PayNearby granted broking license by IRDA; Forays into insurance broking by acquiring We Care
Mumbai, July 08 2019: The IRDAI has granted insurance broking license to PayNearby, a leading hyperlocal FinTech network. Through the creation of Nearby Insurance Broking Services Pvt. Ltd., the company has forayed into the insurance sector to make affordable insurance available to the masses, at a shop nearby. PayNearby’s existing network of close to 6 lakh retailers will be a powerful engine in building a forceful new channel, where people who have never sold insurance are trained to sell to people who have never before bought the product. The aim is to Insure India and makes financial protection available for all.
As a part of the launch strategy, PayNearby has acquired We Care Insurance Broking Services, a firm with a combined experience of more than 100 years in personal risk management, set up by Mr. MuraliIyer. Murali is revered by the industry and customers for his encyclopaedic knowledge of the insurance industry. He will lead the company’s vision of taking insurance to the masses.
PayNearby, has seen massive traction in building a community of close to 6 lakh retailers through its “HarDukaan Digital Pradhan” campaign. Digital Pradhans, who have successfully enabled many essential services like Aadhaar based banking, domestic remittances, bill payments and access to government schemes in their local communities, will now be trained and POS certified to Insure India. The aim is to enable the largely underserviced Bharat to enjoy financial protection during life, and assurance of continuum of basics for their dependents after life.
In addition to distributing insurance through the existing POS certified PayNearby network, the company has also launched a new brand InsureNearby. The objective is to bring sharper focus while nurturing this new vertical. InsureNearby, through Murali’s able leadership, will focus on partnering with leading insurance providers and develop innovative products and distribution strategies that make insurance meaningful and available for the masses, at a shop nearby.
Commenting on this occasion, Mr. Anand Kumar Bajaj, Founder & CEO, PayNearby remarked, “IRDA license is not just permission but a responsibility on us to make insurance a ubiquitous service through our 6 Lakh and growing Digital Pradhan partners. PayNearby today enables over INR 4,000 crores worth of financial inclusion transaction every month to 5 Crore unique individuals, in-line with initiatives of NITI Aayog, DFS, CDDP and RBI’s vision document of Digital India. Given the low penetration of insurance in the country, most Indians remain vulnerable to life’s unpredictability. We hope to mitigate this by makinginsurance available through our network, in a format and construct that is easily available to all. Our acquisition of WeCare Insurance Broking Services, one of the finest new age broking firms, will help us consolidate their vertical expertise with our distribution capability to make insurance accessible to all.”
About Nearby Technologies Pvt. Ltd.:
Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment.Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.Retailer services are focussed on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.
It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in banking, payments and financial sector. A DIPP-certified FinTech startup, has partnered with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).
