Table of Contents

01  The Insurance Monthly Roundup

02  Why Businesses Should Migrate To Digital Claims Management Process?

03  Incipient Insurance: Attitudinal Variations amongst Gen Z in India

04  Broadening Capabilities of Insurance in Metaverse

05  Bridging The Trust Deficit Amongst The Insurance Customers

The Insurance Monthly Roundup

A quick roundup of the month’s insurance and insurtech news.

(India)

• The government of India launched DigiClaim platform for quick disbursal of crop insurance claims.

Farmers can now get claim amounts online and track the claim settlement process on their mobile phones in real-time.

• Kotak General Insurance ties up with actyv.ai to sell insurance products to MSMEs.

Through this partnership, Kotak General Insurance will leverage actyv.ai’s AI-powered platform to create bite-sized insurance solutions for micro, small, and medium enterprise (MSME) businesses.

• 3 new companies joined the insurance bandwagon and 20 more are in the pipeline.

Kshema General Insurance becomes the first general insurer to receive a  license from IRDAI since 2017. This comes after Credit Access Life and Acko Life were granted licenses.

“The regulator is evaluating nearly 20 more applications for granting licenses”, says, IRDAI Chairman Debasish Panda.

• InsuranceDekho acqui-hired Mumbai-based Verak.

This deal will help InsuranceDekho strengthen its presence in the SME (small medium enterprise) insurance business vertical and expand its product portfolio.

• Mohali-based, Vitraya received $5 million in funding to expand its presence. 

The firm will infuse this fresh amount to extend its global business operation and workforce and develop its current product and technological offerings.

(Global)

• Arch Insurance acquired Thimble, an insurtech platform allowing small businesses to buy insurance coverage by job, month, or year using an app, website, or phone.

The Vancouver-based startup will use the funding to accelerate the adoption of its insurance super app in Canada and the US.

• Axle, a universal API developer, received $4 million. 

With the additional funding, the firm plans to expand its workforce and penetrate new markets.

• Bolt teamed up with Choice Home Warranty, a US-based home warranty service contract provider, to enhance household coverage.

Through this partnership, distributors will be able to offer comprehensive home and smartphone protection easily and efficiently and a top-notch service to their customers.

Loyalty Strategies for Digital Insurers in the USA

Read the full blog,