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03 May, 2022 | Weekly

Weekly Insurance Round-up Tuesday, May 3, 2022

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By Team Beshak
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Hello there! 👋

We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful! 

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What's inside? 🧐

✴️ One Moto and Royal Sundaram partner to issue policies for Electric Vehicles 🤝

✴️ StepSetGo partners with Symbo to offer Health Insurance 🛡️

✴️ $120 Mn raised by Turtlemint in Series E round 💰


One Moto and Royal Sundaram partner to issue policies for Electric Vehicles 🤝

  • One Moto India and Royal Sundaram have come together to sell insurance policies to their EV customers at the point of dealerships.
  • With this partnership, customers of One Moto India will be able to buy motor insurance policies with the Zero Depreciation add-on, competitive pricing, and cashless facilities for claims at One Moto centres.
  • One Moto India is the Indian subsidiary of a premium British electric two-wheeler manufacturer. They recently entered India and launched 3 models in India - Commuta, Electa, and Byka.
  • Recently, One Moto India has also partnered with Global Assure India to provide easy roadside assistance services all across India.

Source: LiveMint

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StepSetGo partners with Symbo to offer Health Insurance 🛡️

  • StepSetGo (SSG), a fitness and health firm, is now set to offer medical insurance to its users. 
  • The firm has partnered with Symbo Insurance and launched unique and budget-friendly health insurance on their app, which will offer users the opportunity to receive cashback based on their fitness activity.
  • The company will allow users to choose between two insurance coverages - ₹3 Lakhs and ₹5 Lakhs at an affordable low price. And the users, by completing monthly step-based challenges, can get their premium back.
  • Founded in 2019, StepSetGo is a health and fitness app that lets users earn coins after every walk. These coins can be redeemed in the in-app store and used for free products or discounts.
  • Symbo, headquartered in Mumbai, is a composite insurance broker. It deals in all types of life and general insurance products.

Source: BWDisrupt

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$120 Mn raised by Turtlemint in Series E round 💰

  • Turtlemint raised $120 Million in a Series E round that was led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. Existing and new investors such as Vitruvian Partners and Marshall Wace also participated in the round.
  • The company will use these funds to expand in new locations, scale its leadership team and strengthen its product line.
  • In March 2021, Turtlemint had raised $46 Million in a Series D round. To date, it has raised $190 Million.
  • Turtlemint is founded by Dhirendra Mahyavanshi and Anand Prabhudesai. It has partnered with over 45 insurance companies and has onboarded 1,60,000 insurance advisors across 15,000 pin codes in India.

Source: LiveMint

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Team Beshak
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