Fintech startup PayNearby forays into insurance broking, acquires We Care Insurance
Fintech startup PayNearby on Monday said it has forayed into the insurance sector to make affordable insurance available to the masses by leveraging its offline network.
As a part of the launch strategy, PayNearby has acquired We Care Insurance Broking Services. Along with this, the Insurance Regulatory and Development Authority of India (IRDAI) has also granted insurance broking licence to PayNearby.
Through the creation of Nearby Insurance Broking Services Pvt. Ltd., the company will work with its existing network of close to six lakh retailers, training them to sell the financial product to people who have never bought insurance before.
Commenting on this occasion, Anand Kumar Bajaj, Founder and CEO, PayNearby, said:
“IRDA licence is not just permission but a responsibility on us to make insurance a ubiquitous service through our six lakh and growing Digital Pradhan partners. Given the low penetration of insurance in the country, most Indians remain vulnerable to life’s unpredictability. We hope to mitigate this by making insurance available through our network in a format and construct that is easily available to all.”
In addition to distributing insurance through the existing Point-of-Sale network, the company has also launched another new brand InsureNearby. The objective is to focus on partnering with leading insurance providers and develop innovative products and distribution strategies that make insurance meaningful and available for the masses, at a shop nearby.
“PayNearby today enables over Rs 4,000 crore worth of financial inclusion transaction every month to five crore unique individuals, in-line with initiatives of NITI Aayog, DFS, CDDP and RBI’s vision document of Digital India,” said Anand.
Incepted in April 2016 by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha, and Rajesh Jha, Nearby Technologies is a fintech company offering financial or non-financial services to the underbanked and unbanked segment.
Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and a few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.
Retailer services are focussed on Aadhaar-based banking services, domestic remittances, bill payments, capd Payments, and insurance services among others.
(Edited by Megha Reddy)