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Angel One to invest Rs 400 cr in life insurance JV with Singapore's Livwell
Angel One aims to create a 'digital-first' insurer through the JV. The platform will hold a 26% stake, while Livwell will hold 74%.
The JV between Angel One and Livwell seeks to address India's underinsured market with accessible and transparent digital insurance solutions.
Leading fintech platform Angel One is set to form a joint venture (JV) with Singapore-based insur-tech company LivWell, to start a digital-first life insurance, a company filing said on July 23.
The development comes as Angel One is stepping towards becoming a full-stack financial services major, intensifying competition.
"The proposed company, with a capital infusion of Rs 400 crore, is being co-promoted by Angel One (26%) and LivWell Holding Company (74%), with a shared vision of redefining access to life insurance in India, through technology and trust," the statement said.
Angel One aims to disrupt the life insurance segment through the joint venture, which will be a first in India as a fintech-partnered life insurance business.
Angel One mentioned that the business is being built for India's 'growing base of digital-native consumers'. It also highlighted that India remains an overwhelmingly under insured nation with protection gaps 'exceeding 83%', with the gap especially high among young earners aged 26–35 years.
The JV will focus on running a digital-first architecture, leveraging automation and personalization to offer affordable and accessible insurance, Angel One said.
Ambarish Kenghe, Group CEO at Angel One said, "As India embraces digital financial services, insurance too must be accessible, transparent and seamlessly delivered through trusted platforms. This partnership also deepens our offerings across the financial lifecycle - bringing us closer to delivering a seamless, end-to-end experience across savings, investing and protection."
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