Page 13 - Insurance Times October 2023

Mahesh Kumar Sharma, MD & CEO of spree, and is implementing a believe that India has significant
SBI Life Insurance, emphasised the comprehensive plan focussed around potential," he said.
urgent need for a paradigm shift in channels, growth, new distribution On the distribution front, Tripathy
how financial preparedness is buildup and product launches, its MD
noted that Max Life had acquired five
perceived. "It's a matter of great & CEO, Prashant Tripathy said.
banks, 10 brokers and two corporate
concern that 80 per cent of consumers Having announced a capital raise of Rs. agents. "There is a lot of energy that
acknowledge insurance's pivotal role in
1,612 crore from existing shareholder will go towards ensuring that all these
financial security, yet a staggering 94
Axis Bank recently, the life insurer relationships start to take shape, we
per cent remain inadequately plans to open 100 new offices in Tier2 are going to work closely with our bank
covered," he said.
cities, hire 50,000 agent advisors this partners, Axis Bank as well as Yes Bank,
"The study is more than just a report; fiscal, besides ramping up its banca to find opportunities for growth," he
it's a call to action". Sharma said every play, Tripathy told. said.
individual deserves the opportunity to "Our aspiration is double digit growth
build resilience against life's Jio Finance to foray into
in new business premium this fiscal.
uncertainties. Together, we can bridge
We will grow better than the industry," insurance biz
the gap between perception and Tripathy said.
reality, and truly empower individuals After announcing an entry into the
Max Life's New Business Premium asset management business with
to achieve 'financial immunity'."
(NBP) grew 25 per cent in the first BlackRock, Jio Financial Services (JFS) is
He emphasised the stark contrast
quarter to touch Rs. 1,857 crore. The gearing up to foray into the insurance
between perception and reality and gross written premium was up 19 per segment.
called for empowering individuals to cent at Rs. 4,871 crore.
achieve true 'financial immunity.' JFS will partner with a global player to
"We are in a rush to expand our offer life, general and health insurance
SBI Life Insurance aims to demystify
distribution, be it through our own products, said RIL chairman Mukesh
financial illusions and equip individuals channels, in partnership, online, or Ambani at the AGM. It will use
with knowledge and solutions to fortify through new banks, because we "predictive data analytics to co-create
their financial foundations. This
initiative seeks to bridge the gap InsuranceDekho set to raise $50 million in fresh
between perception and reality, funding
ensuring financial security in an
InsuranceDekho, which raised $150 million in one of the largest Series A
uncertain world.
funding rounds in India earlier this year, is close to raising another round of
Amidst a world reshaped by institutional funding.
unforeseen challenges, the study
Girnar Insurance Brokers Pvt. Ltd, which runs InsuranceDekho and is part
unveils a stark reality that the Indian
of the CarDekho Group, is set to secure $50 million (about Rs. 415 crore) in
consumer's perception of financial
the new round, one of the persons said.
preparedness is often clouded by
The deal may be sealed at a pre-money valuation of $450500 million, similar
illusions that could have dire
consequences leading them or their to its last outing in February this year, the person added.
family members to have inadequate Beams Fintech Fund, a growth capital vehicle floated by investment firm
financial protection amidst life Venture Catalysts last year, is among the potential investors expected to
uncertainty. lead the round, the second person said. He added that Beams Fintech may
contribute $15 million to the fresh fundraise.
Max Life Insurance targets Started in 2019, InsuranceDekho earns about 82% of its premium from tier-
double-digit growth in II cities and beyond. It competes with the likes of Acko, Turtlemint and
Policybazaar, and claims to cover 98% of pin codes and over 1,600 cities in
new business premium India.
this fiscal The company offers a range of commercial line insurance products such as
Max Life Insurance is on an expansion engineering, marine, fire, health, and liability.

The Insurance Times October 2023 13