InsurTech Startup Turtlemint Files Confidential IPO Papers with Sebi, Eyes Main-Board Listing

Turtlemint Fintech Solutions Ltd, an insurtech company, has filed papers with markets regulator Sebi for its proposed initial public offering (IPO) using the confidential pre-filing route.

In a public announcement, the Mumbai-based insurance advisor-focused startup, said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".

To assist the public offering, the company has roped in ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors as the lead merchant bankers, according to market sources.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is designed to simplify the purchase and management of insurance policies. The firm has sold 1.6 crore policies through its network of over five lakh advisers.

The platform helps financial advisors instantly match each customer with a suite of products best suited for their unique needs, through a digital solution, thereby making advisors & their business efficient.

Turtlemint is backed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.

6 out of 7 Indian InsureTech Unicorns Focus on B2C, Tackling Penetration Hurdles, Says ICICI Lombard-NASSCOM Research

ICICI Lombard, India's leading private sector general insurance company in collaboration with nasscom has launched a research report titled “Digitalizing Insurance: India End-Consumer Perspective”. Launched at the sidelines of Future Forge 2023, the report highlights the tech integration in the insurance ecosystem – from the creation of tailored insurance products to the ways customers discover, purchase, and manage their policies – and what trends and shifts that are shaping the future of insurance in India.

India as an overall insurance market has grown at nearly 8.4% p.a. since 2018, compared to the global 2.4% during the same time. Non-life insurance have grown a lot faster, clocking between 15% - 20% growth, and surpassing that of life insurance in FY2022. The rise of the sector’s penetration has been in sync with the growing share of its private insurance players significantly. Technology investments in the sector have also increased significantly, driving access and affordable adoption for the consumers.

According to the report, Indian InsurTech startups have successfully secured a collective funding of $2.6 billion since 2018, with approximately 90% of these investments fueling end-to-end InsurTech players. This substantial funding injection has significantly enhanced awareness of various non-life insurance products in India. As per the report, 6 out of 7 Unicorns in India's InsurTech domain are dedicated to the B2C sector, addressing the critical issue of penetration.

 

Digital India mission and standardization of India’s tech stack approach, inspired by UPI’s success, can further aid rapid growth to the insurance market over the next 5-7 years.

India’s digital insurance journey

The report states that the growing digital-usage, data privacy, access to human guidance, and reliable online services are top-of-mind to consumers than the benefits of new-age technology solutions. Going forward, consumer preferences with digital insurance will be centred around simple-to-understand, transparent, trustworthy, and personalized services. Additionally, 24*7 access to the services, user-friendly web interface, mobile accessibility and competitive premium rates will define the future course for the insurers.

Sangeeta Gupta, Sr. Vice President and Chief Strategy Officer at NASSCOM, said, “The insurance industry has traditionally relied on face-to-face sales conversations, but with the advent of digitalization, it has transitioned into a hybrid model approach. Cutting-edge technologies such as machine learning, artificial intelligence, automation, and data analytics have played a pivotal role in the digital transformation of insurance operations.”

Girish Nayak, Chief – Technology and Health UW & Claims at ICICI Lombard, said, "In the contemporary insurance landscape, the integration of cutting-edge technologies such as AI, ML, data analytics and digital is profoundly reshaping industry dynamics. Insurers have transcended their traditional roles as mere policy providers and claim payers; they've evolved into architects of data-driven customer journeys and builders of risk management strategies. These transformative technologies empower insurers to offer policies that are finely tailored to individual needs, expedite claims processing with unprecedented efficiency, and gain invaluable insights into customer behaviour. In this digital-driven evolution, ICICI Lombard, as a leading insurance company, not only mitigates risks but also embraces opportunities, where data and customer-centricity are paramount. As the industry marches forward into this era of digitalization, it's about building enduring lifetime relationships with customers, enhancing and protecting their lives, and contributing to a more secure and connected world."

InsurTech Funding Landscape (India) –

• Indian InsurTech Start-Ups raised aggregate $2.6 Bn since 2018 which is relatively more robust with stable share of Insurtech funding as compared to Global InsurTech funding in 2022. 
• ~90% of $2.6 Bn Funding in InsurTech has gone into B2C/Aggregators or End to End InsurTech players positively impacting policy Awareness of various Non-Life Insurance products in India.
• 6 out of 7 Unicorns in India's InsurTech space out are B2C helping solve for Penetration challenge which is 1% Premium as a % of GDP (1/4th of Global Avg)
• 4X to 5X Premium Growth of Funded Aggregators as compared to traditional insurers. As compared to Global (80-90%), in India only 10% of Equity funding in InsurTech goes towards B2B InsurTech Start-Ups that are creating technology solutions for offering custom products (Dynamic products), risk assessments, policy administration to claim processing.

About nasscom

nasscom is the premier trade body and chamber of commerce of the Tech industry in India and comprises over 3000-member companies. Our membership spans across the entire spectrum of the industry from startups to multinationals and from products to services, Global Capability Centers to Engineering firms. Guided by India's vision to become a leading digital economy globally, nasscom focuses on accelerating the pace of transformation of the industry to emerge as the preferred enabler for global digital transformation. Our strategic imperatives are to reskill and upskill India's IT workforce to ensure that talent is future-ready in terms of new-age skills, strengthen the innovation quotient across industry verticals, create new market opportunities - both international and domestic, drive policy advocacy to advance innovation and ease of doing business, and build the industry narrative with focus on Talent, Trust, and Innovation. And, in everything we do, we will continue to champion the need for diversity and equal opportunity.

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 21 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of ₹217.72 billion for the year ended March 31, 2023. ICICI Lombard has 305 branches and 12,865 employees, as on March 31, 2023.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud. With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App - IL TakeCare, with over 6.9 million user downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, National CSR awards etc. for its various initiatives. For more details log on to https://www.icicilombard.com

Here're 6 Winning InsurTech Startups of IFSCA's Global FinTech Hackathon

Six applicants (4 domestic and 2 overseas) are declared winners of the InsureTechs Hackathon, post multiple round of their assessments by IFSCA (International Financial Services Centres Authority), which is India’s unified regulator for international financial services with a mandate to develop and promote India as a global financial hub.

Government of India -established IFSCA has its flagship global FinTech event called InFinity Forum  and as part of this it launched I-Sprint’21, the global FinTech Hackathon.

With a focus on Insurance Sector, IFSCA launched "Sprint03:InsureTech" under I-Sprint'21, which was hosted by IFSCA and Gujarat's GIFT city in collaboration with FICCI. This Hackathon was open to all eligible FinTechs from across the globe and was one of its kind being backed by a financial sector Regulator.

Below are the winning InsurTech startups of Sprint03:InsureTech Global Hackathon -

1. Riskcovry InsureTech

MUMBAI

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.

Founded in 2018, Riskcovry is AI-powered Platform as a Service (PaaS) startup building a 'financial infrastructure' stack for insurance distribution in India. As an "Insurance-in-a-Box"​ for any company, Riskcovry enables any insurance product from any insurer across any customer engagement channel. 

2. Livwell Asia

SINGAPORE

Solving Problem Statement - Digital Innovation for Global Health Insurance Cover.

Founded in 2019, LivWell is a Blockchain-based startup offering membership programme that prompts the member to MOVE by simply walking and EARN rewards in form of LivWell coins for the steps they take and calories they BURN.

3. GOQii Technologies

Solving Problem Statement - Digital Innovation for Global Health Insurance Cover

Kown for fitness wearable devices, GOQii integrated its wearable devices with insurance packages. 

4. Onsurity Technologies 

Bengaluru

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.

Founded in 2020, Onsurity claims to be India's only healthtech company providing monthly, comprehensive employee healthcare to SMEs, MSMEs, Startups and growing businesses. Its comprehensive, monthly-based plans include benefits like group health insurance, discounts on medicine orders and health check-ups, fitness rewards, doctor teleconsultation,

5. ZignSec AB 

SWEDEN

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.

ZignSec is a RegTech (regulatory technology) company with the aim to automate the process for companies to identify their customers digitally in real-time. It offers a cloud based verification services enabling its customers to in real-time identify their users to comply with KYC.

6. Signzy Technologies

MUMBAI

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products. Read More Here.

Signzy is a leading provider of AI-based digitalization and automation solutions to the BFSI industry and counts globally leading banks and NBFCs as its clients. As one of the leading bank workflow automation players, The company helps more than 200 institutions make their digital regulatory processes simple, secure and compliant.

Theese winners will be allowed direct entry into the applicable IFSCA Regulatory/Innovation Sandbox. They will receive Regulatory guidance and handholding. After successful exit from the respective Sandbox, they shall get an opportunity to set up business at GIFT IFSC.

Insurtech Startup BimaPe Raises $545K in Pre-Seed Round Funding led by Lightspeed India Partners, Titan Capital and Others

23rd June, 2021, New Delhi: BimaPe, India's leading insurtech startup has announced that it has raised $545,000 in its pre-seed round of funding. The investment round is led by Lightspeed India Partners, Titan Capital, iSeed, and Gemba Capital. The investment will be utilized to develop its product further, expand the team and invest in paid user acquisition.

Founded in 2020 by Rahul Mathur, BimaPe aims to simplify insurance for working professionals by leveraging the India stack. BimaPe is also backed by Y Combinator It enables users to manage their family’s insurance seamlessly. Users can get an overview of all their insurance policies, make one-click claims, and discover hidden insurance benefits from their cards and provident fund.

Rahul Mathur, Founder & CEO said --

BimaPe aims to build a hub for all kinds of insurance products where users can seamlessly manage their family’s insurance without any hurdles. We will be utilizing the amount raised to develop our product further, strengthen the team and also invest in paid user acquisition for our product .

Harsha Kumar, General Partner at Lightspeed India Partners said, “Adoption of insurance products by Indian consumers is in its infancy. India’s emerging middle class was forced to interact with online only financial services companies during the pandemic. BimaPe’s emphasis on building a product to guide users to make better insurance decisions has driven strong word of mouth in an otherwise CAC intensive market.”

Bipin Shah, Partner at Titan Capital said, “Insurance is a priority for everyone, and we are delighted to be one of the investors in BimaPe. BimaPe aspires to let working professionals in India put their family’s insurance on autopilot, and we passionately believe that they will be a game-changer in the growing insurtech space.”

BimaPe has partnered with MeitY (Government of India) by integrating with DigiLocker. In addition, the platform will soon integrate with Account Aggregator, Health Stack, and insurance companies to fetch policy documents on behalf of users and provide them with a personalized purchase experience. In 7 months since launching its beta product, BimaPe has boarded over 12,000 users without any paid marketing .

About BimaPe:

BimaPe aims to simplify insurance for working professionals in India by leveraging the India Stack. BimaPe Inc is backed by Y Combinator, Lightspeed India Partners & other premier investment firms. 12,000+ members trust BimaPe to help them understand their insurance and make the right insurance decisions.

Website: https://www.bimape.com