Kathmandu. Indian Fintech company PayMe India has sold sell above 115,000 accidental insurance policies within six months. The company, which has been providing personal loan facility, had started selling personal accident insurance policy only a few months ago.
It is selling insurance policies with sum assured of IRS 1 lakh in collaboration with international insurance broker and risk management company Marsh.
Founded in 2016, PayMe India has changed the process and definition of personal loan service delivery using state-of-the-art information technology. The company works with a non-bank financial company licensed by the Reserve Bank of India (Central Bank) which provides advance payment / salary loans to salaried employees in case of financial crisis. It also helps customers make the right decisions by offering financial products in a transparent manner.
Even in Nepal, digital payment service providers have tried to make financial services easier, but they have not been able to start the service of providing loans or purchasing insurance policies trough the apps available in the mobile phone.
Digital payment service providers are set to launch life or non-life insurance policy sales in Nepal soon. The Insurance Board has opened the licenses of the institutional insurance agents and the payment service providers are also getting the licenses of the institutional agents to cover the business opportunities.
