Thursday, October 19, 2017

India approves two digital insurers

India’s regulator, the Insurance Regulatory and Development Authority of India (irdai), has approved the applications of two digital non-life insurance firms to do business in the country.

Both Acko and Digit Insurance are relying on their technology platforms to differentiate themselves from existing and traditional insurance companies, according to reports.

Acko is a digital-only, non-life company backed by Narayana Murthy’s Catamaran Ventures.

Digit Insurance, meanwhile, was started by Kamesh Goyal, former head of Bajaj Allianz in India, and is backed by the Fairfax Group.

In a statement, Digit said that it is building a technology-driven platform that can offer customized products at reduced cost and which will provide customer service.

Acko will adopt risk-based pricing for motor and health insurance, and plans to start selling insurance by December.

Digit has already raised Rs3.5 billion (US$54 million).

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