The Business Bytes
TBB BUREAU
MUMBAI, JANUARY 16, 2024
Capri Global Capital Limited (CGCL) has successfully secured a composite Corporate Agency license from the Insurance Regulatory and Development Authority of India (IRDAI) in December 2023, enabling the distribution of life, general, and health insurance products.
With an innovative approach, CGCL is strategically harnessing technology to revolutionize the delivery of insurance products and services to customers. By integrating data analytics, artificial intelligence, and blockchain, the company aims to streamline insurance solutions. This initiative will automate claims processing and enhance customer support services, resulting in operational cost reduction and heightened customer satisfaction. The primary objective of the upcoming Insurtech platform is to establish an ecosystem where insurers can provide coverage in a more cost-effective and user-friendly manner. This aligns with CGCL’s commitment to significantly contribute to IRDAI’s ‘Insuring India by 2047’ mission.
Pioneering a customer-centric approach, CGCL plans to offer a diverse range of insurance products and services through its website, app, and call centers. The platform will also feature a customer-friendly payment policy, allowing multiple payment options such as digital wallets, credit cards, net banking, and debit cards.
By concentrating on technology, CGCL aims to leverage its robust active client base of 270K as of September ’23 to cross-sell insurance products. In the first half of FY’24, CGCL disbursed total loans amounting to Rs. 62 billion, adding 107K live clients. Additionally, the company originated Car Loans of Rs. 44 Bn for 39K new clients on behalf of partner banks. The expanding client relationships provide CGCL with a captive base to enhance insurance penetration, strengthen fee income, and deliver improved returns to stakeholders. The company anticipates generating a net fee income of Rs. 200 million from insurance cross-sell in FY’25.
