Within three months of acquiring DHFL General Insurance from Wadhawan Global Capital (WGC), Sachin Bansal took the existing brand CoCo and placed it under Navi General Insurance. As it used to do under DHFL, CoCo will continue to offer insurance policies across health, motor, travel and home, among others.
Navi General Insurance hasn’t changed the existing management and leadership team. Vijay Sinha would continue to be the chief executive officer (CEO) and managing director (MD) of Navi General Insurance. Sinha was with DHFL Insurance for over three-and-a-half-years.
Sources say that the change took place in early March but Entrackr couldn’t independently verify this. The digital-focused insurer has around 100 member-team based out of Mumbai, according to the company’s LinkedIn profile.
Navi had received all regulatory approvals from the regulator Insurance Regulatory Development Authority (IRDA) at the beginning of this year.
Bansal bought out the entire stake in DHFL Insurance from WGC for about Rs 100 crore. DHFL General Insurance had about Rs 400 crore assets under management.
Navi entered the insurance space before its recent debut in consumer lending. The company had launched a lending app in a closed beta just a couple of weeks ago. It targets low-income groups and dishes out loans up to Rs 2 lakh.
Entrackr had exclusively reported the app’s launch last week.
Formerly known as BAC Acquisitions, Navi Technologies is less than 18 months old. Bansal had poured in over Rs 3,007 crore in the business-focused financial services arm of Navi and was appointed himself as the MD of Navi Tech.
With consumer lending and horizontal insurance plays, Navi is the only company to have its hands on several fintech opportunities. Experts believe that Bansal will be one of the first entrepreneurs to make a holistic and considerable dent in financial, insurance, and neo-banking spaces in India.
Navi General Insurance will directly compete with Binny Bansal-backed Acko Insurance, Digit, and many mainstream insurance companies.