Choice Group Sets Up Fintech Aggregator Platform to Address Low Insurance Penetration
Choice Group launches a fintech aggregator platform, ISMOS offering life, health and general insurance. This platform has been launched in order to empower the average Indian to mitigate his threats with the appropriate insurance products.
Suyash Patodia, Executive Director, Choice Insurance Broking says, "With insurance penetration in India being just over two percent, the intuitive, interactive and tech-enabled platform with universal reach, offers comparable quotes from multiple insurance companies that would facilitate the customer or user to take a well-informed decision keeping his risks in mind."
Choice Insurance Broking is in the process of being procured by BSE-listed Choice International to be its wholly-owned subsidiary, and IRDA's approval for the same is anticipated.
To be on par with e-commerce portals like Amazon or Zomato or for that matter discount broking platforms in the financial space, Suyash believes that with Digital India being now at the core of the Indian economy, ISMOS is a one-stop solution to improve insurance penetration in the Indian market with a basket of risk mitigation products with the help of in-built filters to eliminate mis-selling.
He further adds that Customers would be allowed to extract a quote directly from several insurance companies on the ISMOS platform and procure the insurance policy of their choice, instantly without any hassle.
To supplement the online initiative, the platform has enrolled over 1,000 IRDA-approved PoSPs (Point of sales persons) so far to aid users if they seek assistance. The platform will also facilitate claims through third-party administrators (TPAs).
Kamal Poddar, Managing Director, Choice Group says, "ISMOS is one more feather in our fintech ecosystem after having consistently developed several tech platforms for the investor fraternity with Investica for mutual funds, Jiffy for stock trading, and very recently Alphabee for long-term investors. The platform is an outcome of cumulative wisdom churned through our domain expertise of over 2 decades of insurance broking business."