NEW DELHI: Decentro, an API platforms for banking integrations, recently started empowering HealthTech and InsurTech segments across the country. A good example here is the launches done by companies like BimaPlan, an affordable insurance platform and Gromo, a platform to enable sale of financial products via its community, along with many more larger companies in the integration phase.
Decentro already enables over 130 companies like BimaPlan and GroMo to further their offerings, innovations and capabilities by simplifying the underlying legacy integrations by up to 10 times in terms of money and time saved, said the firm.
Rohit Taneja, Co-founder & CEO, Decentro, said, “The Indian Insurance landscape is evolving well, and technology is playing a major role in its transformation. From managing the problems related to the complex money movement frameworks to ironing out identity issues, our holistic and battle-tested API plaform is weeding out the cricial pain points of traditional financial workflows like paying for health care, and selling insurance. We are excited to empower the country’s InsurTech journey with early and fast moving partners like BimaPlan and Gromo among many others already in our pipeline.”
The key API modules that become highly relevant for the health tech and insurtech players are: KYC & Onboarding of customers / agents / hospitals as needed on the fly, Automated Payment Collections via any bank to bank methods including UPI, Disbursements of payouts & bonuses to agents, Virtual and Physical prepaid card / credit card issuance for health related needs, and many more.
With the insurance industry having embarked on the digital path, API connectivity with banks and financial institutions is critical to help make transactions seamless. After the phenomenal rise of fintech companies in India, it is time for the insurance industry to witness a similar revolution. The potential of the Indian insurtech industry is evident in its ability to attract investments. It has become one of the three biggest fundraisers in Asia, attracting funds to the tune of $1.33 billion in 2021 alone, said the firm.
Vikul Goyal, Founder & CEO, BimaPlan, said, “InsurTech is a new concept in India. After FinTech, it is time for InsurTech to make its way into the Indian market and revolutionize the entire industry. As Indians become more and more digitally savvy, we wish to cater to all of their Insurance needs digitally. That is where Decentro comes with their product to help us out. Their disruptive technology products help simplify the entire payments and reconciliation process, along with instant virtual card generation and more, and help script a new chapter for Insurtech players like us.”
Talking about the role of Decentro in the GroMo’s growth story, Darpan Khurana, Co-founder, GroMo, said, “Technology is the springboard that will help us realize the digital evolution vision for India. It is helping us empower our 900k+ partners, who are using our radical tech-enabled platform to sell the best-suited financial products to their customers. Decentro has played a key role in the development of GroMo, and we hope to continue our growth story using their specialized payment and KYC related identity verification APIs.”
Decentro enables neo banks, marketplaces, and fintechs to seamlessly integrate and offer banking solutions via its APIs. With approximately 8Mn+ API hits monthly and $3.5Bn+ Gross Transaction Value, the company has 170+ companies signed up on the platform. It has 130+ companies live across 6+ categories, including Neo-Banks, NBFCs, B2B Platforms, Marketplaces, Crypto, Gaming and more, said the firm.
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