Fintech player PayNearby gets insurance broking licence

Financial technology player PayNearby has been given an insurance broking licence by Insurance Regulatory and Development Authority of India (IRDAI). As a part of the launch strategy, PayNearby has acquired We Care Insurance Broking Services.

The company said that its existing network of close to 6,00,000 retailers will be an engine in building a forceful new channel.

"People who have never sold insurance are trained to sell to people who have never before bought the product. The aim is to Insure India and makes financial protection available for all," said the company.

Through its 'HarDukaan Digital Pradhan' campaign, the company has enabled its digital pradhans (retailers) to provide essential services like Aadhaar based banking, domestic remittances, bill payments and access to government schemes in their local communities.

Set up in April 2016, Nearby Technologies offers financial/non-financial services to the underbanked and unbanked segment.

These retailers will now be trained and POS certified to Insure India. The aim is to enable the largely under-serviced parts of the country to have access to financial protection during life, and assurance of continuum of basics for their dependents after life.

In addition to distributing insurance through the existing POS certified PayNearby network, the company has also launched a new brand InsureNearby.

Anand Kumar Bajaj, Founder & CEO, PayNearby, said that 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. 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," he added.