Weekly Insurance Round-up Tuesday, May 3, 2022
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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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✴️ 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 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
- 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
- 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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