IRDAI gives approval to Paytm Insurance Broking

The IRDAI has given the approval to Paytm to embark into the insurance business. Paytm will foray into the insurance business with subsidiary Paytm Insurance Broking. The insurance company is planning to offer insurance products all over the four categories inclusive of auto, health, and life. In addition to that, customers will also be able to avail policy management and claim settlement services at select merchant points, stated the company. “This would enable us to offer a wider suite of product offerings from a large set of insurance partners. The potential of the insurance business is huge as the market is still under-penetrated in India. As a company, we fully rely and trust on our merchant partners, selling insurance products and augmenting their income options while driving penetration,” said Amit Nayyar, President, Paytm.