In the wake of offering stake in ICICI Lombard General Insurance, Prem Watsa’s Fairfax Holdings, a Canada-based tycoon, is advancing a techdriven startup general insurance agency named- Digit. Watsa has associated with Kamesh Goyal who is an ex-executive of Allianz and drove the German insurer’s Indian business.
Insurance side of company’s Team
New team of the Bangalore based company comprises of ecommerce executives as well as Insurance executives. The insurance executives are basically from Bajaj Allianz and the company includes V Philip, Jasleen Kour and Vijay Kumar; who were associated the top management at Bajaj Allianz.
Ecommerce side of Company’s Team
On other hand, ecommerce side includes Sandeep Koma Ravelly, Snapdeal’s startup team and Sriram Shankar, Vice president at Myntra. Moreover, the chief technology officer belongs to a telecom firm.
Company got approval from IRDAI
The company has already got the preliminary approvals from IRDAI (Insurance Regulatory and Deve lopment Authority of India) and is going to start with a paid up investment of Rs 385 crore. 45% of the firm’s shares are held by Fairfax Holdings whereas Indian investors led by Goyal, chairman of the bank, will be holding the rest of the shares.
Fairfax was the prime supporter or co-founder of ICICI Lombard. However, it sold a stake of more than 12% in the joint venture to Warburg Pincus along with the other private equity speculators. In this manner, it reported that it will be further weakening stake in the proposed first sale of stock of the general insurance firm.
When will the company be launched
Komaravelly said that, “the plan is to launch within the next 6-12 weeks, subject to final approvals from IRDAI. We want to bring about a change in insurance. The differentiation is from the point of view of making the entire experience for the customer seamless”.
Another funding in this arena
Well another tech-driven startup insurance company named Acko General Insurance also acquired $30 million of seed capital and has headquarters in Bangalore. It is backed by the founders of Coverfox, an online insurance distributor.