Page 16 - Insurance Times July 2024

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InsuranceDekho set to get majority stake in LIC eyes double-digit FY25
BankSathi premia growth, health

Insurance marketplace InsuranceDekho, backed by TVS Capital and Goldman insurance foray
Sachs Asset Management, is set to acquire a majority stake in BankSathi, a LIC is aiming for a double-digit growth
distributor of credit cards and personal loans which counts Kotak Securities in annual premium equivalent (APE) in
and Lets Venture as backers, two people in the know said. the current financial year (FY25) aided
The deal, which is nearing completion, may provide liquidity to angel by product launches and strengthening
investors in BankSathi, the people added. BankSathi had raised $7.5 million of agency channels. The firm will also
in equity funding rounds and was last valued at $27.5 million in 2022, as per explore buying a stake in a standalone
Tracxn. health insurance company, the
management said during post-earnings
The deal is likely to be a share swap wherein BankSathi shareholders will
call.
receive a stake in InsuranceDekho. ET could not determine details of the
share-swap ratio. APE is a measure of new business sales
in the life insurance industry. It is
"It will be a majority deal and BankSathi will in all likelihood continue to
calculated as annualised regular
operate as an independent entity focusing on distributing consumer credit premiums plus 10 per cent of single
products," said one of the people.
premiums.
Speaking to analysts, LIC Chairman
'160' prefix soon for 1600 and financial entities regulated by Siddhartha Mohanty said that
RBI, SEBI, PFRDA and IRDA should incremental growth in FY25 will be
transactional service calls have the prefix of 1601, Department both on the product and channel mix.

In its ongoing attempt to curb of Telecommunications said. "Last year, because of a directional
unsolicited commercial communication Apart from these principal entities change, we launched some products in
(UCC) or pesky calls/SMSes, the (PEs), if any other entity requires the non-par segment, and we have got
government decided to allocate a assignment of number resources under the desired result," he said.
separate number series - 160 - this series, the same has to be The share of non-participating (non-par)
exclusively for service and requested separately by TRAI, a products in the APE during FY24 rose to
transactional voice calls, as per source said. 18.32 per cent year-on-year (Y-o-Y)
Telecom Commercial Communication According to the DoT note, telecom from 8.89 per cent. The share of
Customer Preference Regulation service providers (TSPs) also have to participating products dropped to 81.68
(TCCCPR), 2018. indicate the licencing service area as per cent from 91.11 per cent Y-o-Y.
Calls coming from government and part of the series in the 10-digit "In the current year (FY25), the focus
regulators should have the prefix of number provided to PEs. on non-par products will continue but

The Insurance Times July 2024 15