Future First, Arohan firm up ties to offer financial products
Kolkata/IBNS: Future First Insurance Broking Pvt Ltd has teamed up with Arohan Financial Services Limited, part of the Aavishkaar Group, to offer financial products.
Going by the Economic Survey 2018, the insurance penetration or the ratio of premium underwritten to the GDP was 3.49 per cent in 2016-17 while other Asian countries such as China and Malaysia had higher insurance penetration rate of 4.77 per cent and Thailand boosted of 5.42 per cent.
On the other side, India’s life insurance density is $46.5 and general insurance density is $13.2 as against a global average of $353 and $285.3, respectively.
Vineet Rai, Founder and Group Chairman, Aavishkaar Group, who was also in Kolkata on the occasion, said, "Aavishkaar Group exists to bridge the opportunity gap for the emerging 3 Billion in Asia and Africa. Across Aavishkaar Capital - the equity vertical, Intellecap – the knowledge vertical and the group’s lending businesses, we seek to ensure that access to finance is made available to the underserved.”
Manoj Kumar Nambiar, Managing Director and Board Member, Arohan Financial Services, said, "Enabling Financial Inclusion has been the foremost focus of Arohan’s unique products and service propositions, made possible on an end-to-end technology-driven platform which has been recognised as the best in the industry.
I am certain that our partnership with Future First will play a significant role in the realisation of our vision of impacting over 20 million lives by the year 2025."
John Mayne, Co-founder and CEO, Future-First, said, “Lack of marketing campaign is a major issue which is why the underserved population has remained unaware of the available services in insurance. Under-served communities are exposed to huge risks regarding their livelihood, health, life and others.
Our aim is to de-risk this population that is financially most vulnerable through insurance by offering them customised, simple and need based insurance products in most affordable manner and also ensure that the claims are paid on time. We are excited to partner with Arohan in this endeavour of ours.
We intend to build an eco system for insurance distribution and reach 3 Million customers by 2022,”
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