SahiPay, a high-tech, smart and secure digital platform launched by Manipal Business Solutions, continues the fintech revolution by providing easy access to insurance and banking products in semi-urban and rural areas of the country. In an effort to raise awareness and increase insurance penetration in rural areas of India, SahiPay offers a variety of affordable health and non-life plans, including car insurance and personal accident insurance. Driven by a mission of building an insured nation, the platform processed over 27,000 policies in less than seven months through its more than 2,500 dedicated insurance agents.
Insurance penetration levels are quite low in the country, with P&C insurance approaching the 1% mark in FY21 (according to Swiss Re data). Given that the global average is 4.1%, this indicates that a large portion of the Indian population has yet to get insurance coverage. The key to increasing insurance penetration is an improved distribution network that makes insurance solutions accessible in all parts of the country.
To this end, SahiPay has partnered with SBI General Insurance in August 2021, offering simple and affordable insurance products in rural India. The alliance has been instrumental in expanding SahiPay’s ‘Surakshit Bharat Campaign’. SahiPay has focused on its personalized personal accident insurance plan, which has a risk cover of 1.5 lakh and an affordable premium of 100. In a short time, the SahiPay-SBI General Insurance alliance has covered over 10,000 unique consumers in 22 states.
Speaking about this milestone, Kamaljeet Rastogi, CEO of Manipal Business Solutions said, “Our constant effort has been to make insurance affordable and easily accessible to all Indians. We started with a vision to increase awareness of insurance products in rural India and are delighted to reveal that we have processed over 27,000 policies in seven months. We aim to onboard over 100,000 customers this year and over 500,000 next year.
Apart from insurance, SahiPay offers home banking and a range of value-added services that digitally empower the citizens of rural India. To drive financial inclusion, SahiPay aims to develop a merchant-centric digital ecosystem where merchants are digitally empowered to serve their local customers. SahiPay has one of the largest networks in the country, serving over 11,000 PINs and 572 districts.
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