Rohit Taneja, Co-founder & CEO, Decentro, said, “The Indian Insurance landscape is evolving well, and technology is playing a major role in its transformation. From managing the problems related to the complex money movement frameworks to ironing out identity issues, our holistic and battle-tested API plaform is weeding out the cricial pain points of traditional financial workflows like paying for health care, and selling insurance.
Bengaluru:
Decentro, one of India’s leading API platforms for banking integrations, recently started empowering the HealthTech and InsurTech segments across the country.
Decentro is already enabling 130+ companies like BimaPlan and GroMo to further their offerings, innovations and capabilities by simplifying the underlying legacy integrations by up to 10X in terms of money and time saved.
A good example here is the launches done by companies like BimaPlan, an affordable insurance platform and Gromo, a platform to enable sale of financial products via its community, along with many more larger companies in the integration phase.
Speaking on the developments, Rohit Taneja, Co-founder & CEO, Decentro, said, “The Indian Insurance landscape is evolving well, and technology is playing a major role in its transformation. From managing the problems related to the complex money movement frameworks to ironing out identity issues, our holistic and battle-tested API plaform is weeding out the cricial pain points of traditional financial workflows like paying for health care, and selling insurance. We are excited to empower the country’s InsurTech journey with early and fast moving partners like BimaPlan and Gromo among many others already in our pipeline.”
The key API modules that become highly relevant for the health tech and insurtech players are – KYC & Onboarding of customers / agents / hospitals as needed on the fly, Automated Payment Collections via any bank to bank methods including UPI, Disbursements of payouts & bonuses to agents, Virtual and Physical prepaid card / credit card issuance for health related needs, and many more.
Gauging the potential of the Indian InsurTech industry is possible from its achievements in attracting investments. It has become one of the three biggest fundraisers in Asia, attracting funds to the tune of $1.33 billion in 2021 alone.
Decentro enables neo banks, marketplaces, and fintechs to seamlessly integrate and offer banking solutions via its APIs. With approximately 8Mn+ API hits monthly and $3.5Bn+ Gross Transaction Value, the company has 170+ companies signed up on the platform. It has 130+ companies live across 6+ categories, including Neo-Banks, NBFCs, B2B Platforms, Marketplaces, Crypto, Gaming and more.