“This licence is a big milestone in our journey. BankSathi is growing in fintech and this move to insurance products will give us further momentum and accelerate our growth in this space. We are building a robust, full-service platform for our advisors and consumers base through innovative products in partnership with high quality financial Institutes and Insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the financial needs of our customers,” said Jitendra Dhaka, Founder & CEO at BankSathi.
IRDAI Insurance licence allows BankSathi to start offering a more diverse portfolio of financial products to customers through more than 5 lakh financial advisors.
Backed by Marque Investors Kunal Shah – Cred Founder, CP Toshniwal – Future Group CFO, Prateek Jain – Hem Securities Founder, BankSathi Fintech Startup announced that it has been issued an Insurance Corporate Agent licence from the Insurance Regulatory and Development Authority of India (IRDAI).
“The overwhelming response to its early financial product-launches from lakhs of financial advisors and consumers, encouraged the company to apply for an Insurance licence so it can rapidly expand the product bucket for advisors and customers,”Jitendra Dhaka said in a statement.
During the pandemic of COVID-19 in the year 2020, BankSathi was founded to facilitate financial products distribution to increase the penetration of financial products from bank accounts, credit cards to insurance. India has very uneven penetration of financial products.
For every 100 people in India, there are only 3 credit cards. A comparable penetration figure for the US is 320 credit cards for 100 people. Non-life insurance penetration is around 4 percent and Life insurance penetration is around 3 percent which is less than most countries.
Bringing in a difference in users’ lives
BankSathi has the vision and mission to increase financial products penetration through technology enabled financial advisors and onboarded more than 5 lakh advisors from 15000 Pin codes of India. BankSathi advisors served more than 10 lakh unserved consumers. This has led to the surge of financial independence amongst users.
More than 77% of financial product sales are happening through referrals & recommendations. BankSathi has the mission to provide a technological platform to all those people who are directly and indirectly involved in financial products sales.
BankSathi is one of India’s fastest-growing fintech startups with a seamless process and results-driven distribution network and systematic promotion of financial products and services. This year, the team aims at covering 90% of Indian geography with the advisor network and becoming the most trusted name in the financial market.