ISMOS:Choice group launches fintech aggregator platform to address low insurance penetration

With an objective to empower the average Indian mitigate his risks with the appropriate insurance products, Choice Group has recently launched a fintech aggregator platform – ISMOS offering life, health and general insurance.

In this regard, Suyash Patodia, Executive Director, Choice Insurance Broking, said, “With insurance penetration in India being just over 2 per cent, 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.”

Drawing a parallel with e-commerce portals like Zomato or Amazon or for that matter discount broking platforms in the financial space, Patodia 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.

Customers will be able to extract a quote directly from several insurance companies on the ISMOS platform and buy the insurance policy of their choice, instantly without any hassle, he added.

To supplement the online initiative, the platform has enrolled over 1,000 IRDA-approved point of sales persons so far to aid users if they seek assistance. The platform will also facilitate claims through third-party administrators.

Kamal Poddar, Managing Director, Choice Group, remarked, “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.”