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Jupiter Money enters insurance distribution with IRDAI approval

Entrackr

Entrackr · 19h ago

Jupiter Money enters insurance distribution with IRDAI approval

Jupiter Money enters insurance distribution with IRDAI approval Fintech platform Jupiter Money has received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI). This will enable it to directly distribute both life and general insurance policies via its app. According to the company, it will initially offer curated insurance products such as term life and health insurance through partnerships with leading insurers. It also plans to launch embedded insurance products based on user behaviour, examples include travel insurance linked to card usage, cyber fraud covers, and device protection tied to e-commerce activity. This marks Jupiter’s entry into the insurance space as part of its broader strategy to become a full-stack financial services provider. The firm already holds an NBFC licence in 2023 and a PPI licence in 2024. Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners, among others.

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ICICI Lombard appoints Sanjeev Mantri as MD and CEO

Sanjeev Mantri has been appointed as the Managing Director and CEO of ICICI Lombard. The Board of Directors approved his appointment, which will be effective from December 1, 2023, or upon approval from the Insurance Regulatory and Development Authority of India (IRDAI). This appointment will be for a period of five consecutive years or until his retirement, whichever comes earlier.

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