Societe Generale Assurances has joined forces with AI insurtech specialist Roadzen to build a "digital and contextual" insurance player.
Under the deal, Roadzen will buy a "significant" minority stake in Societe Generale Assurances' insurtech Moonshot-Internet.
Incubated within French giant SocGen and launched in 2017, Moonshot-Internet specialises in contextual insurance with a heavy focus on technology, data and customer experience.
The start-up delivers e-commerce, payment and travel companies modular products, offered as an API that can go on-the-shelf in less than three months and uses predictive data processing, real-time pricing and automatic payment for customers without any administrative paperwork.
Roadzen which uses AI to improve insurers' underwriting and claims management, has built up a customer base of 10 million in India, China and the US since launching in 2015.
The partners believe that their technology strengths complements each other and that they can help each other crack new markets, with a combined footprint across three continents.
Rohan Malhotra, CEO, Roadzen, says: "Our vision is aligned and we share a common DNA of innovation. Roadzen’s goal is to bring technology, capital and a strategic view of different markets to accelerate Moonshot-Internet’s development."
Ingrid Bocris, executive chairman, Moonshot-Internet, adds: "The growth potential is very strong. Moonshot-Internet is already on a path to success with more than ten existing partnerships. This agreement opens a new chapter in our development story."
Editorial | what does this mean?