Upstox pivots into insurance distribution sector. | InsurBrief

“`html

TLDR:

Upstox enters insurance distribution business, starting with term life insurance.
HDFC Life is among the first insurers to partner with Upstox.

Upstox, a wealth management startup, has recently ventured into the insurance distribution business. The company plans to roll out products in health, motor, and travel insurance segments in the near future. HDFC Life has partnered with Upstox to feature its term insurance plans on the platform. Upstox aims to provide a range of financial instruments on its platform, including stocks, IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, NCDs, gold, and now insurance.

The company achieved breakeven in FY23 with revenue crossing Rs 1,000 crore, aiming for tenfold growth in client base over the next five years. Upstox’s entry into the insurance distribution business comes amidst increasing investments by fintech companies in their insurance verticals, such as PhonePe. According to Upstox, insurance penetration in India is low, with many still reliant on traditional agent-driven models for purchasing policies. Upstox competes with wealth management platforms like Zerodha and Groww in this space.

“`

Post Views: 114

PriyaPatel

Latest from Blog

Your Daily InsurTech Briefing – 2024-09-07

Let’s see what’s in the news today. Closing the insurance talent gap: the role of technology and innovation The gap grows ever wider and needs a solution. Read the original article here

Kenyan insurers embrace AI to boost business development with shifts.

TLDR: Insurers in Kenya are embracing AI technology to improve their businesses, including assessing risks, combatting fraud, and offering personalized pricing. Companies like Prudential Insurance and M-Tiba are integrating AI into their

Tech revolutionizes employee perks. Uncover its impact on benefits now.

TLDR: Technology is revolutionizing the employee benefits space, making the experience more personalized, user-friendly, and proactive. AI is being used to streamline healthcare tasks and provide better insights. Benefits are becoming more

AI dominates healthcare technology rankings for fourth consecutive year.

TLDR: Artificial intelligence (AI) has been ranked as the top emerging technology in healthcare for four years in a row. 85% of executives see significant potential in AI for enhancing administration, operations,

Stay ahead in insurance industry with latest tech trends report.

TLDR: Insurers in Canada are employing new technology like generative artificial intelligence to address industry challenges. Reuters report indicates that insurers are investing in data analytics, automation, and planning to adopt AI

Closing the insurance talent gap with technology and innovation.

TLDR Key Points: The insurance industry faces a talent gap, with only 7% of young people viewing it as a viable career path. Technology and innovation play a crucial role in attracting

Your Daily InsurTech Briefing – 2024-09-06

Let’s see what’s in the news today. Flowcode and REIN join forces to revolutionise embedded insurance Flowcode has partnered with REIN, an embedded insurance technology company, to help consumers secure quotes and find

Insurance risk service plans play a crucial role in coverage options.

TLDR: In today’s insurance sector, managing the human side of risk is crucial for success. A well-structured risk service plan can lead to benefits for insurers and insureds. In today’s rapidly changing

IAT Insurance Group chooses CLARA Analytics to streamline claims operations.

TLDR: IAT Insurance Group partners with CLARA Analytics to implement Claims DocIntel Pro platform The partnership aims to streamline auto and general liability claims processes, reduce costs, and eliminate errors IAT Insurance

Health In Tech files for $10M IPO in stop-loss marketplace.

TLDR: Health In Tech, a stop-loss insurance marketplace, filed for a $10 million IPO offering 2.3 million shares at a price range of $4 to $5. Revenue for the company increased by