Translate
View original content:
Previous
Source: cision | Published on: Tuesday, 19 September 2023
MUMBAI, India, Sept. 19, 2023 -- Agam Capital, a trusted global platform for insurance analytics, and American Equity Life, a world-class provider of annuity and retirement products, are excited to announce their plans to launch the next-generation life insurance company in India. This innovative collaboration harnesses Fintech Blue's tech-enabled distribution expertise in India, Agam's cutting-edge pALM analytical platform, and American Equity's strength in capital and retirement services. The result will be a truly distinctive entrant into India's thriving and rapidly growing market for life insurance and retirement products.
Mr. Chak Raghunathan and Mr. Avi Katz, co-founders of Agam Capital, stated, "Our partnership with AEL and Fintech Blue Solutions is a watershed moment enabling the founding Partners the opportunity to combine their unique competitive skills to launch a next-generation life and retirement platform."
Mr. Raghunathan and Mr. Katz added, "We are thrilled to see Agam apply its differentiated expertise in conjunction with our partners to bring innovation rapidly and efficiently to the Indian market."
American Equity Investment Life Holding will be the anchor investor in the Strategic Partnership.
Mr. Anant Bhalla, Chairman and Chief Executive Officer of American Equity, said, "As one of the largest US players in the retirement annuity space, we are known as the Financial Dignity Company of America with over $50 billion of retail client assets under management. We are proud to partner with Agam to provide both capital and our expertise in both insurance and asset management to this new venture in India. We believe that the market has arrived on the global stage, and this is a pivotal time to enter the insurance and retirement space in India, in a differentiated manner."
Recognized for making complex insurance products available to the Indian consumers through its tech capabilities, Fintech Blue Solutions disrupted the $100 billion insurance marketplace through its API based platform.
Mr. Anand Prabhudesai, Co-Founder of Fintech Blue Solutions, said, "India stands at a pivotal moment in the insurance sector, and this partnership is our commitment to expanding the array of choices available to consumers. We are immensely proud to empower Agam and AEL on this transformative journey."
The proposed insurance company is projected to launch in the coming months, after the parties execute definitive agreements and seek all applicable Indian regulatory approvals for the partnership. The new insurance company will have a dynamic branding and product development strategy to bring innovative life, and retirement products to the Indian market in an efficient and clear manner. The partners aim to expand and enhance customer options with the goal of bringing financial dignity and planning to its customers.
About Agam Capital
Agam was founded in 2016 by Avi Katz and Chak Raghunathan with the vision of creating a cutting-edge, differentiated insurance platform. The pursuit of realizing this vision continued with the development of pALM, Agam's proprietary asset and liability management system. Offering the only end-to-end enterprise-wide risk and capital analytics solution, pALM enables strategic decision-makers to reach their capital optimization goals. By utilizing a fully embedded dynamic strategic asset allocation and enterprise risk management, pALM supports Agam's ability to offer a one-stop, turnkey insurance solution.
Agam's team of experts have a global reach with offices in the USA, Canada, Bermuda, and India. In addition, Agam ISAC Bermuda, which offers a comprehensive suite of operational, management and governance services to Bermuda based reinsurers, is fully licensed as a Class E insurer by the Bermuda Monetary Authority (BMA).
About American Equity
At American Equity Investment Life Holding Company, our policyholders work with over 40,000 independent agents and advisors affiliated with independent marketing organizations (IMOs), banks and broker-dealers through our wholly owned operating subsidiaries. Advisors and agents choose one of our leading annuity products best suited for their client's personal needs to create financial dignity in retirement. To deliver on its promises to policyholders, American Equity has re-framed its investments focus – building a stronger emphasis on insurance liability driven asset allocation and specializing in alternate, private asset management while partnering with world renowned, public fixed income asset managers. American Equity is headquartered in West Des Moines, Iowa with additional offices in Charlotte, NC, New York, NY, and Miami, FL. For more information, please visit www.american-equity.com.
About Fintech Blue Solutions
Fintech Blue Solutions is a leading technology organization enabling insurance distribution for enterprise customers. Through their tech platform – Turtlefin, they empower financial/non-financial sector organizations and offer them comprehensive technology solutions for the end-to-end insurance servicing needs of their customers. Being an innovation-first company, they create unique and customized technology solutions that can add tangible value to insurance distribution, making it both informed and seamlessly efficient. Turtlefin is currently working with leading banks, insurers, brokers and tech-first organizations in India and the Middle East.
FORWARD-LOOKING STATEMENTS
The forward-looking statements in this release, such as additional, expect, opportunity, strategy, will, and their derivative forms and similar words, as well as any projections of future results, are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" the company describes in its U.S. Securities and Exchange Commission filings. The proposed transactions are subject to regulatory approvals by appropriate authorities in the Republic of India, and to that extent, may be subject to change or modification. The Company's future results could differ, and it has no obligation to correct or update any of these statements.
