Reasons Why Swiss Insurtech dacadoo has Big Plans for India
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After successfully launching dacadoo in the Chinese Market, Swiss entrepreneur Peter Ohnemus is now looking at venturing into the India insurtech and healthtech space. Dacaddo is a digital health score management platform which is licensed to life and health insurance companies globally.
The scorecard ranges from one to thousand, one refers to a person being clinically dead and thousand means the person would be a superwoman/man and can fly, Ohmenus joked.
Prior to starting, Ohnemus previously held senior executive positions with Sybase, Logic Works, The Fantastic Corporation and COS – all of which went public during his tenure. He also co-founded ASSET4, one of the world's leading financial information providers, which was later sold to Thomson Reuters.
Discussing healthcare and insurance-related opportunities in India with Entrepreneur Media,dacadoo's founder says the country is one of the strongest economies in the world as it is growing at the pace of about 7.8 per cent of the GDP. The serial entrepreneur feels with wealth and growth coming to India, healthcare will become all the more important.
According to IBEF, India with a 3.42 per cent penetration rate in the insurance sector offers greater penetration potential as compared to global average of 6.2 per cent
Peter claims that just like China, India is a big and important market for his company and therefore, the entrepreneur wants to take a step in the right direction.
Pointing out the issues that dacadoo is likely to face in the market, Ohnemus says price point and distribution to the broader base (tier II and III) is a concern. And hence, he is in talks with local partners to introduce the digital health platform in the country.
"We are looking at insurance companies, both life, and health, for partnerships along with banks that want to sell insurance products. We are also working with large healthcare operators including hospitals, fitness chains or pharmaceutical companies," he shared with Entrepreneur India.