Paytm today announced that it has received insurance brokerage license from IRDAI and will soon offer insurance across four categories including two-wheeler, four-wheeler, health, and life. The company added that Paytm Insurance Broking Private Limited (PIBPL), wholly-owned subsidiary One97 Communications Ltd (OCL), has already tied up with 20 of the leading insurance firms in India and will be integrating with 30 more companies over the next few weeks. Other than online initiatives, the company will be leveraging on its 16 million-strong merchant partner base to sell these insurance products across India. Building a large network of Point of Sales Persons (PoSP), it plans to increase the reach of insurance products to a large customer base. "This will also help us to empower millions of merchants with alternate income sources which they will earn through commissions on selling insurance products", said the company. Paytm has already started the process of shortlisting merchant partners who will be trained to become PoSPs and plan to rope in 2 lakh such PoSPs this year. Amit Nayyar, President of Paytm, said: Our entry into Insurance Broking is in line with our commitment to broaden our footprint into financial services and offering numerous and customized choices to millions of our ...
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