Paytm strengthens its insurance broking portfolio with new offerings
Premium- Payments for these insurance products can be done through Paytm’s payments stack including - Paytm Wallet, Paytm Postpaid, Paytm UPI, net banking, debit and credit card.
BENGALURU: Paytm Insurance Broking Private Ltd (PIBPL), a wholly-owned subsidiary of India’s leading digital financial services platform Paytm, on Monday said it has introduced car and bike insurance products on its platform.
The company has partnered with 14 insurers to launch this on its platform.
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Through partnerships, the company will also offer 14 add-on options for cars and six add-on options for two-wheelers, including zero depreciation, invoice cover, roadside assistance and engine protection for customers on its platform.
The platform offers services to help vehicle owners avail insurance without uploading any documents before purchasing the policy.
Payments for these insurance products can be done through Paytm’s payments stack including - Paytm Wallet, Paytm Postpaid, Paytm UPI, net banking, debit and credit card.
PIBPL also offers discounts on own damage cover of up to 80% on select vehicles.
“Insurance continues to be an underserved segment in India. Paytm hopes to change that by making accessibility and affordability a priority. We are focused on making the whole process of buying and renewing both car and bike insurance simple, seamless and completely digital," said a Paytm spokesperson.
The board of Paytm parent, One97 Communications Ltd, recently approved an investment of Paytm Insurance Broking Pvt. Ltd., according to a recent notice sent to shareholders.
Over the past year, companies like Flipkart and Amazon India have also started offering auto insurance products on their platform.
IPO-bound One97 Communications Ltd, saw its consolidated revenues fall 11% year-on-year to ₹3186.8 crore in FY21. The company cut consolidated losses by 42% to ₹1701 crore in the fiscal ended March 2021.
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