Leading fintech platform Angel One will form a JV with Singapore-based insurtech company LivWell, to start a digital-first life insurance, a company filing said on July 23, in a move seen as a step towards becoming a full-stack financial services major, intensifying competition.
"The proposed company, with a capital infusion of Rs 400 crore, is being co-promoted by Angel One (26%) and LivWell Holding Company (74%), with a shared vision of redefining access to life insurance in India, through technology and trust," the statement said.
Angel One aims to disrupt the life insurance segment through the joint venture, which will be a first in India as a fintech-partnered life insurance business. Angel One said the business is being built for India's 'growing base of digital-native consumers'. The broking company mentioned that India remains an overwhelmingly under insured nation with protection gaps 'exceeding 83%', with the gap especially high among young earners aged 26–35 years.
The JV will focus on running a digital-first architecture, said Angel One, leveraging automation and personalisation to offer affordable and accessible insurance.
Making a case for a digitally-native model for insurance, Ambarish Kenghe, Group CEO at Angel One said, "As India embraces digital financial services, insurance too must be accessible, transparent and seamlessly delivered through trusted platforms. This partnership also deepens our offerings across the financial lifecycle - bringing us closer to delivering a seamless, end-to-end experience across savings, investing and protection."
LivWell CEO Nikhil Verma said the insurtech player will lean on Angel One's reach and credibility to deepen product reach. "In our first market, Vietnam, embedded, digital-first insurance models have demonstrated strong potential for scale, proving that trust and reach can go hand in hand. India presents a unique opportunity not just because of the protection gap, but because consumer
expectations have fundamentally evolved. With Angel One’s digital reach and market credibility, we see a strong alignment to build a next-generation digital-insurer that is relevant to today’s customers, accessible and future-ready."
India's digital life insurance space has players such as PolicyBazaar, Acko, and Digit Insurance, all offering a range of online insurance products. Established players like HDFC Life and ICICI Prudential Life too have a strong digital presence with life insurance options.
Only around 11.5 crore unique PAN holders in India have a demat account, and the insurance penetration lags behind peers. According to a projection cited by Angel One, India is poised to be the fifth largest insurance market by 2032. Currently, the sum assured for all the insurance covers amounts to only 85 percent of India's GDP, whereas for Japan and IS this figure stands over 250 percent.
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