Latest news with #AmitLakhotia
Time of India
6 days ago
- Business
- Time of India
Startups leverage distribution chops to gain ground in general insurance
Live Events As insurance penetration in India remains a challenge, more startups are looking to leverage their distribution capabilities to grab a chunk of the general insurance startups including bike-taxi platform Rapido, wealth-tech firm IndMoney and vehicle services firm Park+ have already secured or are in the process of applying for a corporate agency licence , which allows companies to tie up with 27 insurance companies across life, general and health to distribute their is currently seeking an approval from the Insurance Regulatory and Development Authority (IRDAI) for a composite corporate agent licence, aiming to offer insurance products to both drivers and customers, according to two people in the know.'Rapido is planning to take a corporate agency registration from IRDAI (Insurance Regulatory and Development Authority) to be able to distribute insurance products to its drivers…it has already set up a new subsidiary for this purpose,' one of the people cited above Bengaluru-based company incorporated a new subsidiary last month and approved a resolution to undertake 'the insurance business as a corporate agent (composite) in respect of all classes of insurance, including motor insurance, general insurance, health insurance and life insurance,' according to a filing made with the Registrar of Companies (RoC). ET reported on March 12 that Rapido is expected to launch its food delivery service to compete with Zomato and Swiggy. Presently, the mobility firm fulfills almost 3-3.5 million ride hailing trips and parcel deliveries per plans in insurance reflect a similar strategy that was adopted by ride-hailing major Ola , a few years ago. The Bengaluru-based company had launched a full-stack insurance offering for its driver partners and its customers. Ola was also selling trip insurance to customers taking rides on its a similar move, vehicle-management platform Park+ is vying for a full-stack insurance distribution business. The company got the corporate agency licence in March and is looking to complete its integrations with around three to four insurance companies.'For us insurance is an ancillary business opportunity, something that is important for our customers. We are starting with vehicle insurance and the plan is to build an end-to-end process for our customers on the app from buying to service and claims support,' said Amit Lakhotia, founder, Park+.A senior industry insider told ET that for startups operating in the vehicle management or ride hailing space, car insurance is a big opportunity given the government mandate in this sector. However, he added, that buyers in this sector are extremely cost conscious which makes the viability of the business a challenge.'Since car insurance is a mandatory product many vehicle owner buys the cheapest product available, which means that innovating on new products becomes a challenge for tech startups,' he added. Industry estimates suggest more than 90% of the vehicle insurance business is still driven by offline agents and car sellers, that is the market these players intend to target. ET reported in November last year that fintech major Cred, which also has a corporate agent licence, is looking to monetise its vehicle management platform Cred Garage through insurance distribution. Cred Garage allows its users to manage their vehicles from tracking challans to getting services to renewal of which wants to get the entire country insured by 2047, is open to getting startups to distribute more of the insurance products so the market companies have also opened up for more such tech partnerships given these platforms have captive customers who can be acquired relatively mid-sized fintechs are lapping up this opportunity to turn into insurance distributors. While the likes of PhonePe, Amazon Pay and Paytm are large distributors already, players like credit distribution startup Freo and wealth management platform IndMoney have also gotten into this space. IndMoney has already partnered with 13 insurance companies to distribute all forms of insurance products to their to a detailed query by ET, Rapido said, "We would like to clarify that our current strategic focus remains on our core operations, and we have no plans to enter the insurance business.'
Business Standard
19-05-2025
- Automotive
- Business Standard
Park+ Partners with ICICI Lombard to Launch Car Insurance
NewsVoir Gurugram (Haryana) [India], May 19: ICICI Lombard, India's leading private general insurance company has joined hands with Park+, India's leading auto-tech super app, to offer a seamless car insurance experience to Park+ users. This collaboration signifies the coming together of two industry giants to revolutionize motor insurance by offering convenience, reliability, and a digital process. With this collaboration, over 2 crore Park+ users will now have access to industry-best car insurance solutions in just a few clicks. Owning a car is a significant milestone for millions of Indians, but the process of getting the right insurance often feels overwhelming. This partnership aims to eliminate the anxiety associated with purchasing motor insurance by offering a streamlined digital process. With ICICI Lombard's trusted solutions and Park+'s tech-driven platform, car owners can now safeguard their vehicles conveniently and affordably. With its deep integration into car ownership, Park+ already connects with service centers across the country. This ensures a seamless claims process, allowing users to tie up their entire insurance journey-from issuance to claims-on one platform. By adding car insurance to its service portfolio, Park+ App has completed its digital car ownership ecosystem. ICICI Lombard & Park+ Advantages: * Hassle-free digital insurance issuance: Get your car insured within minutes * Seamless claims process: Thanks to Park+'s integration with service centers across India, users benefit from a hassle-free experience during claims. * Comprehensive motor insurance: Insurance solutions for both new and used cars, backed by ICICI Lombard's trusted expertise. Commenting on the partnership, Amit Lakhotia, Founder & CEO, Park+, said, "At Park+ our main objective is to bring delight back to car ownership. As part of this endeavour, we have partnered with ICICI Lombard to unlock a simplified motor insurance experience for our users. We today host the largest community of car owners (2Cr car owners) on our app and wanted to enhance their potential/existing car ownership experience by making car insurance- simpler, easier and affordable. Our robust relationship with ICICI Lombard will allow us to unlock attractive car insurance offers and immediate approvals, all at one place- on the Park+ App. We will continue to invest our energies in enhancing the car ownership experience for car owners, throughout the life cycle of their car and look forward to partnering with other external stakeholders to support us in this endeavour." Mr. Anand Singhi - Chief - Retail & Government Business, ICICI Lombard, said, "We are excited to partner with Park+ to transform the car insurance landscape in India. This collaboration not only enhances the convenience and efficiency of obtaining motor insurance but also empowers the millions of car owners within Park+'s vast community. With our trusted insurance solutions integrated into Park+'s digital platform, we are committed to providing a comprehensive, hassle-free experience that caters to the needs of both new and used car owners. Together, we aim to simplify the motor insurance journey, making it accessible and seamless for all." Founded in 2019 by Amit Lakhotia, Park+ is a super app for car owners that solves the daily challenges faced by car owners - ranging from parking, FASTag management, car insurance, automated vehicle access control systems and EV charging stations. Backed by Sequoia Capital and Matrix Partners, Park+ today hosts India's largest community of car owners on its platform. Park+ is present in 5000+ residential societies, 250+ offices and 50+ malls across 30+ Indian cities, including Delhi NCR, Bangalore and Mumbai.
Fashion Value Chain
19-05-2025
- Automotive
- Fashion Value Chain
Park+ Partners with ICICI Lombard to Launch Car Insurance
Park+ is completing its digital car ownership ecosystem with a seamless motor insurance journey Empowering car owners with hassle-free, digital insurance issuance and coverage for both new and used cars ICICI Lombard, India's leading private general insurance company has joined hands with Park+, Indias leading auto-tech super app, to offer a seamless car insurance experience to Park+ users. This collaboration signifies the coming together of two industry giants to revolutionize motor insurance by offering convenience, reliability, and a digital process. With this collaboration, over 2 crore Park+ users will now have access to industry-best car insurance solutions in just a few clicks. Owning a car is a significant milestone for millions of Indians, but the process of getting the right insurance often feels overwhelming. This partnership aims to eliminate the anxiety associated with purchasing motor insurance by offering a streamlined digital process. With ICICI Lombard's trusted solutions and Park+'s tech-driven platform, car owners can now safeguard their vehicles conveniently and affordably. With its deep integration into car ownership, Park+ already connects with service centers across the country. This ensures a seamless claims process, allowing users to tie up their entire insurance journey-from issuance to claims-on one platform. By adding car insurance to its service portfolio, Park+ App has completed its digital car ownership ecosystem. ICICI Lombard & Park+ Advantages: Hassle-free digital insurance issuance: Get your car insured within minutes Seamless claims process: Thanks to Park+'s integration with service centers across India, users benefit from a hassle-free experience during claims. Comprehensive motor insurance: Insurance solutions for both new and used cars, backed by ICICI Lombards trusted expertise. Commenting on the partnership, Amit Lakhotia, Founder & CEO, Park+, said, 'At Park+ our main objective is to bring delight back to car ownership. As part of this endeavour, we have partnered with ICICI Lombard to unlock a simplified motor insurance experience for our users. We today host the largest community of car owners (2Cr car owners) on our app and wanted to enhance their potential/existing car ownership experience by making car insurance- simpler, easier and affordable. Our robust relationship with ICICI Lombard will allow us to unlock attractive car insurance offers and immediate approvals, all at one place- on the Park+ App. We will continue to invest our energies in enhancing the car ownership experience for car owners, throughout the life cycle of their car and look forward to partnering with other external stakeholders to support us in this endeavour.' Mr. Anand Singhi – Chief – Retail & Government Business, ICICI Lombard, said, 'We are excited to partner with Park+ to transform the car insurance landscape in India. This collaboration not only enhances the convenience and efficiency of obtaining motor insurance but also empowers the millions of car owners within Park+'s vast community. With our trusted insurance solutions integrated into Park+'s digital platform, we are committed to providing a comprehensive, hassle-free experience that caters to the needs of both new and used car owners. Together, we aim to simplify the motor insurance journey, making it accessible and seamless for all.' About Park+ Founded in 2019 by Amit Lakhotia, Park+ is a super app for car owners that solves the daily challenges faced by car owners – ranging from parking, FASTag management, car insurance, automated vehicle access control systems and EV charging stations. Backed by Sequoia Capital and Matrix Partners, Park+ today hosts Indias largest community of car owners on its platform. Park+ is present in 5000+ residential societies, 250+ offices and 50+ malls across 30+ Indian cities, including Delhi NCR, Bangalore and Mumbai.
