One97 Communications Ltd (OCL), which owns funds and monetary companies platform Paytm, on Tuesday mentioned wholly-owned subsidiary Paytm Insurance coverage Broking Non-public Restricted (PIBPL) has secured a licence to promote life and non-life insurance coverage from the Insurance coverage Regulatory and Growth Authority of India (IRDAI).
This licence will enable the corporate to roll out insurance coverage merchandise to thousands and thousands of customers throughout India.
Via PIBPL, Paytm goals to supply insurance coverage merchandise throughout 4 classes, together with two-wheeler, four-wheeler, well being and life, and can leverage its 16 million-strong service provider associate base to promote insurance coverage merchandise all around the nation, aside from on-line initiatives.
Paytm mentioned it lately surrendered its 'company company’ licence to acquire the brokerage licence. The corporate additionally mentioned it had tied up with 20 of the main insurance coverage corporations in India, and would combine with 30 extra firms over the following few weeks.
Talking on the event, Amit Nayyar, President, Paytm, mentioned,
"Our entry into Insurance coverage Broking is in step with our dedication to broaden our footprint into monetary companies, and supply quite a few and customised selections to thousands and thousands of our prospects. This may allow us to supply a wider suite of product choices from a big set of insurance coverage companions.”
Along with this, Amit mentioned Paytm Insurance coverage would going to offer thousands and thousands of their customers the choice of shopping for bite-sized insurance coverage merchandise at aggressive costs.
“As an organization, we absolutely rely and belief on our service provider companions, promoting insurance coverage merchandise and augmenting their earnings choices whereas driving penetration," he added.
Paytm’s journey within the insurance coverage house began over three years again when it entered the company company enterprise. The corporate began by providing acceptable attachment merchandise on Paytm transactions to evolve right into a market for all insurance coverage merchandise.
PIBPL can be anticipated to offer coverage administration and declare companies for patrons.
At current, Paytm is within the strategy of shortlisting service provider companions who could be skilled to turn out to be Level-of -Gross sales Individuals and plans to rope in two lakh such individuals this yr.
(Edited by Teja Lele Desai)