Page 7 - The Insurance Times January 2022

(wholesale CBDCs) or by the wider be one of the biggest Series A capital the launch of insurance cover for acci-
economy (retail CBDCs), according to raise round for a company in this dental and stain damage on select fur-
BIS Annual Economic Report 2021. RBI insurtech space", Agarwal said. niture products sold on the platform.
deputy governor T Rabi Sankar said To further expand its reach in Tier 3 and The items covered will include office
that the central bank has already chairs, office tables, and mattresses,
beyond cities, InsuranceDekho has
made significant progress on the come up with a new initiative, among other things.
wholesale component of the CBDC,
'InsuranceDekho Saathi' under which Flipkart has partnered with Cover Ge-
while the retail component will take users would be able to evaluate and nius to offer the insurance plan titled
longer. buy insurance products from their 'Complete Furniture Protection'.
trusted local offline stores. For this ini- The company said the insurance plan
Shriram Group to merge tiative, this insurtech proposes to part- will cover accidental stains and dam-

fin biz, spin off insurance ner with 50,000 micro-entrepreneurs age protection for one year and also
by the end of FY'22 across 500+ Tier 3
Shriram group has announced a con- come with a three-year extended war-
cities to further deepen its reach and
solidation exercise that will create give more choice to its customers. ranty. Additionally, it can go up to a
India's largest retail financing NBFC. These micro-entrepreneurs are en- period of six years including manufac-
The Chennai-headquartered group gaged as Point of Sales Persons (PoSPs) turer warranty, it added.
said that the boards of its group com- of InsuranceDekho. The plan offerings start at Rs. 199 and
panies have cleared a restructuring go up to Rs. 1,999 as per different slabs
process which will bring all finance All InsuranceDekho Saathi partners will for different products and their pricing.
businesses under one entity, spin off create awareness about and cross-sell Flipkart said starting with furniture, it
insurance business into a separate en- insurance products as allowed under will, in partnership with Cover Genius,
tity and thereby sharpen focus on busi- IRDAI guidelines like life insurance, continue evolving such value-added
nesses. health and motor insurance to their service offerings across various product
network and assist local customers
Under the terms of restructuring, with policy support and claim settle- categories in the future.
Shriram Capital, the holding company ment on the field.
of the group which counts promoters, Bajaj Allianz General In-
Piramal and TPG as shareholders and "Insurance penetration in India is ~4%
Shriram City Union Finance, the retail currently, and this number further surance announces 'Drone
lending arm of the group, will be dwindles as we move to Tier 3 and Insurance'
merged into Shriram Transport Fi- beyond cities. We believe that there is Bajaj Allianz General Insurance an-
nance. The merged Shriram Transport an imminent need for us to create nounced its association with TropoGo,
will be renamed as Shriram Finance. awareness about and expand the dis- a deep-tech start-up, for the distribu-
The insurance business will be hived off tribution of insurance products in the tion of a one-of-its-kind Drone Insur-
and all other businesses will be held country. Backed with this vision, we ance product in the country. The drone
separately outside the listed entity. launched the InsuranceDekho Saathi insurance product will cover Damage
Pursuant to the merger, Shriram Trans- program earlier this year and have to the Drone & Payload it carries, Third
port will issue 1.55 shares for every one observed high traction from both part- Party Liability along with additional
share of Shriram City and 0.097 shares ners and customers. The initiative is a covers for BVLOS (Beyond Visual Line
for every one share of Shriram Capital. true win-win for the ecosystem as it
helps our Saathi partners to find social of Sight) Endorsement and Night Flying
InsuranceDekho hires standing and increase their income Endorsement. The insurance protec-
tion offered for the Damage to the
opportunities while at the same time
Haitong India to raise up enabling customers to buy an insur- Drone & Payload it carries will provide
to $100 million ance product from their trusted local coverage for the replacement or re-
retail partner," Agrawal said. pair, accidental loss of or damage to
InsuranceDekho, an insurtech startup, the UAS (Unmanned Aircraft System)
plans to do a Series A capital raise of $ arising from the risks covered, includ-
40-50 million, Ankit Agrawal, CEO and Flipkart to offer furniture ing disappearance if the UAS is unre-
Co-Founder has said. protection plan ported after the commencement of
"We will hit the market soon. This will E-commerce major Flipkart announced Flight. T
The Insurance Times, January 2022 7