Cashfree has pioneered comprehensive insurance payments management with an integrated collection and disbursal approach. At present, Cashfree’s solutions are used by many major insurance businesses including the likes of Kotak Life, Oriental Insurance, Acko, Digit and web aggregators such as Turtlemint, InsureMile, Instabima to name a few.
Akash Sinha, CEO & Co-founder of Cashfree said, “The machinery of insurance is made up of multiple moving parts - insurers, hospitals, brokers, agents, web aggregators, and other third parties. The operational structure is changing. Unrestricted movement of funds becomes essential as it can directly relate to people’s wellbeing, restoration of business continuity, and property damage and more.”
“With our insurance suite, we intend to offer a comprehensive payment platform that helps insurers, web aggregators and related businesses not only manage collections but also speed up disbursals while enhancing overall funds management efficiency and user experience. Our goal is to provide flawless experiences and unparalleled services to the entire industry, including insurers, aggregators, TPAs and brokers while helping beneficiaries get access to the funds in the least amount of time possible,” he added.
Insurers, web aggregators and brokers can integrate Cashfree’s Insurance Suite with their bank account and initiate direct disbursals, instantly upon claim settlement approval. Similarly, Cashfree’s Marketplace Settlement can be used to split the received funds with the intermediaries.
According to a recent report byJM Financial, the market size of online insurance businesses in India is currently pegged at 1.1 trillion ($15 billion). Online insurance sales for businesses in a nascent stage in the country are likely to grow at a CAGR of 13 percent to become a Ã¢?Â¹ 2.6 trillion ($37 billion) opportunity by 2025. This growth is likely to come from the increasing share of online policy distribution by web aggregators, taking the web aggregator market from an estimated Ã¢?Â¹4.5bn ($65 million) in FY19 to Ã¢?Â¹ 38.5 billion ($550 million) by FY25F growing at a CAGR of 43 percent.
Cashfree recently launched its Instant Settlement feature, which helps businesses access funds within 15 minutes of payment capture via its payment gateway as compared to the industry standard. The feature helps online businesses with increased working capital availability and has reportedly seen rapid adoption.
Fintech Company Launches Estate Planning Strategies for Family Businesses
Ladderup Wealth Management launched its new division into Estate Planning named Ladderup Trustee Services. The new business would target a niche audience of successful HNIs and business houses who want to create their succession plans for a hassle-free handover of business leadership and property to the next generation youth in the family. Over the last few years there has been a rise in internal family disputes due to the lack of proper estate planning and Ladderup Trustee Services has been instrumental in filling this void by providing legal expertise at an affordable cost.
Whether it is a simple will, a private family trust, or even a comprehensive family succession plan – Ladderup Trustee Services does it all. For the last eight years, they have been helping individuals, families and businesses by offering them a wide range of personalized solutions for their estate planning needs. Their dedicated team of legal experts have helped hundreds of families in creating their estate plans based on their preferences, beliefs and goals, thus ensuring that their wealth is transitioned to the next generation in a hassle-free manner.
Raghvendra Nath, Managing Director of Ladderup Wealth Management Private Limited, said, “Estate Planning is a very specialized area of activity and firms like ours understand the nuances and intricacies of this field. With our Wealth Management background and an expert Estate Planning team, we are uniquely positioned to provide comprehensive and effective solutions to individuals and businesses who want to create their Estate Plan.”
A ‘Will’ is one of the basic documents of estate planning. It is a living legacy of a person. Despite the profound importance of a ‘Will’, it is largely considered as an afterthought. Many people think that they do not have enough wealth to justify writing a Will. Or that, writing Wills is a prerogative of the rich. Nothing can be farther away from the truth. Infact, if a person has less wealth, he should be more responsible in ensuring that the family’s interest is secure and they get the complete wealth of the person without a hassle. In the absence of a Will, the inheritance would be distributed between the legal heirs based on Laws of Succession and the same might not be aligned to the wishes of the deceased.
Mr. Nath further said, “Most people end up buying life insurance to protect their families because they are advertised heavily. Will is a far more important document than a life insurance policy. So, writing a Will is as important as buying insurance.”
Our experience has exposed us to so many family structures and their inherent issues that we are able to guide families and individuals through the entire Estate Planning process and make them look at aspects around their inheritance planning that were hitherto unknown to them. Many times, a carefully crafted structure helps our clients to pass on not only wealth but also their beliefs, norms, and values to the next generation.
Ivar Agro, a leading producer of household items, has joined hands with Misty Interactive Studios, Canada based Tech & Commerce Company, for launch of their Ivar brands of Organic Masala (Spices) in domestic as well as international markets.
Having carved a niche in Canadian and South East Asian markets, Misty Interactive Studios Inc (MIS), a Vancouver, Canada - headquartered company would provide marketing and sales support to Ivar Agro in international markets. Ivar Agro today announced that the company is now all set to enter the Indian and global markets in a big way with its hygienic and healthy organic products.
"We have joined hands with Ivar Agro to provide healthy and hygienic organic products to consumers. We would leverage the rising global demand for organic products. We had planned to launch the Ivar Spice brands early this year but it was delayed due to a breach of contract and non-payment of unpaid bills to the tune of USD 10 million by a Singapore based tech & commerce Startup Zilingo Pte and subsequent arbitration process which we initiated at Singapore International Arbitration Centre (SIAC). However, we have streamlined our entire supply chain and looking for ways to overcome the challenges posed by COVID-19 crisis,” said Krishna Raj, Founder and Director, Misty Interactive Studios.
Following a successful launch of ‘Ivar Agro’ Incense brand in India recently, Misty now eyes global market with its innovative brand of Spices.
“A wide range of Masalas would be processed and produced in a very orthodox method by adopting 100 years old tradition of preparing these by hand in a very hygienic atmosphere. Initially, our processing unit would provide employment to over 1,000 women from villages. Ivar brands of Masala especially Real Original Chicken Biryani Masala and Sharp Chilli Powder would hit the market first,” said Vijay Gupta, Managing Director, Ivar Agro.
"Ivar will be targeting a niche market that understands how important hygienic organic products can be for prolonged health of our cells and body," added Dhananjay Gupta, Director, Ivar Agro.