India stands at a pivotal moment in the insurance sector
Agam Capital, a trusted global platform for insurance analytics, and American Equity Life, a world-class provider of annuity and retirement products, have announced their plans to launch the next-generation life insurance company in India.
This innovative collaboration harnesses Fintech Blue’s tech-enabled distribution expertise in India, Agam’s cutting-edge pALM analytical platform, and American Equity’s strength in capital and retirement services. The result will be a truly distinctive entrant into India’s thriving and rapidly growing market for life insurance and retirement products.
Chak Raghunathan and Avi Katz, co-founders of Agam Capital, stated on 19 Sept, “Our partnership with AEL and Fintech Blue Solutions is a watershed moment enabling the founding Partners the opportunity to combine their unique competitive skills to launch a next-generation life and retirement platform.”
The duo added, “We are thrilled to see Agam apply its differentiated expertise in conjunction with our partners to bring innovation rapidly and efficiently to the Indian market.”
American Equity Investment Life Holding will be the anchor investor in the Strategic Partnership.
Anant Bhalla, Chairman and Chief Executive Officer of American Equity, said, “As one of the largest US players in the retirement annuity space, we are known as the Financial Dignity Company of America with over US$50 billion of retail client assets under management.
“We are proud to partner with Agam to provide both capital and our expertise in both insurance and asset management to this new venture in India. We believe that the market has arrived on the global stage, and this is a pivotal time to enter the insurance and retirement space in India, in a differentiated manner.”
Recognized for making complex insurance products available to the Indian consumers through its tech capabilities, Fintech Blue Solutions disrupted the US$100 billion insurance marketplace through its API based platform.
Anand Prabhudesai, Co-Founder of Fintech Blue Solutions, said, “India stands at a pivotal moment in the insurance sector, and this partnership is our commitment to expanding the array of choices available to consumers. We are immensely proud to empower Agam and AEL on this transformative journey.”
The proposed insurance company is projected to launch in the coming months, after the parties execute definitive agreements and seek all applicable Indian regulatory approvals for the partnership.
The new insurance company will have a dynamic branding and product development strategy to bring innovative life, and retirement products to the Indian market in an efficient and clear manner. The partners aim to expand and enhance customer options with the goal of bringing financial dignity and planning to its customers.
Agam was founded in 2016 by Avi Katz and Chak Raghunathan with the vision of creating a cutting-edge, differentiated insurance platform.
At American Equity Investment Life Holding Company, our policyholders work with over 40,000 independent agents and advisors affiliated with independent marketing organizations (IMOs), banks and broker-dealers through our wholly owned operating subsidiaries.
Fintech Blue Solutions is a leading technology organization enabling insurance distribution for enterprise customers. Through their tech platform – Turtlefin, they empower financial/non-financial sector organizations and offer them comprehensive technology solutions for the end-to-end insurance servicing needs of their customers. Fiinews.com
