Decentro aims to enable InsurTechs via banking APIs

By Leandra Monteiro

Decentro, an API platform for banking integrations, recently started empowering the 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 the sale of financial products via its community, along with many larger companies in the integration phase. Decentro is already enabling 130+ companies like BimaPlan and GroMo to further their offerings and capabilities by simplifying the underlying legacy integrations by up to 10X in terms of money and time saved.

Speaking on the developments, 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 HealthTech and InsurTech players are – KYC and Onboarding of customers, agents, or hospitals, Automated Payment Collections via any bank-to-bank methods including UPI, Disbursements of pay-outs and bonuses to agents, virtual and physical prepaid card and credit card issuance for health-related needs, and many more.

With the insurance industry embarking on the digital path as we saw in the past 5 years, API connectivity with banks & financial institutions becomes critical to help make transactions seamless.

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.”