The Insurance Regulatory and Development Authority has now granted an insurance broking license to hyperlocal fintech network PayNearby.
PayNearby revealed that it had created Nearby Insurance Broking Services Pvt Ltd to foray into the insurance domain.
“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.
As a part of the newly launched strategy, Paynearby has acquired the Wecare Insurance broking services, a firm with the experience in personal risk management, set up by the Muralilyer Murali, it added.
Paynearby also aims to make the mostly underserved Bharat to enjoy the financial protection during life, and assurance of a continuum of basics for their dependent’s after life.