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Paytm chasing insurance sector with corporate partnerships

Amit Nayyar, President, Paytm

Digital payments leader Paytm has entered into a corporate partnership with health insurance player Star Health and Allied Insurance Co. Ltd., (Star Health). Following the partnership, Star Health will provide health insurance offerings to Paytm customers across the country. 

Amit Nayyar, President, Paytm said, “It is critical to have a deep understanding of the customer needs and offer them products tailored to their requirements. At Paytm, we are committed to offering health insurance options to our millions of customers in the age of expensive medical treatments, while making a convenient customer journey from purchase to claim. We believe Star Health is the best partner to help us deliver best in class customised products and seamless customer experience.”

Anand Roy, Joint Managing Director of Star Health, said, “This partnership is an important move towards our expansion strategy which includes a strong distribution network backed by technological innovations to take health insurance to every individual present in any city or town across the country.”

He said that Star Health would create customised insurance solutions for the tech-savvy Indian consumers and provide seamless insurance transactions.

Lately, Paytm has been aggressively chasing the insurance sector. The Vijay Shekhar Sharma-promoted company had recently entered into a similar partnership with Aegon Life Insurance to offer comprehensive life insurance solutions for Paytm’s customers. 

Meanwhile, Amazon is also looking to tap the growing insurance sector with its payments app Amazon Pay. According to a report by online news portal Entrackr, the payment arm of Amazon.in is set to aggregate third-party insurance products for its customers. 

“Amazon Pay received requisite approval to aggregate third-party insurance products. It also has carved out a small team consisting of 6-8 employees to look after the sub-vertical,” according to the report. It has also received a corporate agency (composite) licence from the Insurance Regulatory Development Authority (IRDAI) in this regard. 

Amazon is likely to push insurance products from Acko, in which it is an investor, the report added. 

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