SahiPay, a high-tech, sensible, and safe digital platform launched by Manipal Business Solutions, is furthering the fintech revolution by providing easy accessibility to insurance coverage and banking merchandise within the semi-urban and rural components of the nation. With an goal to create consciousness and improve insurance coverage penetration in rural India, SahiPay is providing a wide range of inexpensive well being and non-life plans, together with car and private accident insurance coverage. Driven by a mission to construct an insured nation, the platform has processed greater than 27,000 insurance policies in lower than seven months by its 2500+ devoted insurance coverage brokers.
Insurance penetration ranges are fairly low within the nation, with common insurance coverage close to the 1% mark in FY21 (as per Swiss Re knowledge). Given that the worldwide common is 4.1%, this means that a large part of India’s inhabitants is but to safe insurance coverage cowl. The key to rising insurance coverage penetration is an enhanced distribution community that makes insurance coverage options accessible in each a part of the nation.
To this finish, SahiPay partnered with SBI General Insurance in August 2021, providing easy and inexpensive insurance coverage merchandise in rural India. The alliance has been instrumental in increasing SahiPay’s “Surakshit Bharat Campaign”. SahiPay has been focussing on its customised plan for private accident insurance coverage, which has a threat cowl of 1.5 lakh and an inexpensive premium of100. In a brief interval, the SahiPay-SBI General Insurance alliance has coated greater than 10,000 distinctive customers throughout 22 states.
Speaking on this milestone, Kamaljeet Rastogi, CEO, Manipal Business Solutions, mentioned, “Our constant endeavour has been to make insurance affordable and easily accessible to every Indian. We started with a vision to increase awareness for insurance products in rural India and are thrilled to reveal that we have processed more than 27,000 policies within seven months. We aim to onboard more than 100,000 customers this year and over 500,000 next year.”
Besides insurance coverage, SahiPay gives doorstep banking and an array of value-added companies which might be digitally empowering residents in rural India. To increase monetary inclusion, SahiPay goals to develop a merchant-centric digital ecosystem the place retailers are digitally empowered to serve their native prospects. SahiPay has one of many largest networks within the nation, servicing greater than 11,000 pincodes and 572 districts.