Thursday, November 21

Insurtech

insurtech

Global Firms Acquire Majority Stake in PB Fintech as Early Investors Exit | July 3, 2024
Insurtech, BFSI, Startups

Global Firms Acquire Majority Stake in PB Fintech as Early Investors Exit | July 3, 2024

Gurugram-based fintech firm PB Fintech, which operates insurance marketplace Policybazaar and credit platform Paisabazaar, has seen a surge in interest from global and domestic institutional investors. Several early-stage investors in the company have exited their positions, either fully or partially, through bulk deals since the firm went public in 2021. American financial services major Capital Group, as well as asset management firms T. Rowe Price, Fidelity, and Vanguard, have all acquired significant stakes in PB Fintech. Capital Group now owns around 10% of the company through various investment vehicles, according to a person familiar with the matter. Here are the main highlights: Foreign portfolio investors (FPIs) have been actively acquiring shares in PB Fintech. This incl...
India’s Election Under Siege: 300% Surge in Cyber Attacks
Fintech, Insurtech, Lending

India’s Election Under Siege: 300% Surge in Cyber Attacks

As India prepares for its crucial general election, a wave of cyberattacks threatens to disrupt the electoral process. Cybersecurity firm Resecurity has identified a staggering 300% surge in attacks targeting voter data and public opinion, orchestrated by various hacktivist groups exploiting geopolitical tensions. The #OpIndia campaign, launched last year, saw a dramatic increase in cyber activity following the initiation of #OpIsrael, coinciding with heightened online protests related to the Israel-Gaza conflict. With a vast population and growing economy, India has become a prime target for foreign threat actors and nation-state groups. Resecurity's report highlights the importance of safeguarding elections from cyber threats to preserve democratic integrity, particularly in the cu...
Policybazaar’s ‘Claim Assurance Program’ Promises Faster, Smoother Motor Insurance Claim Settlements
BFSI, Insurtech

Policybazaar’s ‘Claim Assurance Program’ Promises Faster, Smoother Motor Insurance Claim Settlements

Online insurance marketplace Policybazaar has introduced a new initiative called the 'Claim Assurance Program' to accelerate the motor insurance claims process across India. The program aims to provide swift and efficient claims support across over 1000 PIN codes, targeting both metropolitan areas as well as tier 2 and 3 regions. The Claim Assurance Program is part of Policybazaar's broader strategy to enhance its claims assistance capabilities across all insurance verticals. The company has also launched a new advertising campaign to increase awareness about its efforts to streamline insurance claims processing. "Our commitment to providing seamless support extends beyond promises; it's about tangible actions. While no one anticipates an accident, we understand that it's our duty to...
Combat Cybercrime and Financial Frauds: Workshop was conducted by DFS
Banking, BFSI, Digital Lending, Fintech, Insurtech, Lending, NBFC, Payments, Startups, Wealthtech

Combat Cybercrime and Financial Frauds: Workshop was conducted by DFS

Workshop on Collaboration Between Fintechs, and Law Enforcement Agencies The Department of Financial Services (DFS), Ministry of Finance, and the Indian CyberCrime Coordination Centre (I4C), Ministry of Home Affairs, recently organized a half-day workshop in Vigyan Bhawan, New Delhi to promote collaboration between Law Enforcement Agencies (LEAs), Start-ups, and Fintech ecosystem partners. The workshop aimed to foster innovation, compliance with regulations, and address challenges such as cybersecurity and digital financial frauds. With the participation of key stakeholders, the event emphasized the need for greater collaboration to harness the full potential of the Start-up and Fintech sector in India. Collaborative Efforts for a Thriving Sector: During the workshop, the DFS Secretary,...
From Limits to Liberation: IRDAI’s New Health Insurance Regulations
BFSI, Insurtech

From Limits to Liberation: IRDAI’s New Health Insurance Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has recently introduced groundbreaking regulations aimed at making health insurance more inclusive and accessible to individuals across all age groups. These progressive changes, effective from April 1, 2024, signify a significant departure from conventional constraints and foster comprehensive coverage for everyone. Elimination of Age Limit in Health Insurance One of the most impactful changes is the removal of the age limit for purchasing health insurance policies. Previously, individuals aged 65 and above faced challenges in securing comprehensive coverage. However, with the new regulations, this barrier has been dismantled. Now, health insurance is available to all, regardless of age. This move ensures th...
Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years
BFSI, Goverment Notice/Circulars, Insurtech

Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years

In a significant move, the Insurance Regulatory and Development Authority of India (IRDAI) has abolished the age limit for purchasing health insurance policies, effective from April 1, 2024. This decision marks a departure from the conventional constraints that previously limited individuals in securing comprehensive health coverage.  With the recent announcement, the regulatory body has eliminated the cap on buying health insurance policies, marking a significant departure from the conventional constraints that often limited individuals in securing comprehensive coverage Furthermore, this move is poised to stimulate innovation within the insurance sector. Insurers are now incentivised to diversify their product offerings, catering to a broader spectrum of healthcare requirements. ...
General Insurance Industry in India: FY24 Insights and Challenges
BFSI, Insurtech

General Insurance Industry in India: FY24 Insights and Challenges

The Indian general insurance industry, despite maintaining double-digit growth in gross premium during the fiscal year 2023-24 (FY24), fell short of reaching the coveted ₹3 trillion mark. Let’s delve into the key trends, challenges, and contributing factors that shaped the industry’s performance. Growth Figures In FY24, the general insurance industry witnessed a 12.78% YoY growth in gross direct premium underwritten, reaching ₹2.89 trillion. While this growth is commendable, it represents a 4% slowdown compared to the previous financial year’s robust 16.4% uptick. Segment-Specific Insights 1. Health, Motor, and Crop Insurance The non-life industry faced headwinds in segments such as health, motor, and crop insurance. These factors collectively prevented t...
Global Fintech Newsletter, March 2024, by NewNerve
Fintech, Global BFSI, Insurtech, Lending, Payments, Regtech, Wealthtech

Global Fintech Newsletter, March 2024, by NewNerve

Here’s a summary of some notable Fintech news from March 2024: Visa and Mastercard Settlement: US merchants reached a landmark settlement with Visa and Mastercard to lower swipe fees. The credit interchange rates will be capped for the next five years, resulting in an estimated $29.79 billion in savings for US merchants. Robinhood’s Leadership Change: Baiju Bhatt, co-founder and chief creative officer of Robinhood, stepped down after ten years at the company to “pursue other entrepreneurial interests.” Vlad Tenev, CEO and fellow co-founder, praised Bhatt’s pivotal role in opening access to markets for millions of new investors. Co-operative Bank Job Cuts: The UK’s Co-operative Bank is set to cut around 400 jobs (12% of its workforce) as part of a cost reduction progra...
India’s Health Insurance Sector: Poised to Break the Rs 1 Lakh Crore Barrier
Fintech, Insurtech

India’s Health Insurance Sector: Poised to Break the Rs 1 Lakh Crore Barrier

India’s health insurance sector is on the brink of a significant milestone, with projections indicating it will cross the Rs 1 lakh crore mark in FY24. This anticipated growth is not an isolated event but part of a consistent upward trend in the non-life insurance market, which is expected to grow at a rate of approximately 13-15% in the medium term1. The motor insurance segment has been a strong contributor to this growth, already surpassing the Rs 80,000 crore threshold. The health insurance segment, in particular, is expected to be a primary driver of growth, supported by increasing disposable income levels among consumers and a rise across other segments1. Several factors are contributing to the positive outlook for the health insurance sector: Favorable Regulatory Environment: Re...