Page 7 - Insurance Times Octoberr 2022

was announced at Meta Fuel for India business expansion, increasing brand uses creatives specially crafted for
2020. Today, it has made larger num- visibility in the insurance space, to in- Hindi-speaking audiences in the north
ber of products available that custom- crease its capital base, and to improve markets starring Aamir Khan and Alia
ers can directly buy through a hassle- the solvency margin and solvency ra- Bhatt, while for the south markets of
free interface and from anywhere, tio. Tamil Nadu, Karnataka, Kerala, Andhra
with end-to-end policy purchase on the Pradesh, and Telangana, the campaign
ICICI Securities, Morgan Stanley, Edel-
platform itself. features Dulquer Salmaan.
weiss, Axis Capital, HDFC Bank, and
The user-friendly process - The process IIFL Securities are the lead
can be started by initiating a chat with bookrunners for the IPO. Muted 12% premium
SBI General's verified business account Some reports pegged the total size of growth for Indian non-life
on WhatsApp, that will further prompt
the IPO at INR 5,000 Cr.
sector: Kotak Securities
the product options available for pur-
Go Digit, which is also backed by
chase. Customers can explore the The month of August saw the Indian
prominent names like Virat Kohli and
product features and get their policy non-life insurance sector logging a
Anushka Sharma, was planning for its
document right within the WhatsApp muted 12 per cent premium growth,
IPO later this year or early 2023.
chat thread. Riding on the success of Kotak Securities said in a report.
Founded in 2017 by Kamesh Goyal, Go
UPI integration on WhatsApp, this is
According to the report, the sector's
Digit offers insurance policies across
another landmark move, that will not
growth was the lowest in the last five
verticals such as health, property, mo-
just drive insurance penetration in the months.
tor vehicle, travel, and more. It claims
country but will also help in further
to have served over 25 million custom- "While motor (vehicle insurance) was
expanding financial inclusion in India.
ers as of March 31, 2022. muted at 12 per cent, retail health was
higher at 19 per cent yoy (year-on-
SEBI Puts Sequoia-Backed
PhonePe launches a new year). With a single-digit base ahead,
Go Digit General Insur- we expect the motor business to pick
brand campaign on motor
up (20 per cent year to date- YTD).
ance's IPO In 'Abeyance'
insurance renewals Retail health, up 14 per cent YTD, is
SEBI has kept insurtech startup Go
PhonePe, India's leading digital pay- also catching up," the report notes.
Digit General Insurance's proposed ini-
ments platform today announced the Among the listed players, Star Health
tial public offering (IPO) in 'abeyance'.
launch of its integrated multimedia
reported 25 per cent growth in retail
In its document on 'processing status brand campaign focused on tension-
health (22 per cent YTD), but ICICI
of draft offer documents', the markets free motor insurance renewals. This
Lombard was up just two per cent in
regulator said, "Issuance of observa- pan-India campaign will be launched in
the competitive motor segment, losing
tions kept in abeyance." However, it a phase-wise manner with eight ad
share to Digit, HDFC Ergo, and Tata
didn't give any other clarification or films in total.
AIA.
reason.
It highlights real, everyday problems
Motor insurance premiums were up 12
In SEBI parlance, issuance of observa- that consumers face with sales pitches
per cent in the month of August with
tions implies its go-ahead for an IPO. that have now become an unpleasant
similar growth in motor own damage
The Fairfax and Sequoia-backed purchase experience. The campaign
and motor third party sections, after
startup filed its draft IPO papers on drives awareness around the benefits
delivering 16-42 per cent growth in the
August 17. of renewing motor insurance tension-
first three months of FY2023.
free on PhonePe.
As per the draft papers of Go Digit
"With a low base (low-single digits in
IPO, the proposed offering includes a Focused on category creation and driv-
the next seven months), we expect yoy
fresh issue worth INR 1,250 Cr and an ing consideration for motor insurance
growth rate to pick up from hereon,"
offer for sale (OFS) of 10.94 Cr equity renewals on the PhonePe platform,
Kotak Securities said.
shares from existing shareholders. The this campaign inspires consumers to
digital insurance provider plans to use question the way bike and car insur- According to the report, retail health
the net proceeds from the offering for ance is traditionally sold to them. It insurance industry reported 19 per
The Insurance Times, October 2022 7