Kotak General Insurance, actyv.ai to support MSMEs with customized insurance solutions

Kotak Mahindra General Insurance is partnering with insurtech company actyv.ai to offer customized, bite-sized insurance solutions to Micro, Small, and Medium Enterprises (MSMEs).

By harnessing actyv.ai’s AI-driven platform, Kotak General Insurance aims to support the business sustainability of these growing companies. This strategic partnership represents a significant step towards leveraging AI in insurance, addressing business risks, and fostering growth within the MSME sector.

Jagjeet Singh Siddhu — Kotak Mahindra General Insurance Head of Multiline Business said: “We are excited to join hands with actyv.ai to offer small OTC products like health and commercial policy via end-to-end digital platform.

“We believe that technology plays a vital role in selling BFSI products to masses and businesses. This partnership will offer basic insurance to the last mile of the industrial value chain like never before.”

actyv.ai, known for transforming the global B2B supply chain, is an AI-powered enterprise SaaS platform that embeds B2B Buy Now Pay Later (BNPL) and insurance services. Its partnership network with financial institutions empowers various businesses, suppliers, distributors, and retailers to expand.

The platform is split into various product categories, including actyv Go, actyv Score, actyv PayLater, actyv Insure, and actyv Invest.

The collaborative effort between actyv.ai’s cutting-edge technology and Kotak General Insurance’s tailored insurance products promises to introduce innovative insurance solutions for enterprises. This partnership is expected to serve nearly one lakh supply chain partners, allowing them to concentrate on driving growth while remaining secure from business risks.

The initiative represents a major milestone in utilizing AI technology to streamline insurance services for the benefit of the ever-evolving MSME industry.

Raghunath Subramanian — actyv.ai Founder and Global CEO said: “Through our partnership with Kotak General Insurance, enterprises on actyv.ai’s platform will now be able to offer group insurance to all of its distributors, retailers, and suppliers.

“As category creators, we will continue to build digital journeys, construct responsible and sustainable interventions with a special focus on insuring business risks, thereby empowering the ecosystem to focus on growth and be resilient.”