InsureNearby will embark on a journey to train their vast network of 7.5 lakh retail agents, registered under its sister organization PayNearby, and convert them into POS agents. The geographical reach of these last-mile retail outlets will enable the company to provide insurance to marginalized customers in the most far-flung towns and villages of the country. The aim is to create a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to Insure India and make protection available for all.
In 2018, around 1.5 lac people lost their lives in road accidents and 25% of those were on motorcycles. Two-wheelers are the cause of 34% of road accidents and 98 helmetless riders die every day. Most fatalities in road accidents are young Indians, with 72% falling in the age group of 18-45 years and 14% of these are pedestrians, making a strong case for mandatory third party bike insurance. Given that 60% of families in India have a single earning member, the untimely death or disability of a young earning member of the family, can be devastating for everyone.
The Motor Vehicle Act, makes Third Party insurance compulsory for every two-wheeler, in conjunction with Personal Accident insurance for owner-driver. However, in reality, more than sixty per cent of two-wheelers in the country still remain uninsured. To address this problem, InsureNearby, a brand promoted by Nearby Technologies, has launched two-wheeler insurance in association with Bharti Axa and GoDigit. In just about a quarter since inception, InsureNearby has certified more than 25,000 POS agents and are clocking more than 10000 policies a month.
Commenting on this occasion, Mr Murali K Iyer, CEO and Principal Officer, InsureNearby remarked, “Partner retailers are trained to educate consumers on the hazards of not having insurance and how it could hazard the welfare of the rider, his family and third parties impacted in an accident. They are also trained to educate customers about the new Motor Vehicles Act and how insurance is mandatory for their own protection and for securing their family’s future. We hope to ensure every rider in India and create a secure and responsible driving culture in the country.”
About the Company
InsureNearby incepted in July 2019, with an aim and aspiration to “Insure India,” serve the unserved bringing in an era of true financial inclusion. InsureNearby provides simple insurance products pre-underwritten and delivered instantly through mobile app and web services. The cutting edge proprietary technology provides Assisted Insurance Sales and service to crores of Indians in a fast and reliable manner.
About Nearby Technologies Pvt. Ltd.:
Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focussed on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.
It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in banking, payments and financial sector. A DIPP-certified FinTechstartup has partnered with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).