CASHe enters insurance broking space by acquiring Hyderabad-based Centcart Insurance Broking Services, gaining an IRDAI-approved license.
The move allows CASHe to sell insurance products from all Indian insurers, targeting its 50 Mn users and focusing on rural and semi-urban markets.
This expansion follows CASHe’s 2022 entry into wealth management, as the Indian insurance market is projected to reach $200 Bn by 2027.
Aeries Financial Technologies, which runs AI-led fintech startup CASHe, has bought Hyderabad-based Centcart Insurance Broking Services, marking its foray into the insurance broking vertical.
CASHe
said in a statement that Centcart Insurance Broking brings with it an IRDAI-approved insurance broking licence, ensuring compliance and operational readiness. As a direct insurance broker, the company can now sell insurance products across diverse categories from all insurance companies operating in India, including life and general insurance like health and vehicle insurance.
V Raman Kumar, founder chairman of AFT, said, “This acquisition enables us to offer a wider range of products from multiple insurance partners.”
CASHe aims to provide policy recommendations, claims assistance and risk management solutions. The company will also offer instant quotes and online purchasing options.
The move aligns with CASHe’s focus on rural and semi-urban sectors. It aims to bridge the gap in insurance penetration compared to metro and Tier I cities.
CASHe can now offer insurance recommendations to its over 50 Mn users. The company plans to train its team to effectively promote and sell insurance policies.
Founded in 2016, the company offers personal loans, Buy Now Pay Later services, credit lines, and an embedded card business. It targets millennials and Gen Z, using AI and machine learning for credit assessment.
This expansion follows CASHe’s earlier move into wealth management. In May 2022, the company acquired wealth platform Sqrrl.
According to the Indian Brand Equity foundation, the Indian insurance market is expected to reach US$ 200 Bn by 2027, with projections suggesting it will become the sixth-largest insurance market globally within a decade.
