SahiPay Empowers Rural India, Spreads Awareness and Adoption of Insurance
PR Newswire India
Processed more than 35000+ insurance policies in less than 10 months
GURUGRAM, India, June 22, 2022 /PRNewswire/ -- SahiPay, a high-tech, smart, and secured digital platform of Manipal Business Solutions is driving the fintech revolution by offering easy access to insurance and banking products in the semi-urban and rural parts of the country. With an objective to create awareness and increase insurance penetration in rural India, SahiPay is offering a variety of affordable health and non-life plans including vehicle and personal accident insurance. SahiPay has embarked on a mission to build an insured nation and has processed more than 35000 policies in less than ten months through its 2500+ dedicated insurance agents in the rural and remotest parts of the country.
Insurance penetration levels are low in the country with general insurance almost touching the 1% mark in FY 21 (as per Swiss Re data). The world average of 4.1% indicates that there is a vast population yet to be secured. The key to increasing insurance penetration is an enhanced distribution network that makes insurance solutions accessible to every part of the country. SahiPay partnered with SBI General Insurance in August 2021 to offer simple and affordable insurance products to rural India. This strategic alliance has been instrumental in expanding SahiPay's "Surakshit Bharat Campaign". SahiPay has been focusing on securing citizens under its customized plan for personal accident insurance policies with a risk cover of 1.5 lakhs and an affordable premium of Rs.100. In a short time, this alliance has covered more than 10,000 unique consumers across 22 states.
Speaking on this milestone, Kamaljeet Rastogi, CEO, Manipal Business Solutions, said, "Our constant endeavor has been to make insurance affordable & easily accessible for every Indian. We started with a vision to increase awareness for insurance products in rural India and are thrilled to see our vision getting a step closer to our goal as we processed more than 35000 policies within ten months. We aim to onboard more than one lakh customers this year and over five lakh insurance buyers next year."
Anand Pejawar, Dy. Managing Director, SBI General Insurance said, "At SBI General, we have a strong focus on Bharat where a large portion of India's population resides. We consistently strive to make our innovative and simple insurance solutions available to rural India. We believe in strategic alliances that enable us to further strengthen our reach, one such partnership is with SahiPay. We are happy that they further strengthen our robust distribution network and help us in bringing a larger populace under the insurance fold, thereby increasing insurance penetration in the country."
Besides insurance, SahiPay offers doorstep banking & an array of value-added services that have digitally empowered citizens of rural India. To ensure everyone is part of the financial ecosystem, SahiPay aims to develop Merchant centric digital ecosystem where merchants are digitally empowered to serve their local customers. SahiPay has one of the largest networks in the country servicing more than 11,000 pin codes and 572 districts.
SahiPay has embarked on a mission to reach every Indian and offer them easy on-the-go banking and a bouquet of services. Today, every second more than three individuals withdraw Rs 2,500 using SahiPay platform and transformed the lives of more than 15 million families in the country. Currently, SahiPay has the largest network in the country servicing more than 11,000 pin codes and 572 districts.
Constantly innovating to grow its reach to the underbanked, SahiPay has empowered more than 8000 rural women as Bank Sakhis Under The Uttar Pradesh State Rural Livelihood Mission. Launched in 2018, SahiPay aspires to build a nation, where every Indian is part of the financial ecosystem and has access to banking and value-added digital services at their doorstep.
About Manipal Business Solutions Private Limited (MBS)
Manipal Business Solutions Private Limited (MBS) is a fully owned subsidiary of Manipal Technologies Limited (MTL). MBS is one of the leading FinTech players in the country and the most preferred partner for "Rural Unified Banking Services" commonly known as the Financial Inclusion initiative in India. It provides end-to-end Integrated technology solutions and has a presence in the entire value chain for these initiatives including customer-facing business correspondents.
MBS has been at the forefront of providing Banking and Digital payment services in 90,000 villages in India serving over 2.3Cr population with their technology. With its evolved portfolio of integrated solutions and proven track record of smoothly executing large-scale turnkey projects, MBS is today a symbol of reliability, security, and trustworthiness for all its customers.