Paytm shifts focus to third-party insurance distribution

Following IRDAI’s approval of withdrawal of its application for general insurance company registration, One 97 Communications Ltd, owner of Paytm, has decided to focus its energies on distribution of third-party insurance products.

The company will focus on small-ticket general insurance offerings of partners, and leverage the strength of Paytm’s distribution to increase insurance penetration to a wider audience, it said in a stock exchange filing.

Paytm aims to innovate on small-ticket insurance products for consumers and merchants alike, it added.