Karza and Gupshup collaborate to expand insurers' reach into underpenetrated Indian markets

India's rural population, which constitutes 70% of the total population, remains largely untapped by major insurance players.
By: Karza Technologies
 
MUMBAI, India - Aug. 8, 2022 - PRLog -- India's rural population, which constitutes 70% of the total population, remains largely untapped by major insurance players. Currently, only about 8-10% of rural India is covered by life insurance, and less than 20% is covered by health insurance.

Several factors contribute to these stark figures: poor insurance distribution and last-mile access for insurers, transactional inconvenience for customers, and the lack of awareness resulting in reluctance among the uninsured.

Karza Technologies and GupShup have teamed up to help overcome these challenges and boost insurance penetration in the country.

Karza Technologies is the largest data, analytics, automation, and decisioning solution provider to FIs, catering to the entire lending lifecycle from onboarding to diligence & monitoring to collections using award-winning state-of-the-art deep tech applications.

Gupshup, India's youngest unicorn company, provides a conversational messaging platform that processes over 6 billion messages each month that allows customers to interact and transact with businesses via messaging apps including WhatsApp.

Synergies of Karza&Gupshup are combined to create a low intervention yet high-impact insurance mobile solution that makes insurance available to every mobile phone user in the country, the mobile phone penetration has increased significantly in India, with almost every second person having access to a smartphone and conversational apps.

"The fact is 40% of rural users spend 60-120 minutes per hour or more on WhatsApp, so using this platform to engage, comply with KYC norms, onboard, follow up, and even share data is a revolution in itself. It will undoubtedly make the insurance purchase and sale process more seamless.," said, Omkar Shirhatti, Co-Founder and CEO of Karza.

BeerudSheth, Co-Founder, and CEO of Gupshup said, "In a few minutes customers can purchase insurance just through a WhatsApp chat! Our joint solution not only reduces the time to onboard but significantly eliminates hassles of physical last-mile reach and documentation. It can be a meaningful enabler in this context, enabling insurance companies to interact, and transact with hard-to-reach prospects and customers directly on their mobile phones at low costs and paperless processing with zero human intervention using WhatsApp"

The combined solution enables Insurance companies to sell with no manual intervention using WhatsApp that's combined with rich media and interactive elements to deliver better conversations. Therefore, it's a boon to all the potential insurance customers who can purchase with timely assistance, instant KYC,  easy payments, and helpful reminders.

More Info: https://www.karza.in/

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Tags:Fin Analytics
Industry:Computers
Location:Mumbai - Maharashtra - India
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