Iowa-headquartered American Equity Investment Life Holding has formed a strategic partnership with Fintech Blue Solutions, a technology company that enables insurance distribution, and Agam Capital, a company that offers a global platform for insurance analytics, to launch a next-generation life insurance company in India.
This collaboration harnesses Agam’s cutting-edge pALM analytical platform, American Equity’s strength in capital and retirement services and Fintech Blue’s tech-enabled distribution expertise in India. The result will be a new venture in India’s thriving and rapidly growing market for life insurance and retirement products.
American Equity, which provides annuity and retirement products, will be the anchor investor in the strategic partnership. Mr. Anant Bhalla, chairman and CEO 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 $50bn of retail client assets under management.
“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.”
The proposed insurance company is expected to be launched 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 efficiently and clearly. The partners aim to expand and enhance customer options with the goal of bringing financial dignity and planning to its customers.
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.”
Recognised for making complex insurance products available to Indian consumers through its tech capabilities, Fintech Blue Solutions disrupted the $100bn insurance marketplace through its API-based platform. Mr. Anand Prabhudesai, co-founder of Fintech Blue Solutions said, “This partnership is our commitment to expanding the array of choices available to consumers.”
Agam Capital was founded in 2016 with the vision of creating a cutting-edge, differentiated insurance platform. The pursuit of realising 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 optimisation goals.
American Equity is headquartered in West Des Moines, Iowa. Its policyholders work with over 40,000 independent agents and advisors affiliated with independent marketing organisations, banks and broker-dealers through its wholly-owned operating subsidiaries.
Through the tech platform – Turtlefin, Fintech Blue Solutions enables insurance distribution for enterprise customers. Turtlefin is currently working with leading banks, insurers, brokers and tech-first organizations in India and the Middle East.
