The Insurance Regulatory and Development Authority (IRDA) has granted an insurance broking licence to hyperlocal fintech network PayNearby.
Paynearby said it has created Nearby Insurance Broking Services Pvt. Ltd. to foray into the insurance sector.
“IRDA license is not just permission but a responsibility on us to make insurance a ubiquitous service through our 6 Lakh and growing Digital Pradhan partners. PayNearby today enables over INR 4,000 crores worth of financial inclusion transaction every month to 5 Crore unique individuals, in-line with initiatives of NITI Aayog, DFS, CDDP and RBI’s vision document of Digital India. Given the low penetration of insurance in the country, most Indians remain vulnerable to life’s unpredictability,” said Anand Kumar Bajaj, founder and CEO, PayNearby.
The company also said that PayNearby, has seen massive traction in building a community of close to 6 lakh retailers through its “HarDukaan Digital Pradhan” campaign. Digital Pradhans, who have successfully enabled many essential services like Aadhaar based banking, domestic remittances, bill payments and access to government schemes in their local communities, will now be trained and POS certified to Insure India, it added.
As a part of the launch strategy, PayNearby has acquired WeCare Insurance Broking Services, a firm with experience in personal risk management, set up by MuraliIyer Murali, it added.
PayNearby also aims to enable the largely underserviced Bharat to enjoy financial protection during life, and assurance of continuum of basics for their dependents after life.
Further, the company has also launched a new brand InsureNearby to bring sharper focus while nurturing this new vertical.
Sharma also said, “We hope to mitigate this by making insurance available through our network, in a format and construct that is easily available to all. Our acquisition of WeCare Insurance Broking Services, one of the finest new age broking firms, will help us consolidate their vertical expertise with our distribution capability to make insurance accessible to all.”