Business Wire India
InstantPay, one of India’s largest inclusive and neo Banking platform, has entered into a strategic partnership with Kotak Mahindra Life Insurance Company Limited to reach out to the billion uninsured and underbanked population of India, including the urban migrant.

This alliance will not only bring insurance to the first time consumers, but will also digitally empower the semi urban sections of the society. InstantPay will deploy its extensive network of more than 1 lakh merchants to distribute Kotak Life Insurance’s products via the InstantPay portal or app, which have an annual premium as low as RS 200!

Piyush Trivedi, Senior EVP – Sales, Alternate Channel at Kotak Mahindra Life Insurance Co. Ltd. said, “The next billion uninsured Indians remains a frontier waiting to be tapped by life insurers in India. It will require the right mix of products, processes and distribution to make a dent in this virtually unpenetrated segment. We believe that Kotak Life insurance has the right set of products that will work very well in the fintech segment. Paytechs like Instantpay will help us distribute over-the-counter life covers to the mass market in byte size digital sachets.”

Shailendra Agarwal, CEO, InstantPay said, “We believe that there is a huge opportunity to sell insurance to the underbanked, if only the products are made simpler and more affordable. With the objective of securing the lives of millions, InstantPay decided to launch life insurance products on its platform, in partnership with Kotak Life Insurance. Kotak Life is one of the most credible names in the insurance industry and we are excited to launch our insurance vertical with products relevant to the mass market.”

Recently, InstantPay received the Corporate Agency license from Insurance Regulatory Development Authority (IRDA). The company aims to develop innovative and relevant insurance products for the customers in tier-2 and 3 cities.
About InstantPay

Founded in 2013, InstantPay was conceptualized with a vision to drive ‘Financial Services for the larger India’. InstantPay is focused on bridging the gap which traditional banks have not been able to since the inception of banking in India. InstantPay started with building a large network of ‘Digi Kendras’ or banking kiosks which are empowered to carry out mainstream financial transactions as performed in a bank branch, thus bridging the gap between the ‘Rural’ and the ‘Digital India’. The company has more than 1,00,000 Digi Kendra’s across India and aims to increase this number considerably over the next couple of years. For SMEs, InstantPay serves as a full-fledged business banking suite offering payments, collections, expense and cash management services, all on a single platform. InstantPay works on an innovative asset-light model and is committed to playing a pivotal role in driving financial inclusion in India.

For further information visit https://www.instantpay.in

About Kotak Mahindra Life Insurance Company Ltd.

Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides world-class insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long-term savings. Kotak Life is one of the fastest growing insurance companies in India and has covered over 28.6 million lives as on 30^th September, 2019.

For further information visit https://insurance.kotak.com.