Insurers want 100% stake in insurtech startups – Economic Times
Fintech, long a buzzword in banking, has reached the shores of insurance companies who are lobbying the regulator to have a bigger say in stake holding. “We want to buy all 100% in InsurTech companies, which align with our business,” said Prashant Tripathy, CEO, Max Life Insurance. “We, as an industry, have made a presentation to Irdai to allow us to own 100% in these companies.”Many insurance companies still rely on legacy software. Lately, though, they have dedicated teams to monitor new technologies to be able to understand their true potential for disruption and are keen to invest in technology companies that they perceive.