Roadzen Acquires Stake in Moonshot-Internet
French insurer Societe Generale and insurance technology provider Roadzen have announced a strategic agreement to “build Europe’s leading digital and contextual insurance player.” As part of the deal, Roadzen will acquire “a significant minority stake” in Moonshot-Internet, a startup incubated within Societe Generale back in March 2017 to develop contextual insurance.
Moonshot-Internet delivers e-commerce, payment and travel companies modular products, offered as API that can go on-the-shelf in less than three months.
Established in 2015, Roadzen offers insurers underwriting and claims management solutions using AI and has 10 million customers in India, China and the US.
With this strategic deal, Societe Generale is stepping up the commercial and international development of its startup by leveraging Roadzen’s technological expertise and complementary geographical strengths.
For Roadzen, the partnership deal advances its goal to expand to Europe.
“We loved the Moonshot-Internet team, its entrepreneurial spirit and its model of integration with Societe Generale Assurances which is a strong competitive advantage. Its unique value proposition for customers, in the context of a strong technological transformation of the insurance market, will build Moonshot-Internet into a leading insurtech. Our vision is aligned and we share a common DNA of innovation. Roadzen’s goal is to bring technology, capital and a strategic view of different markets to accelerate Moonshot-Internet’s development. We are very proud of this agreement that offers both companies a very exciting outlook.” – Roadzen CEO Rohan Malhotra.
“We are proud of this agreement between Roadzen and Moonshot-Internet. Already an established player in the US and Asian insurance markets, Roadzen will be able to leverage its international experience to accelerate Moonshot-Internet’s growth in Europe. As it enters this new stage of development, Moonshot-Internet is aiming to anticipate changing usages to become the go-to partner for digital and contextual insurance in Europe.” – Societe Generale Assurances CEO, Philippe Perret.
