Applications
Capri Global Capital to develop an insurance platform
Mumbai: Capri Global Capital Limited (CGCL) received a composite Corporate Agency license from the Insurance Regulatory and Development Authority of India (IRDAI) in December 2023 to distribute life, general, and health insurance products.
CGCL is planning to leverage technology to revolutionise the way insurance products and services are delivered to customers. The Company is planning to use data analytics, artificial intelligence, and blockchain to deliver insurance solutions. This will enable CGCL to automate claims processing and customer support services, thereby reducing the cost of operations while improving customer satisfaction. Hence, the key goal of the Insurtech platform will be to create an ecosystem of insurers who can offer coverage in a more affordable, customer-friendly way. This in turn will assist the Company to immensely contribute to the ‘Insuring India by 2047’ mission of IRDAI.
The Company’s basic motto is to offer a customer-centric approach to insurance. CGCL will provide a wide range of insurance products and services through its website, app, and call centers. Moreover, the platform will adopt a customer-friendly payment policy too that will allow customers to pay in several ways, including through digital wallets, credit cards, net banking, and debit cards.
With this tech-centric focus, CGCL aims to leverage its robust active client base of 270K as of Sep’23 to cross-sell insurance products. In H1 FY’24, CGCL disbursed total loans amounting to Rs. 62 Bn and added 107K live clients. Further, the Company has on behalf of the partner Banks originated a Car Loan of Rs. 44 Bn i.e. 39K new clients. The rapidly increasing client relationships offer CGCL a captive base to improve insurance penetration and help CGCL strengthen its fee income and deliver better returns to its stakeholders. The Company expects to generate a net fee income of Rs. 200 Mn from insurance cross-sell in FY’25.
Applications
JioFinance rolls out multi-bank fixed deposit platform
Users can compare, invest and track fixed deposits across issuers in one place
MUMBAI: The JioFinance app has launched a unified platform allowing users to compare, invest in and track fixed deposits offered by multiple banks and non-banking financial companies, sharpening its push to become a one-stop destination for digital financial services.
The new feature aggregates fixed deposits from a range of issuers, including small finance banks and NBFCs, enabling customers to filter options by interest rate and tenure and complete the entire investment journey digitally.
Interest rates on the platform go up to 8.15 per cent per annum, with users able to view tenure, tax treatment, lock-in conditions and premature withdrawal terms before investing. Once booked, deposits can be monitored through a consolidated dashboard that tracks returns, maturity dates and renewal reminders.
Jio Finance Platform and Service Limited chief executive officer Surbhe S Sharma, said the offering addresses a long-standing pain point for savers, who often struggle to compare issuers and manage deposits spread across institutions.
Fixed deposits remain one of India’s most popular savings products, and the company is betting that transparency and ease of use will draw users seeking stable, low-risk returns.
The FD marketplace on the JioFinance app is powered by Blostem Fintech Private Limited, which operates as a business correspondent and technical service provider to partner banks and NBFCs.
