Page 7 - Insurance Times June 2021

payments stack including - Paytm Insurance broking licence customers offline, and it can also assist
Wallet, PaytmPostpaid, Paytm UPI, net clients in claims servicing.
banking, debit and credit card. for Policybazaar Policybazaar's distribution accounts for
Policybazaar received approval from
PIBPL also offers discounts on own nearly 25% of India's life covers, and
IRDAI to operate as an insurance
damage cover of up to 80% on select over 10% of India's retail health
vehicles. broker. While Policybazaar is one of business. It accounts for roughly half of
the largest online distributors of
"Insurance continues to be an health, motor and term life insurance all internet-based insurance purchases
underserved segment in India. Paytm in the country and has been doubling
the broking licence allows it go far
hopes to change that by making its business annually.
accessibility and affordability a priority. beyond its present operations. "As a The insurance broking licence has been
We are focused on making the whole web aggregator, we were already granted to Policybazaar's parent PB
among the top ten distributors of
process of buying and renewing both Fintech. With the web aggregator
car and bike insurance simple, insurance. business merging into the broking
seamless and completely digital," said We can now provide a wider range of entity, the company will be the largest
a Paytm spokesperson. products to a wider range of customers retail broker from its first day of
The board of Paytm parent, One97 and engage with them offline," said operations. While brokers do not take
Communications Ltd, recently Yashish Dahiya. The company can now any insurance risk on their books, the
approved an investment of Paytm sell all types of insurance plans changed status would mean that
Insurance Broking Pvt. Ltd., according including property insurance to Policybazaar would have to make a
to a recent notice sent to businesses ranging from small shops to significant investment in building up
shareholders. companies. It can engage with points of presence in different cities.

Bajaj Allianz General Insurance wins IDC Financial Insights

Innovation Awards 2021

BAGIC’S ‘Digi-Enroll’ initiative has won
‘IDC Financial Insights Innovation Awards
2021 - BEST DIGITAL INSURER IN ASIA’.
In 2021, IDC continues to recognize the
best Asian financial services institutions
whose business objectives were realized
through the novel application of process
innovations. This award highlights the
innovation quotient of an organization,
salutes the inspiration behind it, and
recognizes an innovation-based mind-set
among the BFSI eco-system.
Digi-Enroll is a 100% digital & end-to-end
automated platform for enrolling 2.5 million Group Medi Claim (GMC) customers & endorsements, adding & deleting
GMC members with innovative AI & ML integrated, Data Intelligence Platform. Leveraging the unique innovative 3D
techniques of Design, Data & Digital.
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in
making more effective technology decisions by providing accurate, timely, and insightful fact-based research and
consulting services. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory
services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology,
media, research, and events company
Heartiest Congratulations to the team!
The Insurance Times, June 2021 7