InsuranceDekho debuts SaaS solutions firm Heph for insurance distributors

livemint.com:

Mint. Heph, which offers services ranging from front-end customer interfaces to back-end systems, goes live with its website on Monday, 26 August. Ankit Agrawal, founder and chief executive officer (CEO) of InsuranceDekho, said the new affiliate company has been bootstrapped.

Unlike its parent CarDekho Group, which has secured significant investments, Heph was built without external funding. This marks a departure from the group’s usual approach, as CarDekho and InsuranceDekho have collectively raised at least $750 million from marquee investors like Peak XV Partners, Goldman Sachs Asset Management, TVS Capital Funds and LeapFrog Investments, among others. Also read | InsuranceDekho appoints Avendus to help raise around $150 mn “They (Heph) broke even from day one and have been Ebitda (earnings before interest, taxes, depreciation and amortization) positive since the start," said Agrawal.

The platform will cover insurance products within health, life motor and group insurance, and will also provide businesses the flexibility to co-create products, and manage and optimize their insurance offerings. To be sure, the platform has been in the testing phase for over 18 months and has already onboarded over 100 insurers, Agrawal told Mint. The company, however, did not disclose further details on its clients, but said they include banks, non-banking financial companies, brokers, original equipment manufacturers, fintechs and other digital players.