CASHe Acquires Centcart Insurance, Forays Into Insurance Broking Segment
- ByStartupStory | July 11, 2024
CASHe, an AI-based financial wellness platform, has announced its foray into the insurance broking services sector. This significant move follows its parent company, Aeries Financial Technologies’ (AFT) acquisition of 100 per cent of the shares of Hyderabad-based Centcart Insurance Broking Services.
Centcart Insurance Broking brings with it an IRDAI-approved insurance broking license, ensuring compliance and operational readiness. This acquisition enables CASHe to sell a wide range of insurance products, including life and general insurance such as health and vehicle insurance, from all insurance companies operating in India.
This strategic acquisition aligns with CASHe’s focus on the rural and semi-urban sectors, aiming to bridge the gap in insurance penetration compared to metro and tier-1 cities. The company plans to equip its team with the necessary training and certifications to promote and sell insurance policies effectively. CASHe can now offer cost-effective and personalized insurance recommendations to millions of users on the CASHe and Sqrrl platforms.
V. Raman Kumar, Founder Chairman of Aeries Financial Technologies, commented on the development: “India, as one of the fastest-growing economies globally, has experienced a surge in demand for insurance products and services, resulting in a notable increase in insurance penetration through brokers. This acquisition represents a significant milestone in our insurance journey, bolstering our momentum and accelerating growth in this sector. It empowers us to offer a wider range of products from multiple insurance partners, capitalizing on the immense potential of India’s under-penetrated insurance sector. Our goal is to offer millions of users the option to purchase insurance products at competitive prices. Through innovative collaborations with top insurers, we are committed to constructing a robust, full-service platform for our highly engaged customer base, bringing us closer to becoming the preferred destination for all their insurance needs.”
The Insurance Brokers Association of India (IBAI) has highlighted the remarkable growth trajectory of the broking sector, which aims to capture a market share of 45 per cent by 2030. This optimistic outlook underscores the significant opportunities within the industry, reflecting a robust future trajectory and the potential for sustained development in the coming years.
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