CASHe has ventured into insurance broking services following its parent company, Aeries Financial Technologies’ (AFT) acquisition of Hyderabad-based Centcart Insurance Broking Services. The move brings an IRDAI-approved insurance broking licence, enabling CASHe to sell a wide range of insurance products, including life, health and vehicle insurance, from all operating insurance companies in India.
With this acquisition, CASHe will offer comprehensive services such as policy recommendations, claims assistance and customised risk management solutions. The platform will also provide instant quotes and online purchasing options, enhancing personalised customer experiences. This expansion marks CASHe’s entry into the insurance sector, complementing its existing services in lending and wealth management.
V Raman Kumar, Founder Chairman, AFT, emphasised the importance of this acquisition, stating, “India’s growing economy has increased the demand for insurance products and services, boosting insurance penetration through brokers. This acquisition represents a significant milestone in our insurance journey, enhancing our momentum and accelerating growth in this sector.”
The acquisition aligns with CASHe’s focus on the rural and semi-urban sectors, aiming to bridge the insurance penetration gap compared to metro and tier-I cities. CASHe plans to train its team to promote and sell insurance policies, offering cost-effective and personalised recommendations to millions of users on the CASHe and Sqrrl platforms.
In 2024, India’s insurance broking industry is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 25 per cent, driven by increased insurance penetration and demand. The Insurance Brokers Association of India (IBAI) projects the broking sector to capture a 45 per cent market share by 2030, highlighting significant growth opportunities.
This move positions CASHe to offer a diverse portfolio of insurance products, solidifying its path towards becoming a one-stop destination for all insurance needs.
