Online lending platform obtains insurance agency licence
Corporate agency licence of insurance companies obtained by Online lending platform
Digital lending and payment platform Kissht has received a licence to operate as a corporate agent in the insurance sector.
The Mumbai-based company has tied up with HDFC life, Aditya Birla Health Insurance, ICICI Prudential Life Insurance and Go Digit to offer insurance products
As a corporate agent, the entity is allowed to tie with three life, three non-life and three standalone health insurance companies. The corporate agent licence is issued by the IRDAI and is valid for three years.
According to Kissht CEO Krishnan Vishwanathan, the company will sell life, health, and general insurance products alongside its main business of loans.
Kissht has more than 10,000 retail merchants and more than 3,000 franchisees across India. Customers who obtain loans from Kissht franchisee partners will have an option to secure loans against any unforeseen uncertainties. Some insurance products that will be offered are accident coverage, health insurance and critical illness cover.
The company said that customers who opt to buy mobile insurance or extended warranty via their retail merchants will also get insurance cover for products financed via Kissht. Under product insurance, customers enjoy protection in case of accidental damage with pan-India coverage.
Mr Vishwanathan said, “Insurance is the logical next move for us to help our customers not only achieve quick affordable finance, but also a great sense of personal security. The plan, from purchase to claim, will be completely integrated into our online platform, which customers are already familiar with.”