InstantPay, one of India’s largest inclusive and neo Banking platform, has entered into a strategic partnership with Kotak Mahindra Life Insurance Company Limited to reach out to the billion uninsured and underbanked population of India, including the urban migrant.
This alliance will not only bring insurance to first-time consumers but will also digitally empower the semi-urban sections of the society. InstantPay will deploy its extensive network of more than 1 lakh merchants to distribute Kotak Life Insurance’s products via the InstantPay portal or app, which have an annual premium as low as Rs 200!
Piyush Trivedi, Senior EVP, Sales, Alternate Channel at Kotak Mahindra Life Insurance Co. Ltd. said, “The next billion uninsured Indians remain a frontier waiting to be tapped by life insurers in India. It will require the right mix of products, processes and distribution to make a dent in this virtually unpenetrated segment. We believe that Kotak Life insurance has the right set of products that will work very well in the fin-tech segment. Pay-techs like Instantpay will help us distribute over-the-counter life covers to the mass market in byte size digital sachets.”
Shailendra Agarwal, CEO, InstantPay said, “We believe that there is a huge opportunity to sell insurance to the underbanked if only the products are made simpler and more affordable. With the objective of securing the lives of millions, InstantPay decided to launch life insurance products on its platform, in partnership with Kotak Life Insurance. Kotak Life is one of the most credible names in the insurance industry and we are excited to launch our insurance vertical with products relevant to the mass market.”
Recently, InstantPay received the Corporate Agency license from the Insurance Regulatory Development Authority (IRDA). The company aims to develop innovative and relevant insurance products for the customers in tier-2 and 3 cities.