AI insurtech firm Roadzen has partnered with French bancassurer Societe Generale Assurances to build digital and contextual insurance player.
Image: Roadzen to acquire significant minority stake in Moonshot-Internet.Photo: Courtesy of Societe Generale.
As part of the partnership, Roadzen will acquire significant minority stake in Moonshot-Internet, an insurtech company incubated within French insurance company Societe Generale.
Launched in 2017, Moonshot-Internet is claimed to have been specialized in contextual insurance and has developed a wide range of affinity insurance solutions.
Moonshot-Internet focuses on technology, data and customer experience. It serves e-commerce, payment and travel companies with new modular products, offered as Applications Programming Interface (API), which could be developed into products in less than three months.
Moonshot-Internet CEO and co-founder Alexandre Rispal said: “The strength of our business model lies in the combination of the agility of a start-up and the integration within a major international group to conquer a contextual insurance market that is still in its beginning in Europe but already well-established in Asia.”
Founded in 2015, Roadzen claims to be offering a business model that can transform insurers’ underwriting and claims management using artificial intelligence. The company serves up to 10 million clients across India, China and the US.
The deal will allow Societe Generale Assurances to step up commercial and international development of the startup by using Roadzen’s technological expertise and complementary geographical strengths. Furthermore, the deal will enableRoadzen to strengthen its position in Europe.
Roadzen CEO Rohan Malhotra said: “We loved the Moonshot-Internet team, its entrepreneurial spirit and its model of integration with Societe Generale Assurances which is a strong competitive advantage.
“Its unique value proposition for customers, in the context of a strong technological transformation of the insurance market, will build Moonshot-Internet into a leading insurtech. Our vision is aligned and we share a common DNA of innovation.
“Roadzen’s goal is to bring technology, capital and a strategic view of different markets to accelerate Moonshot-Internet’s development. We are very proud of this agreement that offers both companies a very exciting outlook.”