Aeries Financial Technologies, the company behind the AI-driven fintech startup CASHe, has purchased Centcart Insurance Broking Services in Hyderabad. This move marks CASHe’s entry into the insurance broking business.
CASHe stated that Centcart has an IRDAI-approved insurance broking license, which ensures it meets all regulatory requirements. As a direct insurance broker, CASHe can now offer various insurance products, including life, health, and vehicle insurance, from all insurance companies in India. V Raman Kumar, the founder and chairman of Aeries Financial Technologies, said this acquisition allows them to provide a wider range of insurance products.
CASHe plans to offer policy recommendations, claims assistance, and risk management solutions. They will also provide instant quotes and online purchasing options. The company aims to focus on rural and semi-urban areas to improve insurance availability compared to larger cities.
With this acquisition, CASHe can now recommend insurance products to its 50 million users. The company will train its team to effectively sell and promote these insurance policies.
Founded in 2016, CASHe offers personal loans, Buy Now Pay Later services, credit lines, and an embedded card business, targeting millennials and Gen Z with AI and machine learning for credit assessments. This expansion into insurance follows CASHe’s earlier move into wealth management when it acquired the wealth platform Sqrrl in May 2022.
The Indian insurance market is expected to reach $200 billion by 2027 and could become the sixth-largest insurance market globally within the next decade, according to the Indian Brand Equity Foundation.
