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Russia's Renaissance Insurance Group opens insurtech unit

Russia-based Renaissance Insurance Group Ltd. has launched an insurtech company specializing in voluntary medical insurance products in a digital format.

The company, called Renaissance Health, has launched a mobile application for its users, with a full range of digital services to be offered by the end of 2019, the group said May 28.

Renaissance Insurance Group's owner Boris Jordan plans to invest 3.6 billion Russian rubles into the new entity by 2023, Vedomosti reported. In addition to offering voluntary medical insurance, accident insurance and international medical insurance, Renaissance Health will also take over the existing medical insurance business of Renaissance Insurance Group, the newspaper said.

Renaissance Health aims to collect 18 billion rubles in voluntary medical insurance premiums by 2023, compared with 6.3 billion rubles collected by the group in 2018, and will aspire to become the fourth largest provider of voluntary medical insurance in Russia, the group's representative told Vedomosti.

As of May 28, U$1 was equivalent to 64.65 Russian rubles.