Paytm has partnered with insurance companies including ICICI Prudential Life, Religare Health, Reliance Life and Reliance General to assist consumers in paying their insurance premiums online, through mobile & wallet.
ICICI Prudential is the first insurer to go live this week followed by other insurers going live in over next couple of days.
This means, insurance users can now get more deals and offers on Paytm by opting for this particular medium to pay their renewal premiums. “Digital wallets have become popular and our association with Paytm will enable our customers to make premium payments while on the move and in a matter of minutes,” said Puneet Nanda, Executive Director at ICICI Prudential Life.
With this development, Paytm is targeting an annual premium payment of about INR 1000 Cr. by going live with more than 15 companies by the end of next quarter.
The mcommerce giant is aiming to become the one-stop-shop for all bill payments and recharges. Paytm, which has over 100 Mn registered users, can now pay their insurance premiums on-the-go, same as they pay their utility and other bills.
The Noida-based company is looking to enhance the user experience and is building closed loop processes which starts with reminding customers and also enabling them to pay through quick, simple and secure transaction.
Commenting on this partnership, Kiran Vasireddy, VP at Paytm, said “Our commitment is to provide users with simple and seamless payment experience. This matches perfectly for insurance segment where companies today are increasingly focused on providing higher degree of customer convenience and engagement. I strongly believe that we will be able to increase the renewal rate for the insurance companies.”
Alibaba-backed Paytm is on mission to bring half a billion Indians to mainstream of economy using mobile payment, commerce and soon to be launched payment banking services.
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