Paytm said yesterday that it has appointed Vineet Arora as managing director and CEO of Paytm General Insurance Ltd. Arora will lead efforts in Paytm exploring options to enter the sector, reports Business Insider. Paytm made the announcement yesterday, but according to Arora’s LinkedIn profile, he has been at the role since February 2020. We’ve reached out to Paytm for more details.
Arora has worked in insurance since 2002, he served five years at ICICI Prudential Life Insurance Company, and then spent close to a decade in ICICI Securities. He joins Paytm from his previous role as managing director and CEO of Aegon Life Insurance Company, where he was also part of the India leadership team.
As digital payments takes a hit with the economy in shutdown, insurance is a key sector which has been allowed to operate. With a looming health crisis, and the government making it mandatory for companies to cover COVID-19, there is expected to be spurt in sale of medical insurance policies. Insurance is also among the key sectors that the government has allowed to operate.
In March, Paytm announced that its subsidiary Paytm Insurance Broking (PIBPL), has got a brokerage licence from the Insurance Regulatory and Development Authority of India (IRDAI) to sell life and non-life insurance products.