New Delhi: Fintech firm One97 Communications, owner of the Paytm brand, will now focus on distribution of insurance products from other insurers after sector regulator IRDAI has accepted the registration clearance application of Paytm General Insurance.
Paytm General Insurance Limited had approached the Insurance Regulatory and Development Authority of India (IRDAI) to withdraw its application for registration as a “general insurance company” to be a manufacturer of general insurance products.
“We are further informed by PGIL that its request for withdrawal of the above application has been accepted by IRDAI vide letter dated June 12, 2024.
“As mentioned in our previous communication, this step is in line with our efforts towards doubling insurance distribution across health, life, motor, shop and gadgets segments through our wholly owned subsidiary Paytm Insurance Broking Pvt. Ltd. (PIBL). Is consistent with the focus." Said.
Paytm said it aims to innovate on small ticket insurance products for consumers and merchants by focusing on small-ticket general insurance offerings with our partners and leveraging Paytm's distribution strengths to expand insurance reach to a wider audience. .
Paytm General Insurance Limited had approached the Insurance Regulatory and Development Authority of India (IRDAI) to withdraw its application for registration as a “general insurance company” to be a manufacturer of general insurance products.
“We are further informed by PGIL that its request for withdrawal of the above application has been accepted by IRDAI vide letter dated June 12, 2024.
“As mentioned in our previous communication, this step is in line with our efforts towards doubling insurance distribution across health, life, motor, shop and gadgets segments through our wholly owned subsidiary Paytm Insurance Broking Pvt. Ltd. (PIBL). Is consistent with the focus." Said.
Paytm said it aims to innovate on small ticket insurance products for consumers and merchants by focusing on small-ticket general insurance offerings with our partners and leveraging Paytm's distribution strengths to expand insurance reach to a wider audience. .
