Universal Sompo eyes growth push on insuretech

Universal Sompo General Insurance is preparing for a high-growth second innings following the amalgamation of its original promoter Allahabad Bank with Indian Bank.

Part of the new strategy is to integrate with Indian Bank’s systems for distribution. The general insurer is also taking the help of a startup Cover Genius, in which Sompo recently acquired a stake, to integrate systems with e-commerce and other distributors.

MD & CEO Sharad Mathur told that the company is taking the help of management consultancy firm BCG for integration with that of Indian Bank. “We have used the Covid period for a transformation of the company. We have digitized the ecosystem and are able to underwrite and distribute through partners using digital assets,” said Mathur.

According to Mathur, Sompo’s investment in Cover Genius enables the company to use its service to embed insurance with partners and sell small ticket insurance like extended warranties in Flipkart and travel cover in MakeMyTrip. “In addition to Sompo’s investment in insuretech, we are able to leverage their support in reinsurance and global relationship with Japanese businesses,” he said.

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