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23 Aug, 2022 | Weekly

Weekly Insurance Round-up Tuesday, August 23, 2022

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Hey there!

We're back with the latest edition of Beshak’s Weekly News Round-up, an analysis of all Insurance News & Updates from our in-house research team. 

If you liked reading this, do post a comment below, and share this with other insurance enthusiasts who can benefit from it. 

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What's inside? 🧐

✴️ IRDAI organises ‘Bima Manthan 2022’ and invites innovative solutions for insurance sector 😲

✴️ ManipalCigna Health launches a health insurance coverage calculator 📱

✴️ MetaMorphoSys, an insurtech startup, raises ₹23 Crores in seed funding 🤑


IRDAI organises ‘Bima Manthan 2022’ and invites innovative solutions for insurance sector 😲

  • The Insurance Regulatory and Development Authority of India (IRDAI) has invited entities for its first hackathon, Bima Manthan 2022, with the theme 'Innovation in Insurance.'
  • The regulator has invited the entities to develop - 
    • Technology-driven innovative solutions for automated death claim settlement. 
    • Tech-based solution to curtail miss-selling of insurance products.
    • Solutions that have the potential to make insurance available to every individual in a seamless and timely manner through the use of technology.
  • In addition to these, IRDAI is also looking for technology-enabled solutions to -
    • Identify uninsured motor vehicles and ensure the issuance of mandatory motor third-party insurance.
    • Distribute insurance products, such as microinsurance in difficult terrains and less accessible areas.
  • Participants of Bima Manthan 2022 will get the chance to showcase their creative solutions in front of a distinguished jury and compete for enticing rewards, according to IRDAI.
  • In addition, Bima Manthan will also offer the winner the chance to - 
    • Collaborate with an insurer(s) on the winning project/platform, or
    • Demo-day in front of insurers/intermediaries and other stakeholders, or
    • Get direct entry into the IRDAI Regulatory Sandbox regime.
  • The rewards are as follows - 
    • Winner: ₹ 20 Lakh 
    • 1st Runner-up: ₹ 15 Lakh 
    • 2nd Runner-up: ₹ 10 Lakh 

Source: Economic Times

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ManipalCigna Health launches a health insurance coverage calculator 📱

  • ManipalCigna Health Insurance launched ‘ManipalCigna Sahi Cover, Discover’, an industry-first tailored calculator that can be accessed 24x7 and from anywhere.
  • The calculator will help a customer - 
    • Determine the appropriate level of health coverage. 
    • Evaluate their current health insurance coverage to see if it meets their healthcare financing needs or if they require additional coverage.
    • Get plan recommendations that are in line with their coverage and needs.
  • All a customer needs to do is provide relevant details that can impact their health insurance. Once that is done, ‘ManipalCigna Sahi Cover, Discover’ will help the customers find the right health insurance plan and the right coverage amount for themselves and their families.

Source: Mint

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MetaMorphoSys, an insurtech startup, raises ₹23 Crores in seed funding 🤑

  • MetaMorphoSys, an insurtech startup, announced on Wednesday that it has raised Rs. 23 Crores in a seed round led by Capital2B, a technology fund backed by Info Edge. Angel investors such as Pavitar Singh and Dhruv Dhanraj Behl also participated in the round.
  • MetaMorphoSys will use the raised funds to further innovate the SaaS-based digital insurance platform, expand its product and sales team to other geographies, and invest in out-of-the-box legacy integrations.
  • The company had also received funding in 2020 from Good Capital.VC (Rohan and Arjun Malhotra) and Rahul Khanna, co-founder and managing partner of Trifecta Capital.
  • MetaMorphoSys is a SaaS low-code platform that changes the way insurance products are distributed, embedded, and serviced. It was founded in 2016 by Amit Naik and Kewal Vargante with the goal of providing a B2B SaaS insurance platform to the insurance industry. 

Source: Mint

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Team Beshak
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Team Beshak, We breathe insurance :)

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