology to address major pain areas, such as accident prevention using software or video telematics and proactive roadside assistance in times of need.
Rohan Malhotra, Founder and CEO of Roadzen, stated, “This partnership continues our mission to advance the insurance ecosystem, including addressing distribution needs, which is a large part of the auto insurance economy. While India's strong economy supports such agency networks, the need for advanced technology, capital, and access to larger clients is crucial for their sustainable growth. Roadzen is ideally equipped to provide these essential resources, offering a next-generation platform that enhances the entire auto insurance ecosystem—from policyholders and insurance carriers to auto manufacturers and fleet owners. This is the first step forward in a partnership that we will look to grow from strength to strength.”
