Mumbai, NFAPost : PayNearby, a leading hyperlocal FinTech network owned  by Nearby Technologies, received insurance broking license from IRDAI.

Incepted in April 2016, PayNearby forayed into the insurance sector through the creation of Nearby Insurance Broking Services Pvt. Ltd to make affordable insurance available to the masses.

The company has existing network of close to 6 lakh retailers where trained employees sell products as per customers requirements.

As a part of the launch strategy, PayNearby has acquired We Care Insurance Broking Services. We Care has a combined experience of more than 100 years in personal risk management. It is set up by insurance industry veteran MuraliIyer.

PayNearby, has seen massive traction in building a community of close to 6 lakh retailers through its “HarDukaan Digital Pradhan” campaign.

Digital Pradhans, who have successfully enabled many essential services like Aadhaar based banking, domestic remittances, bill payments and access to government schemes in their local communities, will now be trained and POS certified to Insure India.

The aim is to enable the largely underserviced Bharat to enjoy financial protection during life, and assurance of continuum of basics for their dependents after life.

In addition to distributing insurance through the existing POS certified PayNearby network, the company has also launched a new brand InsureNearby.

Commenting on the new business development, PayNearby Founder and CEO Anand Kumar Bajaj said IRDA license is not just permission but a responsibility on the company to make insurance a ubiquitous service through our 6 Lakh and growing Digital Pradhan partners.

“PayNearby today enables over Rs 4,000 crore worth of financial inclusion transaction every month to 5 crore unique individuals, in-line with initiatives of NITI Aayog, DFS, CDDP and RBI’s vision document of Digital India,” said Anand Kumar Bajaj.

Because of the low penetration of insurance in the country, Anand Kumar Bajaj said majority of Indians remain vulnerable to life’s unpredictability.

“We expect our company can mitigate this by makinginsurance available through our network, in a format and construct that is easily available to all. Our acquisition of WeCare Insurance Broking Services, one of the finest new age broking firms, will help us vertical expertise with our distribution capability to make insurance accessible to all, ” he said.

Founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha and Rajesh Jha, Nearby Technologies empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.

Retailer services are focussed on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.

Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment.

Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.

Retailer services are focussed on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.

Founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha and Rajesh Jha, Nearby Technologies empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India.

Retailer services are focussed on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.

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