Our brand new company Paytm Insurance to empower millions with insurance services

Broadening our footprint into financial services and staying committed to our mission of driving financial inclusion in our country, we are happy to share that we have secured insurance brokerage license from IRDAI.

This license will allow us to roll out insurance products to millions of Indian consumers across four categories including two-wheeler, four-wheeler, health, and life. Paytm Insurance Broking Private Limited (PIBPL), wholly-owned subsidiary One97 Communications Ltd (OCL), has already tied up with 20 of the leading insurance firms in India and will be integrating with 30 more companies over the next few weeks.

Our journey in the insurance space started over three years back when we entered the corporate agency business. We started by offering appropriate attachment products on Paytm transactions to evolve into a marketplace for all insurance products and recently surrendered our ‘corporate agency’ license for obtaining the brokerage license.

Over the last several months, we have been working extensively to understand the needs of our customers for insurance products and will be offering innovative insurance products in a seamless and easy to understand the online journey. We will also provide policy management and claim services for customers.

Other than online initiatives, we will be leveraging on our 16 million-strong merchant partner base to sell our insurance products all over the country. Building a large network of Point of Sales Persons (PoSP), we plan to increase the reach of insurance products to a large customer base. This will also help us to empower millions of merchants with alternate income sources which they will earn through commissions on selling insurance products. We have already started the process of shortlisting merchant partners who will be trained to become PoSPs and plan to rope in 2 lakh such PoSPs this year.