New Delhi: Paytm Insurance Broking Private Limited (PIBPL), a wholly-owned subsidiary of the country’s leading digital payment and financial services company, Paytm, has securing a brokerage license from the sector regulator Insurance Regulatory and Authority of India (IRDAI)
Paytm’s operator company One 97 Communications Limited (OCL) said in a statement on Monday that PIBPL has obtained the license to sell life insurance and general insurance from the Insurance Regulatory and Development Authority of India (IRDAI).
According to the company, this will give the company ‘the opportunity to sell insurance policies to millions of customers across India.’ Paytm has said that PIBPL has already tied up with 20 leading insurance companies in India and over 30 companies in the next few weeks Will be added together. Through PIBPL, the company will now sell four different categories of insurance products including two-wheeler and four-wheeler insurance, medical insurance and life insurance.
OCL had been running a corporate agency in the insurance market for three years. It recently withdrew its corporate agency license to obtain an insurance brokerage license.
