Capri Global Capital, an Indian financial services company, has secured a composite corporate agency licence from the IRDAI to establish an insurtech platform.
This licence will allow the NBFC to distribute life, general and health insurance offerings.
The newly established platform by Capri Global Capital aims to utilise data analytics, artificial intelligence and blockchain to ‘revolutionise’ the delivery of insurance services.
This tech-centric approach is expected to automate claims processing and bolster customer support, thus cutting down operational expenditures and increasing customer satisfaction.
A central objective of the insurtech platform is to foster an ecosystem of insurers that can offer coverage in a more affordable and customer-friendly manner.
The initiative aligns with the Insuring India by 2047 goal set forth by the IRDAI, positioning the company as a contributor to the national insurance agenda.
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Capri Global Capital’s strategy revolves around a customer-centric approach, providing a broad spectrum of insurance offerings accessible via its website, app and call centres.
The platform also plans to implement flexible payment options including digital wallets and banking cards.
As of September 2023, Capri Global Capital reported an active client base of 270,000.
The company said that its growing client base provides a captive market to increase insurance penetration as well as its fee income and returns to stakeholders.
It anticipates a net fee income of Rs200mn ($2.41m) from insurance cross-selling in the financial year 2025.