Harshit Jain

Homegrown insurtech startup Acko reported a total revenue of Rs 2,106 crore, reflecting a 19.8% increase from Rs 1,758 crore in the previous fiscal year. Notably, the startup reduced its net losses by 9.3%, bringing them down to Rs 670 crore in FY24 from Rs 738.5 crore in FY23. Read the full story here:👇 https://lnkd.in/dnXiC6eS #insurtech #insurance #startup #investors #indianstartupnews

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IRDAI has been continuously trying to solve for Health Insurance penetration in India. Earlier Bima Sugam platform (one stop ecommerce like platform for insurance) was approved and now approval of some much needed reforms to ensure financial burden reduction for citizens. I believe another major reform that is pending is raising AWARENESS about insurance to all levels of society. Even if no. of insurances are being sponsored by Government, yet people are not taking the benefits as many people don't know about it or the importance of it. IRDAI has to bring in regulation regarding increasing awareness and importance about insurance. (May be by incentivization or by any another program deemed fit). Important is to ensure awareness for every section of society and to ensure affordability. What all reforms you think are pending by IRDAI? https://lnkd.in/gX5TTsWu

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Celebrity power couple Virat Kohli and Anushka Sharma are set to reap substantial rewards from their investment in Go Digit General Insurance ahead of its IPO. Kohli invested ₹2 crore for 266,667 shares, while Sharma invested ₹50 lakh for 66,667 shares in January 2020. With Go Digit announcing a price band of ₹258 to ₹272 per share for its IPO, Kohli's stake could yield ₹7.5 crore, and Sharma's could realize ₹1.85 crore, totaling a significant profit of ₹6.75 crore. The grey market already shows a premium of around 18% above the official price range, indicating strong investor interest.    Go Digit offers a diverse portfolio of insurance solutions, including health, liability, property, marine, travel, and auto insurance policies, with 74 active products across various business lines, and theirs is one of the most eagerly awaited IPOs of the year.    Read the full article here: https://lnkd.in/dWFdqbwU   #CelebrityInvestors #GoDigitIPO #ViratKohli #AnushkaSharma #InvestmentSuccess #WealthGrowth #InsuranceSolutions #InvestmentOpportunity

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This Insurtech Unicorn Raises INR 1,176 Cr From Anchor Investors 💸 🤑   A day before the opening of its much-awaited initial public offering (IPO), insurtech major Go Digit General Insurance (Digit) on Tuesday (May 14) raised INR 1,176.6 Cr from its anchor investors. The insurtech unicorn, whose public issue will open on May 15, allocated 4.32 Cr shares to its anchor investors at the upper end of its IPO price band of INR 258-272. The anchor round saw participation from Fidelity, Goldman Sachs, SBI, ICICI Prudential, Axis Mutual Fund, Mirrae, ADIA, among others. Digit Insurance plans to raise INR 2,614.6 Cr through its IPO, which comprises a fresh issue of shares worth INR 1,125 Cr and an OFS element of 5.47 Cr shares.   🔗 To read more in detail, click here 👇 #unicorn #insurtech #startups #ipo

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Insurtech Startup Covrzy Secures IRDAI Broking License Covrzy, a Bengaluru-based insurtech startup co-founded by Ankit Kamra and Veera Thota, has recently obtained an IRDAI broking license! This significant milestone will enable Covrzy to simplify business insurance solutions specifically tailored for startups and MSMEs. With a successful pre-seed funding round of $400K, Covrzy is already serving over 500 clients and has formed partnerships with leading insurers like ICICI Lombard. The team is on a mission to address the insurance needs of the underinsured MSME sector and plans to expand their reach to over 10,000 customers within the next 12-18 months. This new license not only validates their innovative approach but also reinforces the importance of providing affordable and accessible insurance solutions across India. Exciting times ahead for Covrzy as they continue to innovate in the insurtech space! Follow Trustopay for more updates ➡️ #trustopay #fintech #newsinsurtech Sources: [Current Affairs Adda247](https://lnkd.in/dEpqnvj4)

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💼 Zopper Secures $25 Million to Revolutionize India’s Insurance Ecosystem 🛡️ Founded by Surjendu K. and Mayank Gupta, Zopper - a Noida-based insurtech startup, has raised $25 million in a funding round led by Elevation Capital and Dharana Capital. With a total funding of $96 million to date, Zopper provides a technology platform that enables banks and businesses to seamlessly package and distribute insurance products to their customers. How Zopper Can Transform the Insurance System in India: 📈 1️⃣ Simplified Insurance Distribution: By integrating insurance products into banks and businesses’ offerings, Zopper makes it easier for customers to access tailored insurance solutions. 2️⃣ Digital-First Infrastructure: Leveraging advanced technology, Zopper streamlines the insurance process, reducing the complexity and time involved in buying and managing policies. 3️⃣ Increased Penetration: India’s insurance penetration is still low, and Zopper’s model enables a broader reach by tapping into the existing customer base of its partners, driving inclusion. 4️⃣ Cost Efficiency: By automating distribution and customer engagement, Zopper helps insurers reduce costs, enabling more competitive premiums. 5️⃣ Better Customer Experience: With personalized offerings and seamless digital interactions, Zopper enhances how customers perceive and interact with insurance services. Zopper’s innovative platform has the potential to bridge the gaps in India’s insurance system, making coverage more accessible, efficient, and customer-friendly. 🚀 #Zopper #Insurtech #StartupFunding #InsuranceTech #IndiaStartups #ElevationCapital #InnovationInInsurance #InsuranceForAll #Startups #DigitalInsurance #Fintech #Hypes Start Big, Start Here.

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Recently-listed insurtech startup Go Digit posted over a 400% jump in its profit after tax (PAT) to INR 182 Cr in the financial year 2023-24 (FY24) from INR 36 Cr in the previous fiscal year 👇 Led by sharp growth in health, travel, and personal accident premiums, Go Digit’s total gross written premium (GWP) increased 24.5% to INR 9,016 Cr from INR 7,243 Cr in FY23. Third-party motor insurance premiums continued to be the biggest contributor to the startup’s GWP at 39%, followed by own damage motor insurance premiums at 22%. Health, travel, and personal accident premiums together contributed 19% to the total GWP in FY24. 🔗 To read more in detail, click here: https://lnkd.in/gqushaMx #news #financials #insurtech #startup

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Insurtech startup Go Digit General Insurance saw its profit after tax (PAT) soar 74% to Rs 101 Cr in the June quarter (Q1) of the fiscal year 2024-25 (FY25) from Rs 58 Cr in the year-ago quarter. On similar lines, Go Digit’s total gross written premium (GWP) jumped 22.2% year-on-year (YoY) to Rs 2,660 Cr in the quarter ended June 2024. The insurtech startup clocked a GWP of Rs 2,178 Cr in Q1 FY24. 🚀 Join the startup revolution! Follow StartupTrak for the latest and hottest startup news, inspiring stories, and game-changing innovations! 💯❤️🔥 . . #GoDigit #Insurtech #Insurance #StartupSuccess #ProfitGrowth #FinancialResults #Q12025 #PremiumGrowth #InsurtechNews #BusinessGrowth #FinancialPerformance #TechInInsurance #Entrepreneurship #StartupNews #StartupTrak

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Insurtech startup Go Digit General Insurance saw its profit after tax (PAT) soar 74% to INR 101 Cr in the June quarter (Q1) of the fiscal year 2024-25 (FY25) from INR 58 Cr in the year-ago quarter👇 On similar lines, Go Digit’s total gross written premium (GWP) jumped 22.2% year-on-year to INR 2,660 Cr in the quarter ended June 2024. The insurtech startup clocked a GWP of INR 2,178 Cr in Q1 FY24. The surge came largely on the back of growth in third-party motor, health, travel, and personal accident premiums. Go Digit’s net earned premium rose to INR 1,824 Cr during the period under review from INR 1,475 Cr in the year-ago quarter. 🔗 To read more in detail, click here: https://lnkd.in/guVKP2rV #news #financials #revenue #insuretech

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Life insurance APE growth moderated to 10.5% y-o-y in August 2024 compared to 16.3% in July 2024. CareEdge analyzes. Full Report: https://lnkd.in/dEwA4qNZ Gaurav Dixit | Saurabh Bhalerao #CareEdgeInsights #CareEdgeRatings #Lifeinsurance #Healthcare #LIC

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Medical inflation in India has surged to 14%, making quality healthcare a financial burden. With rising chronic illnesses and low awareness among Gen Z, there is an urgent need for early health insurance. Our Co-Founder and COO, Shilpa Arora, shares expert insights on how to navigate your options and secure the best coverage. Read full article here: https://lnkd.in/gQ7zCh5J #InsuranceSamadhan #HealthInsurance #MedicalInflation #HealthcareCosts #ChronicIllnesses #FinancialBurden #InsuranceAwareness

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Insurtech firm Zopper raises $25 Mn led by Elevation, Dharana and Blume: Insurance infrastructure API platform Zopper has secured $25 million in a Series D funding round led by Elevation Capital, Dharana Capital, and Blume Ventures. The fresh proceeds have come for the Noida-based company after a gap of over two years. In September 2022, Zopper raised $75 million in a Series C round led by Creaegis, with participation from ICICI Venture, Bessemer Venture Partners, Tiger Global, and Blume Ventures. The firm has raised more than $115 million to date, according to Entrackr’s research. The new funds will be utilized to enhance Zopper's digital infrastructure, focusing on strengthening its insurance distribution platform, the company said in a press release. The investment will also support the growth of its bancassurance solutions and improve post-sales and service operations for its device and appliance protection segments. The 13-year-old Zopper helps companies offer various insurance products and provides end-to-end technology and service offerings to insurers. It claims to have partnered with 40 insurance companies and more than 2,500 ecosystem players. Zopper initially operated as a customer-focused PoS system for retailers and SMBs until its acquisition by Walmart-owned PhonePe in July 2018. Following the sale, co-founders Surkendu Kulia and Mayank Gupta pivoted Zopper into a SaaS platform enabling consumer internet companies to distribute insurance products. While the company did not comment on financial numbers, it registered Rs 187.28 crore in revenue with a Rs 13.95 crore loss in FY23. As of the Series C round, Tiger Global had a 28.39% stake in the company, followed by Nirvana Digital with 16%, according to startup data intelligence platform TheKredible. #Insurtech #Zopper #Elevation

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🌟 CEO's Vision on Budget 2024: A Transformative Leap for Health Insurance 🌟 As featured in top news outlets including Business Standard, CXOToday, and Healthcare Radius, Deepanker Mahajan has shared a forward-looking perspective on the 2024 Budget, highlighting pivotal opportunities for health insurance reform. Deepanker Mahajan is enthusiastic about the potential reforms that the 2024 Budget promises. The emphasis on making life and health insurance more accessible is a step in the right direction, resonating with the IRDAI’s ambitious goal of ‘Insurance for All by 2047’. This vision is crucial, but to truly realize it, we need targeted measures. One of the key issues highlighted is the stagnation of the health insurance premium deduction limit under Section 80D, which has remained unchanged for nine years despite the escalating costs of healthcare. Interestingly, India, which surpasses South Asian peers with a medical inflation rate of 14%, last witnessed an enhancement in the deduction limit in 2015-16, it is imperative to link this deduction limit to inflation and revise it periodically. Such adjustments would not only offer essential financial relief but also encourage broader adoption of health insurance. Furthermore, Deepanker Mahajan advocates for extending these benefits to the New Tax Regime and reducing the 18% GST on Health Insurance. These changes are critical to enhancing affordability and accessibility, thus fostering a more inclusive insurance environment. By addressing these needs, the Budget can drive significant progress in the insurance sector, ensuring comprehensive coverage for our doctors and the general population. We are hopeful that the 2024 Budget will reflect these priorities, setting the stage for a healthier and more insured India. Deepanker Mahajan Yogesh Khemani Mohit Mohan Siddharth Singh Nirvana Nimish Mahajan #CoverYou #Budget2024 #HealthInsuranceReform #InsuranceForAll #FinancialRelief #MedicalInflation #HealthcareAccessibility #TaxReform #GSTReduction

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Turtlemint, an insurtech startup, recorded a 3.2x increase in its insurance business revenue, reaching ₹505.05 crore in FY24. This growth was fueled by $120 million in Series E funding at the beginning of FY23 and Turtlemint’s expanding customer base across motor, health, life, and general insurance sectors. The company also diversified its offerings through its enterprise SaaS vertical, Turtlefin, catering to financial and e-commerce firms. Despite expenses rising 3.3x to ₹498 crore, driven largely by POSP commissions, Turtlemint maintained profitability with a net profit of ₹6.22 crore. Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, the company partners with over 45 insurers and competes with platforms like Policybazaar.com. Its valuation is nearing unicorn status, with Nexus and Peak XV Partners as major stakeholders. #Turtlemint #Insurtech #InsuranceGrowth #RevenueSurge #SeriesEFunding #Turtlefin #InsuranceInnovation #StartupGrowth #InsuranceIndustry #StartupFunding #PeakXV #Nexus #Startup77

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As an InsurTech entrepreneur, I'm excited about IRDAI's recent mandate for a 3-hour turnaround on health insurance claim approvals in India. This regulation isn't just a win for Indian policyholders; it sets a progressive precedent for the global healthcare landscape. Delays in health insurance claims are a common frustration for patients worldwide. Studies show that even in developed countries, claim processing times can take days or even weeks. This can lead to financial strain, delayed recoveries, and unnecessary stress for patients already facing health challenges. IRDAI's 3-hour rule directly addresses this issue. By mandating faster claim approvals, India is promoting a more patient-centric healthcare system. Here's why this is a game-changer: ✅The 3-hour rule empowers patients to focus on healing, not insurance hassles. ✅Faster claim settlements mean quicker bed turnover for hospitals, allowing them to treat more patients in need. ✅A faster, more efficient claim process benefits not just patients, but the entire healthcare ecosystem. The Road Ahead: To achieve the ambitious 3-hour turnaround, Indian insurers will need to leverage cutting-edge technologies and potentially ecosystem approach, for multi-dimensional execution. Innovation across automation of information transmission, analysis of medical records to identify fraudulent claims, passing the approval funnels and benchmarking with prior approvals shall be key to ultimate faster approvals. As an InsurTech entrepreneur, I am excited to play a key role in this transformative journey. By developing innovative solutions across automation, data analytics, and AI, we can support the mission towards exceptional customer service. We believe this is a significant opportunity to redefine the future of health insurance, not just in India but across the globe. #InsurTech #HealthInsurance #IRDAI #PatientCare

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