Chennai, NFAPost: Hyderabad-based Blockchain startup ChitMonks has launched ChitInsure, an insurance product specially designed to protect the subscribers of registered Chit Fund companies.
It offers two products, one that helps the companies in providing additional security for new subscriptions while the other is specially designed to protect the future liabilities of the subscribers. ChitMonks is working with insurance companies to provide services that suit their subscribers requirements.
Over 15 companies on ChitFunds 2.0 Platform are already taking benefits of ChitInsure since its beta launch in September 2020. ChitMonks works with only registered chit fund companies in India, helping them build trust in their operations through blockchain technology and making them 100% digital.
It connects these registered chit fund companies on to one platform digitally enabling them with process efficiency (payment collections, online auctions, eKYC, eSignetc), better underwriting (bank statement analysis, credit profiling, credit liabilities) and making their offerings more inclusive.
Today, the process for chit fund registration, in order to make them legal and safe is quick and hassle-free. ChitMonks offers customised packages helping them scale seamlessly.
ChitMonks co-founder and CEO Pavan Adipuram said, “Chit funds are one of oldest and still relevant financial instruments for the low and middle income bracket. The hard earned money of subscribers should be insured, should any of their subscribers discontinue their investment prematurely because of any life event.”
ChitMonks vision is to make Chit fund investments trustworthy and transparent for regulators and subscribers.
The company’s first offering ‘T-Chits’ developed for the Telangana government was a blockchain-based product that allowed the state government regulators to administer chit fund operations on a private permissioned blockchain network. The company is also working with few other state governments to bring a similar solution to their operations
as well. In July 2020 they launched ChitFunds2.0 Platform andChitPe.
ChitFunds2.0 Platform is an online platform for registered Chit fund companies to manage their Chit fund operations and beyond. Along with taking care of a chit fund company’s complete digitisation needs, ChitFunds 2.0 also brings other entities such as banks, payment gateway partners and financial institutions like NBFC companies, Insurance companies onto the platform in order to serve the chit fund firms.
