Wednesday, November 25, 2020

Paytm Insurance Broking secures brokerage license, to leverage on 16 million merchant partners for the new biz

Must read

Roposo, India’s #1 Short Video App Powers VLCC Femina Miss India 2020

New Delhi, November 24, 2020. India's largest short video platform Roposo, owned by Glance announced that it Is powering...

Un-‘Earth’ the mystery On Zee Café’s ‘The 100 Season 7’ Premiering This Wednesday

Mumbai: November 24, 2020. Once upon a time, there WAS humanity! Such is the gripping start of the post-apocalyptic...

Fasten your seat belts and get ready to be spooked with spine-chilling Kannada drama Mane No. 13 on Amazon Prime Video

Bengaluru, November 21, 2020. Get ready to be spooked as Mane No. 13 welcomes you to a roller-coaster ride in the...

Amazon drops the teaser of the Sons of the Soil: Jaipur Pink Panthers

Mumbai, 20 November, 2020. Just like the leap of the players in the game, the sport of Kabaddi has...

Delhi, March, 2020 : One97 Communications Ltd (OCL), which owns India’s largest payments and financial services platform Paytm, today announced that its wholly-owned subsidiary Paytm Insurance Broking Private Limited (PIBPL) has secured its license to sell life and non-life insurance from the Insurance Regulatory and Development Authority of India (IRDAI). This license will allow the company to roll out insurance products to millions of consumers across India.

Through its 100% subsidiary PIBPL, the company will now offer insurance products across four categories including two-wheeler, four-wheeler, health and life. PIBPL has already tied up with 20 of the leading insurance firms in India and would be integrating with 30 more companies over the next few weeks. 

OCL’s journey in the insurance space started over three years back when it entered the corporate agency business. The company started with offering appropriate attachment products on Paytm transactions to evolve into a marketplace for all insurance products. It recently surrendered its ‘corporate agency’ license for obtaining the brokerage license. 

PIBPL over the last several months has been working extensively to understand the needs of customers for insurance products and will be offering innovative insurance products in a seamless and easy to understand the online journey. The company would also provide policy management and claim services for customers.

Other than online initiatives, the company would be leveraging on its 16 million-strong merchant partner base to sell its insurance products all over the country. Building a large network of PoSP, PIBPL plans to increase the reach of insurance products to a large customer base. The firm would be empowering millions of merchants with alternate income sources which they would earn through commissions on selling insurance products. The company is in the process of shortlisting merchant partners who would be trained to become Point of Sales Persons (PoSPs). The company plans to rope in 2 lakh such PoSPs this year.

Amit Nayyar, President- Paytm said, “Our entry into Insurance Broking is in line with our commitment to broaden our footprint into financial services and offering numerous and customized choices to millions of our customers. This would enable us to offer a wider suite of product offerings from a large set of insurance partners. The potential of the insurance business is huge as the market is still under-penetrated in India. Paytm Insurance is going to give millions of our users the option of buying bite-sized insurance products at a competitive price. As a company, we fully rely and trust on our merchant partners, selling insurance products and augmenting their income options while driving penetration.”

More articles

Latest article

Ace Golfshire Receives Overwhelming Response by Clocking 100% Sales

New Delhi, November 25, 2020. Realty major Ace Group has announced that its prime residential project ‘Ace Golfshire’ has been completely sold out....

Fortune Edible Oils & Foods Celebrates 20 Years Of Togetherness

New Delhi, November 25, 2020. One of India’s most trusted brands, Fortune Edible Oils and Foods,on 24th Nov 2020...

National Disaster Response Force (NDRF) fully prepared for Cyclonic Storm “NIVAR”

New Delhi, November 25, 2020. Cyclonic Storm "NIVAR" is centred about 380 km East-Southeast of Puducherry and 430 km Southeast...

Shri Narendra Singh Tomar inaugurates Mega Food Park in Punjab

Punjab, November 25, 2020. Union Minister for Food Processing Industries, Agriculture and Farmers Welfare, Rural Development and Panchayati Raj...

Tenth edition of National Science Film Festival kicks off in a virtual mode

New Delhi, November 25, 2020. The tenth edition of prestigious science film festival got off in a virtual mode....
Live Updates COVID-19 CASES