Paytm arm gets IRDAI’s brokerage licence

MUMBAI: Paytm subsidiary Paytm Insurance Broking has secured a brokerage licence from sector regulator Insurance Regulatory and Authority of India (IRDAI).

The company plans to offer insurance products across categories including automotive, health and life. It will also offer customers policy management and claim settlement services at select merchant points, it said. Paytm, which has so far been a marketplace for all insurance products, said it had “recently surrendered” its corporate agency licence in order to obtain the brokerage licence.

The wholly owned subsidiary of Noida-based One 97 Communications has already tied up with 20 insurance firms to roll out products, and is exploring 30 other partnership opportunities, it said.