Paytm Insurance Broking has 11.3 million customers who bought over 31 million insurance products
cityairnews
Aug 17, 2021 01:06
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Chennai, August 17, 2021: India's leading digital financial services platform Paytm filed its DRHP on 15th July 2021 for its much anticipated Initial Public Offering. A look into the document shows that the company’s wholly-owned subsidiary Paytm Insurance Broking has over 11.3 million unique insurance customers in India as of March, 2021. The company further stated in the DRHP that it has sold 31.5 million cumulative attachment products and insurance policies
Paytm Insurance Broking Private Limited, a registered insurance broker with IRDAI offers an insurance marketplace with products across auto, life and health insurance. Across these product lines the company also provides policy management and claim services for our customers. The company in its DRHP stated that Paytm Insurance Broking currently has direct integration with 47 insurance companies in India. In addition, in collaboration with insurance partners, it is able to offer low-ticket size insurance solutions, with customized premiums, such as mobile protection plans, and cyber fraud insurance.
The company in its DRHP said that it has the ability to offer data-driven product curation and tech innovations to existing and new customers in the ecosystem. It aims to leverage on its existing banking, wealth management, and credit risk model creation engines, it will be able to bundle insurance products onto existing Paytm use cases, as well as cross-sell other Paytm products to new customers, the company said in its prospectus.
As Paytm Insurance Broking Private Limited expands beyond an insurance marketplace, using customer insights, it will be able to offer the most appropriate insurance products to customers, it stated in the DRHP.
