InstantPay, India's largest Inclusive and Neo Banking platform, has received the Corporate Agency license from Insurance Regulatory Development Authority (IRDA). The company also shared its plans to start selling insurance products through its entrenched network of 1 lakh merchants, in the next couple of months. It is working on fostering partnerships with leading insurance companies.
InstantPay will be offering a range of insurance products, including health, general and life insurance to the end customers. It aims to reach out to millions of underbanked Indians in the tier-2 and tier-3 cities of the country. It will be deploying additional manpower in the current and next financial year to build its insurance vertical as well as explore new territories.
Speaking on the sidelines of the announcement, Mr. Shailendra Agarwal, CEO, InstantPay said, "The granting of the CA license by IRDA is an important milestone for InstantPay and deepens our belief towards playing a pivotal role in the industry. We already have an extensive network of merchants who have been enabling financial services for the end customers and are committed to driving financial inclusion in India. Insurance is an extremely underpenetrated category with 3.69% penetration in India as per a report by IRDA earlier this year. We aim to sell innovative products that will appeal to the larger India, through our merchant network. We look forward to partnering with any three insurance companies in the health, general and life insurance segments."