Paytm secures insurance brokerage license

Paytm announced it has secured an insurance brokerage license from IRDAI.

“This license will allow us to roll out insurance products to millions of Indian consumers across four categories including two-wheeler, four-wheeler, health, and life. 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.”

This news isn’t surprising as Paytm, which is India’s largest mobile payment and e-commerce platform that also happens to be backed by Berkshire Hathaway has established its insurance arms in 2018; specifically Paytm Life Insurance and Paytm General Insurance. And its rival Mobikwik has partnerships in place with at least two insurers to offer life insurance through its app.