Former cofounder of Flipkart, Sachin Bansal’s new general insurance company Navi General Insurance gets IRDAI’s go ahead. Earlier in January, Sachin had acquired DHFL General Insurance.
Bansal renamed the firm Navi General Insurance and continued with brand CoCo, which was being used by DHFL. The insurer offers insurance policies across health, motor, travel, home and others. Navi General Insurance has received all regulatory approvals from IRDAI recently.
The company has appointed Ramchandra Pandit as the interim CEO.
Interestingly, Sachin will compete with another Flipkart cofounder Binny Bansal’s Acko Insurance.
In another development, ICICI Lombard General Insurance has acquired Bharti AXA General Insurance. With this, the entire business of Bharti AXA would be transferred to ICICI Lombard.
Currently, there are 33 general insurance companies including standalone health insurers.