SahiPay, a high-tech, smart, and secure digital platform launched by Manipal Business Solutions, is furthering 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. Driven by a mission to build an insured nation, the platform has processed more than 27,000 policies in less than seven months through its 2500+ dedicated insurance agents.
Insurance penetration levels are quite low in the country, with general insurance near the 1% mark in FY21 (as per Swiss Re data). Given that the global average is 4.1%, this indicates that a huge section of India’s population is yet to secure insurance cover. The key to increasing insurance penetration is an enhanced distribution network that makes insurance solutions accessible in every part of the country.
To this end, SahiPay partnered with SBI General Insurance in August 2021, offering simple and affordable insurance products in rural India. The alliance has been instrumental in expanding SahiPay’s “Surakshit Bharat Campaign”. SahiPay has been focussing on its customised plan for personal accident insurance, which has a risk cover of 1.5 lakh and an affordable premium of100. In a short period, the SahiPay-SBI General Insurance 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 endeavour has been to make insurance affordable and easily accessible to every Indian. We started with a vision to increase awareness for insurance products in rural India and are thrilled to reveal that we have processed more than 27,000 policies within seven months. We aim to onboard more than 100,000 customers this year and over 500,000 next year.”
Besides insurance, SahiPay offers doorstep banking and an array of value-added services that are digitally empowering citizens in rural India. To boost financial inclusion, SahiPay aims to develop a 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 pincodes and 572 districts.