Paytm’s acquisition for Raheja QBE policy holders. QORQL Pvt Ltd. Owned by Paytm now in an acquisition is set to acquire general insurance company Raheja QBE for Rs. 586 Crores.
The insurance company,primarily focuses on corporate covers such as project liabilities forayed into retail insurance space with auto and health products in February.
It’s the first time when any payment company is buying insurance company. Paytm has been selling insurance products through its platform. It has brokered license.
Paytm is a more digital-oriented company, and therefore, policyholders can expect better digital-friendly products and services from the company in the next few years.
Naval Goel,founder and CEO of Policy X told. the sources. Concerning that insurance company is highly regulated by Irdai. Moreover Mr.Goel ensured the sources that the acquisition will not have changes in terms amd policies further.
The only small negative impact could be psychological on the minds of the policyholders because a non-insurance entity has taken charge. In my view, Paytm’s large database could help them come up with new and innovative products.
As said by Pankaj Chauhan founder and CEO of EPOCH. He has hoped that the acquisition will impact people in positive ways. According to him policy holders will not suffer even if the liquidity issues arise.
This will lead to creation of diverse products for policyholders, which is a good news. No such major impact will be there after the acquisition of insurance company by Paytm. Instances like this have occurred in past, and the experts believed that this acquisition will bode all well in future.
