Edelweiss General Insurance launches India’s first Open

Edelweiss General Insurance launches India’s first Open
API Gateway for Insurance products

 Edelweiss General Insurance (EGI), India’s first cloud-native insurer, has launched a first of its kind, Open API (Application Programming Interface) Gateway, to facilitate complete digital collaboration with its business partners. With this Gateway, EGI’s authorized partners can easily integrate their systems with the company’s robust technology platform, which will help further reinforce EGI’s linkages with both customers and partners.

Not only would this enable EGI’s distributors to speedily integrate available and new products and services, but also significantly lower the cost of integration and retrieve information such as product premium, policy details etc., in real-time, which would help in reducing turn-around time for customers. The Open API Gateway is also aimed to bring in a seamless and delightful experience to the end consumer. The integration will create more choices for the consumer and will also offer much better experience with regards to policy purchase, post issuance needs such as policy information updates, and claims.

Commenting on the development, Shanai Ghosh ED & CEO, Edelweiss General Insurance, said, “APIs have become an essential element in today’s digital economy and are rapidly transforming the way we work. Our Open API Gateway is aimed to make API consumption easy in a self-assisted manner. It is our endeavour to strengthen digital capabilities of our partners, in a simple and effortless manner. We have provided a robust and comprehensive documentation of APIs, including example code samples, so our partners can get started within a matter of minutes with an easy sign-up process.”

The Open API Gateway system allows partners to access documentation of the open APIs, leverage code samples, easily conduct testing in staging as well as on environment. With productivity for developers improving enormously, they can now focus on the unique proposition of their applications while outsourcing all the commodity functionality to APIs. The Open API Gateway will also offer quicker integration with EGI products with a shortened integration cycle, both time and cost wise, access to real-time information on product premium, etc. without having to rely on offline mechanism.

EGI has always aimed to provide insight based, simple and innovative solutions that provide tangible value to customers. Leveraging technology to meet evolving needs of consumers has always been the endeavour. It recently launched SWITCH, an on-demand, app-based motor product that offers savings and convenience together to consumers. Likewise, in the health space, EGI has a very unique product, Health 241, a first in the industry where if the first year is claim free, the customer is covered absolutely free for the second year.

ICICI Prudential Life partners with NSDL

ICICI Prudential Life partners with NSDL Payments Bank to offer insurance products

·      NSDL Payments Bank customers to have easy access to ICICI Prudential Life's customer-centric products

·      Partnership helps ICICI Prudential Life Insurance to increase presence on new-age distribution touch-points

·      Digital platform offers paperless, secure and hassle-free purchase of life insurance by NSDL Payments Bank customers

ICICI Prudential Life Insurance has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, the largest depository of India. Under the agreement, ICICI Prudential Life will provide its customer-centric protection and savings products to customers of NSDL Payments Bank. These insurance products will enable NSDL Payments Bank customers to provide financial security to their families and help them achieve their financial goals.

This is also an effort by ICICI Prudential Life Insurance to cover the uninsured population of the country by offering its innovative and easy to understand life insurance POS products on NSDL Payment Bank's exhaustive point of sale (POS) network, across the country. POS life insurance products are very easy to understand and can be purchased in a completely hassle-free manner. To start with, ‘iProtect Smart’, a term plan that offers protection and ‘ICICI Pru ASIP’, a unique savings product offering guaranteed maturity benefits, will be provided.

Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said, "We are delighted to partner with NSDL Payments Bank. The key objective of both the partners is to leverage technology to provide a hassle-free and immersive experience to customers. This partnership will help the bank’s customers leverage our digital platform to conveniently purchase life insurance products. We believe our customer-centric protection and long-term savings products will enable NSDL Payments Bank customers to provide financial security to their loved ones and help them achieve their financial goals. This partnership is also a step towards fulfilling our commitment to address the huge protection gap in the country."

Mr. Ashutosh Singh, CEO, NSDL Payments Bank said on this occasion, "We are looking at offering the whole suite of products to our customers either by building them out ourselves or through partnerships. The partnership with ICICI Prudential Life Insurance is a significant one as it will allow our customers the opportunity to discover some of the most relevant products for their lifestyle and income levels. COVID-19 has only just emphasized the importance of having the right insurance plans and adequate insurance covers, both of which we want to address through this partnership. Also, as over 70% of our customer base is under the age of 30, given our thrust on digital and CLICK-CLICK fulfilment journeys, we are very excited to help shape the right attitude and approach towards insurance and investment for this segment from an early age so that they and their families can reap the rewards later and tide over eventualities such as these with little or no financial damage."