If you thinking insurtech futures, then surely India is one of the biggest markets in the world in terms of potential. For the past decade the local regulatory authority IRDAI has been gradually tweaking the rules on foreign investment and ownership by percentage. A digital sandbox for insurtechs was established some years back and several big names have emerged from that development process. In addition, the old dominance of the local agent distribution network, especially on Life and health cover, is being replaced by smartphone app providers. Mix in a booming vehicle insurance market and India looks enticing.
Here’s some news from DSP Asset Managers, who have opened their first offshore office in London, catering to institutions seeking investment opportunities in Indian markets.
DSP International UK Limited, situated on 1 St. Katherine’s Way, next to London Tower would mainly cater to pension funds, sovereigns, family offices and high net worth individuals. DSP Asset Management is one of India’s oldest financial institutions [ex-Merrill Lynch (1996-2007), ex-BlackRock (2008-2018) JVs)]. It manages ~US$ 15bn in AUM, of which US$ 11bn is in public equities. Of the US$ 11bn in public equities, ~US$ ~2bn is in India dedicated offshore assets.
“DSP’s asset management team has managed money for over 26 years and is focused on alpha generation through well-defined and transparent investment frameworks and high standards of risk management. India offers diversity of companies and sectors via more than 200 companies offering high RoEs. We wish to leverage our knowledge and experience of decades to generate long term risk adjusted returns for our investors,” says Kalpen Parekh, MD & CEO, DSP Asset Managers.
“India is at the cusp of a structural turnaround and continues to remain one of the fastest-growing large economies in the world. The country has proven to be resilient to global economic downturns, largely due to its robust domestic economy, which is expected to remain strong in the foreseeable future. We believe India should be viewed as a structural allocation (and not just tactical) in investors’ portfolios globally,” says Jay Kothari, Global Head – International Business, DSP Asset Managers.