Tips to Prevent Festive Season Fraud

October is a great time to be in India because it is the start of the festive season.

Indian consumers have expressed a strong desire to buy more discretionary products during the festive season while coming out of the pandemic, according to Deloitte’s Global State of Consumer Tracker.

‘Buy Now, Pay Later’ (BNPL), Digital credit line and e-wallet offerings appear to be the rage this festive season, with several e-commerce sites, banks, and merchants offering such deals. Even without a credit history, a substantial number of borrowers can now take advantage of BNPL’s short-term credit. Many of us have had to tighten our wallets as a result of the Covid-19 outbreak and weak global economic scenario making BNPL programs even more appealing.

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Digital safety – Insurtech is the key!

In India, the citizens have not fully explored insurance. As per Government and industry analysis, 75% of the Indian population doesn’t have any kind of insurance. Awareness and also reach, being a loophole in the insurance products being offered is the strong catch point for what is evolving rapidly now. Insurtech in India has created a drastic change in the way people access insurance products.

Insurance covers various aspects like life, travel, health etc.

Technology steps in here. It makes the services reachable and educates the untapped customers through seamless customer experience.

Insurtech is a combination of insurance and technology along with a whole lot of Innovation. It is here to change the scenario of Insurance in India.

Insurtech companies in India

There are many Insurtech players in India like, Acko General Insurance, which is the winner of  Excellence in InsureTech category at India FinTech Awards’ 20, Digit Insurance, Toffee Insurance, PolicyBazaar, CoverFox, Paytm Insurance, GramCover etc.

Toffee Insurance is one of the unique Insure-tech startups which provides a wide variety of products like Backpack, Cyclist, Dengue, Mosquito and Daily Cash plan to name a few. The CEO and Co-Founder, Rohan Kumar, speaks about insurance and the COVID-19 situation in a talk with our fintech ambassador.

Mr. Rohan Kumar, CEO and Co-Founder at Toffee Insurance

The new normal for Mr. Rohan is that COVID has cut down the noise in the organization and made people more empathetic post COVID.

However, prior to the pandemic, insurance has been a tough market according to Mr. Rohan. Firstly, people didn’t recognize the need to have an insurance cover. Secondly, liquidity, awareness, education and access are the parameters that affect when buying insurance.

Toffee Insurance was started with the goal to try to create accessibility, affordability and relevance of insurance products and make simpler and easier products that make people understand.

Watch the full exclusive interview here.



Weekly FinTech Scoop

The FinTech industry has gone through swings in the pandemic. Yet there have been updates and news coming up related to FinTech which have showcased that the efforts, innovation and spirit to fight never went down. Some of the fintech news related to funding, acquisitions and new launches were witnessed in the past week which have been briefed down in shots to honour the FinTech players.


Insurtech startup Finsall raises Rs 2.4 crore in seed round.

It has raised Rs 2.4 crore in a seed round from Unicorn India Ventures. The other participants were SEA Fund and angel investors like Karthik Sridhar and Tirumala Gudla.

The startup plans to use these fresh funds to expand its operations in India into Tier I cities and beyond.

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