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Paytm subsidiary gets IRDAI licence to sell insurance products

Paytm Insurance Broking (PIBPL), a subsidiary of Paytm, has got a brokerage licence from the Insurance Regulatory and Development Authority of India (IRDAI) to sell life and non-life insurance products. It will offer insurance products across four categories: two-wheeler, four-wheeler, health and life. The Economic Times first reported this. We have reached out to Paytm for more details. To get the brokerage licence, Paytm's parent company One97 Communications had to surrender its “corporate agency” licence. Unlike brokers who are intermediaries between prospective customers and providers, a corporate agent sells policies on behalf of the insurance provider. PIBPL has tied up with 20 insurance firms in India and will onboard 30 more companies over the next few weeks. The company will also provide policy management and claim services to customers. PIBL will also sell its insurance products through its network of merchant partners,…

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