Finance plans to launch an online marketplace for insurance, Paybima.com, which will allow customers to browse through and buy policies offered by various insurers. The company plans to launch the website early in calendar 2018, said sources aware of the development. The company refused to comment on the subject. The website will provide options from different insurance companies for health, travel and motor insurance. Customers will not only be able to compare the quotes of insurance products and exercise their choice transparently, but will also be supported by experts to select the best product.
The portal will also provide options for corporate insurance ranging from mediclaim to fire insurance. Mahindra Finance has come out with its online marketplace for insurance at a time when the market is already flooded with such aggrregators. Even though Paybima.com is a late entrant in the segment, it has the ability to leverage the strong, over 1,000 branch network, of Mahindra Finance to swiftly go to market. It will also be able to bank on the large existing relationships with insurers to offer customers the best deals.