Sanil Basutkar

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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Highlights⚡️ about Go Digit General Insurance's IPO: - Go Digit General Insurance, an InsurTech unicorn, has launched its initial public offering (IPO) to raise funds. - The IPO aims to strengthen the company's solvency ratio and capital reserves, supporting growth and expansion plans. - It includes an offer-for-sale of up to 54,766,392 equity shares and a fresh issuance worth Rs 1,125 crore. - The company offers a wide range of general insurance products, focusing on technology and customer-centric solutions. - Notable investors, including Canada’s Fairfax Group and celebrity couple Virat Kohli and Anushka Sharma, are expected to retain their investment. - Despite a penalty by the IRDAI for non-disclosure of share conversion ratio changes, the IPO received approval from SEBI in March. - The IPO is set with a price band of ₹258-272 per equity share and will be open from May 15 to May 17. - The share allocation is structured with 75% for QIBs, 15% for NIIs, and 10% for retail investors. - Go Digit General Insurance plans to utilize the net proceeds to fund business operations and support proposed projects. #Insurance #Insurtech #IPO #InsuranceIndustry

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Fin InsureTech Startup Finsall Resources Raises Rs 15 Crore in Bridge Round #finance #business #fintech #insurance #startupstories #startups #trending #entrepreneur #finsall #fininsuretech #technology

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Interviewed Mr. Asit Rath, the MD & CEO of Aviva India today. A very interesting conversation on changing the insurance industry landscape in India 👇 A. Why insurance along with investments? Why not unbundle? He answered that they're doing away with the heavy upfront commissions. Their expense ratio on AUM for ULIPs is around 1.35%, which is less than that of most regular mutual funds. The average time a customer stays in their policies is for about 15+ years, whereas 73%+ of redemptions of regular mutual funds come within 2 years. He believes that it is more about time and insurance products are designed in a way to keep investors disciplined (surrender norms). B. Innovation in products They're coming with products that give customers Smart Watch, AI powered, Nutrition Diet, BP Monitor, Smart Scale along with a minuscule term insurance premium. It will help customers track their daily steps, sleep schedule and lead a healthy life. --------------------------------- I questioned about various other issues and he answered about insurance mis-selling and how it should be tackled by the industry as a whole. Asit is a really humble person and it was a very insightful conversation. Will share the snippets of the interview on YouTube shortly and the transcript in the fourth edition of the magazine. Stay tuned! Disclaimer: Not an investment advice or my personal recommendation.

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8 August 2024, Thursday, mid noon, typical Mumbai traffic and still around 55 participants from 20 companies (Life, Health, General insurers and reinsurers) presented intriguing, unique and interesting 9 case studies every case had unique approach, learnings, insights one different from another like few noted as below from many: 1. Calling and reaching to authenticate the claimant and claim 2. Findings genuine means to authenticate documents online 3. Ascertaining QR code on death certificate 4. Checks at addresses at issuance and claims 5. Checking with relatives wherever there is a suspicion of fraud 6. No amount is small amount for fraudster to start with 7. Nexus are mostly target low strata of society 8. Someone in team has to be the tough one against proven fraudsters 9. Identify the middlemen in nexus But won't have been possible without super arrangements and support by our host SASWATA SENGUPTA from IndiaFirst Life and his fabulous "on the toes" claims team Dr Snigdha BadolaSuryaprakash DubeyDr Ravi N.Gaurav PrabhakarMilind HindlekarDr. Nikhil Bhagwat A Big thank you on behalf of all the participants and AiCM Kudos to planning and execution by AiCM Association of Insurance Claims Mgmt. event sub-committee members Ashutosh RathiSavita Goel ashish kumarSandeep Singh Full photos are in link below https://lnkd.in/eQsqZKDy

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I came across a thought-provoking article, which put me into a contemplative mode to understand the reality of farm labourers in India. While insurance and pension schemes like PM-SYM offer some security, they don’t address the deeper issues like low wages, seasonal unemployment, and job displacement due to mechanisation. With nearly 107 million agricultural workers in India, it’s clear that we need to focus on skill development to help these workers transition to other sectors like manufacturing or services. This would provide them with better-paying, more stable jobs, improving their overall well-being. The government’s initiatives like “Make in India” are a step in the right direction, but we need more targeted solutions, especially for those affected by farm mechanisation. It's crucial we invest in holistic upliftment, creating opportunities and ensuring the empowerment of workers, particularly women, in rural areas. Only then can we build a more resilient, prosperous rural India. https://lnkd.in/g5Xnn3p5 #Agriculture #RuralIndia #SkillDevelopment #JobCreation #SocialWelfare #EconomicDevelopment #SustainableAgriculture #FarmerWelfare

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The general insurance sector covers a vast multitude of customers, a wide array of risks and several types of policies. To sell so many types of policies to such a cast clientele we need the contribution of all types of intermediaries viz agents, brokers, bancassurance, IMFs etc. Reliance on only one intermediary whether be it a broker, agent or a bancassurance partner. An agent provides the last mile connectivity in insurance sales better than any other intermediary.. But, the reach of an agent is limited. A bank on the other hand has access to a number of customers, has a wide reach and has a better connect with a customer to start with. It is in a better position to tap more customers, sell more policies and drive penetration! However, the disadvantages are lack of product/domain knowledge and inability to provide personalized attention like an agent. The limitation of the agency model is that the agent may give less priority to general insurance as compared to life insurance or other financial sectors as the remuneration per policy is much lower. However, a bank can tu de over this disadvantage through higher volumes. The bancassurance channel should ideally sell simpler policies to mitigate the risk of misselling.

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Monsoon Season Alert: Rising Threat of Vector-Borne Diseases and seasonal illness! As the monsoon season sweeps across India, the familiar challenges of waterlogging and flooding have once again emerged, bringing with them a surge in seasonal illnesses and vector-borne diseases. Reports of claims related to Dengue, Gastroenteritis, and other monsoon-related ailments are on the rise, underscoring the need for heightened vigilance and proactive measures. Preventive Measures to Stay Safe: 1. Dress Smartly: Wear fully covered clothing to minimize exposure to mosquitoes. This simple step can significantly reduce the risk of mosquito bites, which are the primary carriers of diseases like Dengue, Malaria, and Chikungunya. 2. Use Mosquito Repellents: Whether you're indoors or outdoors, apply mosquito repellents on exposed skin. Additionally, use mosquito nets or screens in your home to further protect yourself from bites. 3. Address Waterlogging: Stagnant water is a breeding ground for mosquitoes. Take action in your neighborhood to eliminate waterlogging by draining stagnant water from flower pots, coolers, and other containers. In areas prone to flooding, ensure proper drainage systems are in place. 4.Maintain Hygiene with Food and Water: Gastroenteritis and other waterborne diseases are common during the monsoon. Opt for home-cooked, nutritious meals to avoid contamination. Always carry your water bottle to ensure you're drinking safe water. If the quality of your water supply is questionable, boil water before consumption, as mixing of rainwater and supply water is a common issue in some regions. 5. Stay Informed and Prepared: Keep yourself updated on health advisories and local conditions. If you experience symptoms of any monsoon-related illness, seek medical attention promptly. Early detection and treatment can prevent complications. The monsoon season, while bringing much-needed relief from the summer heat, also demands extra caution. By taking these preventive measures, you can protect yourself and your loved ones from the health risks associated with this time of year. Stay safe, stay healthy! #Dengue #Malaria #Gastroenteritis #Hospitalisation #prevention #Policyholders #healthinsurance #Safety #Waterlogging #floods #insurancesamadhan https://lnkd.in/gugAZsry

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Cyber security + compliance = Vitamins Cyber insurance = painkiller Get painkillers from experts only, get Mitigata™

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Go Digit IPO to open on May 15; Check Details Go Digit General Insurance, a prominent insurtech startup in India, is gearing up for its initial public offering (IPO) in May 2024. Backed by celebrities Virat Kohli and Anushka Sharma, the company has captured significant interest in the Indian financial market. #GoDigit #sharemarket #stockmarket #nifty #sensex #investing #trading #nse #bse #stockmarketindia #stocks #indianstockmarket #investment #stockmarketnews #ipoupdate #iponews #ipobuz #ipoapply

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NRI term #insurance plans in India offer a straightforward approach to securing financial stability for an NRI's family. These policies work similarly to regular term insurance but are specifically tailored for NRIs, ensuring they can easily manage premiums from abroad using foreign or NRI bank accounts, options like Return of Premium (ROP) are available, where all paid premiums are returned. Are you an #NRI exploring term insurance in #India? Here’s the rundown: 💳 Seamless Premium Payments: Effortlessly manage premiums online via NRO, NRE, or FCNR accounts, even from overseas. 🛡️ Flexible Coverage Options: Tailor coverage to your family's needs, with age options up to 100. 🕒 Adjustable Policy Terms: Customise your policy length from 10 to 40 years to fit your financial goals. 💰 Return of Premium (ROP): Choose ROP to receive all your premiums back if you outlive the policy. 📄 Simple Documentation: Experience a streamlined process with minimal paperwork. 💸 Tax Advantages: Benefit from tax deductions on premiums and tax-exempt payouts under sections 80C and 10(10D) of the Income Tax Act. Secure your family's financial future from anywhere in the world. Interested in setting up your term plan? Let’s chat! #NRIInsurance #TermInsurance #FinancialPlanning #SecureYourFuture

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🌟 Explore the #NivaBupaHealthInsuranceIPO! Opening Nov 7th! 📅💼 Invest in a healthier future with shares priced from ₹70-₹74. Dive into the details of this ₹2,200 crore IPO opportunity! 🚀💸 #HealthInsuranceInvest #aftetrade #chalabshurukare

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Have you heard the latest buzz from the Insurance Regulatory and Development Authority of India (IRDA)? They're like the superheroes of the insurance world, constantly swooping in to make our lives easier and our policies more transparent. 🦸‍♂️ So, here's the scoop: IRDA has been on the move, working tirelessly to ensure that your interests as policyholders are protected and that your insurance experiences are as smooth as silk. 🛡️ And boy, have they cooked up something amazing this time! Let's talk health insurance. We all know that waiting periods can be a real pain, especially when you're eager to get the coverage you need. Well, guess what? IRDA has stepped up to the plate and slashed the maximum waiting period for health insurance products to just 36 months! Yep, you heard that right – they're cutting down the wait time to get you the coverage you deserve, faster than ever before. 💨 But wait, there's more! IRDA isn't stopping there. Oh no, they're taking it a step further to ensure that you're not left high and dry when you need to make a claim. If you've been diligently paying your premiums and have been covered for a solid 60 months, IRDA says that insurers can't deny your claim due to non-disclosure, unless it's proven to be fraudulent. That's right – they've got your back, making sure you get the support you need when it matters most. So, let's give a round of applause to IRDA for their unwavering dedication to policyholders everywhere! With their continued efforts, navigating the world of insurance is becoming easier, fairer, and more transparent than ever before. Here's to smoother claims, shorter waiting periods, and a brighter future for insurance in India! #IRDA #insurance #India

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#Generalinsurance industry recorded an annual premium of close to Rs 2.9 lakh crore for FY24, marking a 13% rise from the previous fiscal year's Rs 2.6 lakh crore. #Five standalone #health #insurance companies saw a significant 26.2% increase in total premium, climbing from Rs 26,243 crore to Rs 33,115 crore during the same period. #Standalone health insurance companies' growth can be credited to #larger #policy sizes, as they introduce #high-value #policies worth crores. Premium rates have been adjusted to match #medical #inflation, and coverage has expanded. #Irdai's FY23 report by Emkay Finance shows retail health insurance premiums grew steadily at 20% CAGR from FY12-19. However, between FY19-23, the premium growth rate slowed slightly to 19%, while coverage expansion was limited, with only a 5.9% increase in the number of #insured individuals. The growth was mainly driven by #price and #sum assured adjustments. In the 11 months leading up to Feb 2024, health insurance premium reached Rs 98,716 crore, a 20% rise from last year's Rs 81,997 crore. This figure encompasses health premium from general insurers and SAHI companies, with health insurance's share for this period increasing to 37.5% from 35.2% in the previous year. Two new players, #Galaxy Health and #Narayana Healthcare, enter the health insurance market alongside #Star Health, as per V Jagannathan and Surgeon Devi Shetty. While health insurance premiums are on the rise for most general insurance companies, #slower growth in segments like #motor is holding back their overall performance, #Specialized #insurance sectors, particularly #Agriculture Insurance Company #AIC and #ECGC, have contributed to the non-life industry's #sluggish growth this year. #Agriculture insurance witnessed a significant 32% decline in premiums, falling from Rs 14,619 crore last year to Rs 9,919 crore.

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