Societe Generale Assurances has partnered with AI-based InsurTech Roadzen with the intention of building a ‘digital and contextual’ insurance player.
Through the deal, Roadzen will acquire a significant minority stake in Societe Generale Assurances’ InsurTech unit, Moonshot-Internet. The partnership will allow Moonshot to draw on Roadzen’s technological expertise and geographical strengths.
Moonshot-Internet is specialised in contextual insurance and uses technology, data and customer experience to provide a range of affinity insurance solutions. The startup was incubated within Societe Generale and was launched in March 2017.
Roadzen was established in 2015 and uses artificial intelligence to provide an Insurance-as-a-Service platform for a range of industries including automotive and e-commerce sectors.
Roadzen CEO Rohan Malhotra said, “We loved the Moonshot-Internet team, its entrepreneurial spirit and its model of integration with Societe Generale Assurances which is a strong competitive advantage.
“Its unique value proposition for customers, in the context of a strong technological transformation of the insurance market, will build Moonshot-Internet into a leading InsurTech.
“Roadzen’s goal is to bring technology, capital and a strategic view of different markets to accelerate Moonshot-Internet’s development. We are very proud of this agreement that offers both companies a very exciting outlook.”
Last year Societe Generale purchased French banking-as-a-service platform Treezor as part of its ‘transform to grow’ strategy. Societe Generale was the first French bank to purchase a FinTech when it acquired Fiducéo in 2015.
