SahiPay: Tech increase to insurance coverage in rural India

SahiPay, a high-tech, good, and safe digital platform launched by Manipal Enterprise Options, is furthering the fintech revolution by providing easy accessibility to insurance coverage and banking merchandise within the semi-urban and rural elements of the nation. With an goal to create consciousness and enhance insurance coverage penetration in rural India, SahiPay is providing quite a lot of inexpensive well being and non-life plans, together with automobile and private accident insurance coverage. Pushed 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 coverage penetration ranges are fairly low within the nation, with normal insurance coverage close to the 1% mark in FY21 (as per Swiss Re knowledge). Provided that the worldwide common is 4.1%, this means that an enormous part of India’s inhabitants is but to safe insurance coverage cowl. The important thing to growing 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 Basic Insurance coverage in August 2021, providing easy and inexpensive insurance coverage merchandise in rural India. The alliance has been instrumental in increasing SahiPay’s “Surakshit Bharat Marketing 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 Basic Insurance coverage alliance has coated greater than 10,000 distinctive shoppers throughout 22 states.

Talking on this milestone, Kamaljeet Rastogi, CEO, Manipal Enterprise Options, stated, “Our fixed endeavour has been to make insurance coverage inexpensive and simply accessible to each Indian. We began with a imaginative and prescient to extend consciousness for insurance coverage merchandise in rural India and are thrilled to disclose that now we have processed greater than 27,000 insurance policies inside seven months. We goal to onboard greater than 100,000 prospects this 12 months and over 500,000 subsequent 12 months.”

Moreover insurance coverage, SahiPay presents doorstep banking and an array of value-added companies which are digitally empowering residents in rural India. To spice up 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.

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