Two Rivals. One Industry.

Indian digital payment platform Paytm is now allowing policyholders to submit insurance premium payments to more than 30 insurers on its platform. Based on the insurer and policy selected, users may be asked to share additional info like date of birth, vehicle registration number, mobile number and expiration date among others.

In related news, digital payments company Mobikwik is offering users accidental insurance with plans to roll out additional life insurance products. “Buying insurance [via web or app] will be a paperless, 2-step process and issuance of the policy will be instant.” “The insurance penetration in India is close to 3% of the GDP and there is a huge potential ready to be tapped, more so with the exponential increase in the adoption of smartphones and penetration of the internet. This presents a vast opportunity for digital Insurance to the mass market which has been ignored by banks, distributors and even online companies in web comparison owing to either high distribution cost or low penetration of computers in the country.” – Cofounder and director, MobiKwik, Upasana Taku.