India InsurTech Association (IIA), a pioneering non-profit insurtech industry organization, and eBaoTech, a world-leading digital Insurance solution provider, today signed a memorandum of understanding for a year-long collaboration. This partnership is meant to grow the insurance ecosystem in India and bring smarter digital solutions to the doorsteps of relevant stakeholders. While IIA brings the network and reach, eBaoTech brings a cloud-based open API PaaS, InsureMo, for insurers, brokers/agencies, affinity channels, Fintechs and other insurtech startups.
Launched in 2017, InsureMO now has 300+ global installations from nimble start-ups to $7bn insurers. In India, InsureMO serves insurers, brokers, Fintechs, eCommerce players and banks across health, life, and general insurance. Designed to support business scale, InsureMO is able to handle massive Volume, Variation, and Velocity in mobile age. The platform issues 170K policies on average per day, was able to manage 65 Million policies/day on peak time and has over 3000 products from 40+ insurance line of business, ready to use.
Co-founded by Shwetank Verma, Subhajit Mandal, and Prerak Sethi, IIA’s goal is to increase the velocity of digital transformation across the Indian insurance industry. The association already includes 80+ insurtech members and facilitates networking, undertakes insurtech policy initiatives, builds relationships between different government and private stakeholders, and organises focused thought leadership sessions for its diverse constituents.
Speaking about this, Mr Prerak Sethi, Director and Co-founder of IIA, said, “Through IIA, we aim to drive strategic initiatives that benefit the insurtech community in India. The partnership with eBaoTech is a step in this direction. Given that eBaoTech is a technology solution provider for the global insurance industry, it augurs well for promoting collaboration between the global insurtech ecosystem and our network of insurtech start-ups, insurers, and other key stakeholders.”
Adding further, Rajat Sharma, CVP, Global Sales and Strategy at eBaoTech, said, “As an open platform, InsureMO is well positioned to power the innovations and connectivity in India insurance ecosystem. With an OpEx business model that allows immediate adoption without enterprise planning or tedious program management, we believe InsureMO would be a great platform to support innovations and fast product iteration for our customers. We look forward to more IIA members onboarding our platform.
Digital and contextual insurance is the next big thing, and we support IIA’s efforts in promoting innovative solutions for firms in the insurtech and fintech sectors. It is a win-win for both of us.”
“Association between IIA and eBaoTech is a great step in truly realizing the power of network and technology. IIA strives to bring the ecosystem together and InsureMo is well suited to serve that ecosystem. Working on our strengths, together, we will be able to create a deeper impact making insurance easy for everyone. Through this partnership, eBaoTech would also be able to build deeper partnerships with IIA members, who can utilize InsureMO PaaS on a plug-and-play basis or can be a part of eBaoTech’s cloud marketplace to promote their offerings” stated Saurabh Mehta, AVP, Global Sales and Strategy at eBaoTech.
Insurtech activity in India has increased rapidly since 2017. At one hand we are seeing affinity channels from several sectors launching contextual insurance as offerings on their platform to increase customer stickiness and ancillary revenues, and on the other hand pandemic has further prompted a significant escalation and prioritization of technology initiatives, leading to urgency and acceleration in the deployment of digital solutions by insurers in India and across the world. Accordingly, insurers have a key role in co-creating and adapting their offerings to the new digital environment. In collaboration with IIA and insurtech start-ups, and by leveraging digital platforms, insurance organizations are optimizing their operational workflows and applying intelligent technologies to create new levels of efficiency and service excellence across the entire insurance value chain.