Page 32 - Insurance Times November 2020

($38.8m). Raheja QBE, which started its operations in 2009,
is a joint venture between Prism Johnson and QBE Insurance
Group. Paytm will also acquire the remaining 49% stake,
which is held by QBE Australia. The acquisition is through
QorQl, a technology company as the majority shareholder
and the remaining stake held by Paytm. The deal is subject
to approval from the IRDAI. Paytm says the acquisition is in
furtherance of its mission of driving financial inclusion for
over 500m Indians. Paytm will use its large consumer base
and merchant ecosystem to innovate insurance products and
services to accelerate its reach and adoption.

Media Group takes over Insurance
Aggregator: Electronic Giant Offers Insurance Cover

MyInsuranceClub, an IRDAI-licensed insurance web for Customers:
aggregator has been among the earliest entrants into the
insurance comparison business in India. The original founders Electronics and appliances major LG Electronics has tied up
of MyInsuranceClub, will continue to run and operate the with Cholamandalam MS General Insurance to offer COVID-
business under the new shareholders of Indian Express Group. 19 insurance cover alongside purchases of select home
As an insurance web aggregator, selling both life and non-life appliances. The COVID-19 insurance scheme will be available
insurance products, MyInsuranceClub is expected to benefit in three slabs - INR 50,000 ($654), INR30,000 ($392), and
from the reach of the Indian Express Group, which is one of INR10,000 ($131), depending on the category of the
the world's largest digital news groups reaching over 140m appliance purchased. This insurance offer is a part of a larger
users a month across the world in six languages. effort by LG to help in the fight against the COVID-19
pandemic and provide better access to medical services to
While MyInsuranceClub has been focussing on selling term its customers in these difficult times. Only Indian citizens
insurance and health insurance plans, it will now also focus aged between three months to 65 years can avail of the
on the other retail plans like motor and travel insurance. insurance scheme and they should have no foreign travel
The Indian Express Group saw synergies with their media history over the past three months.
business which now reaches more than 140m unique users
a month. With low insurance penetration in India, this space The insurer shall not be liable for any claim arising from
offers huge opportunity for growth. As a media and coronavirus for a period of 16 days from the policy
marketing organisation their skills in building a strong and commencement date and insurance cover will be provided
trusted brand will work to the advantage of only to the person on whose name the product has been
MyInsuranceClub to enable it to become a significant player
purchased. The policy will be valid for one year and claims,
in this business, and be a first step for us to diversify our
if any, can be pursued through the LG dealers. There is likely
revenue streams beyond advertising.
to be a shift in consumer behaviour due to the coronavirus
crisis going ahead. A major
part of the business will shift
to e-commerce. This shift
will make it inevitable for
business organisations to
modify their operation
models and opt for
technological advancement
for their survival in the post-
pandemic economy.
Additionally, awareness of
health products will
increase

32 The Insurance Times, November 2020