RattanIndia Enterprises’ Neotec Insurance Brokers gets IRDAI licence

RattanIndia Enterprises Ltd. (REL) said that the Insurance Regulatory and Development Authority of India (IRDAI) has granted insurance direct broker licence to its fully-owned subsidiary — Neotec Insurance Brokers Ltd. to carry out life and general insurance business.

The IRDAI licence will enable RattanIndia Enterprises to begin sales of life and general insurance products via digital channels on its BankSe fintech marketplace platform.

The Indian conglomerate said that digital distribution channels will power the next stage of growth in the Indian insurance distribution landscape. The company said that digital India ecosystem with Aadhaar and Account Aggregator network is facilitating self-service platforms via digital modes which offer a seamless consumer experience in a way that is cost efficient and transparent for customers.

RattanIndia Enterprises stated: “REL will be at the forefront of this insuretech revolution with its data driven digital delivery of insurance products at grassroot level on its fintech platform BankSe.”

Neotec Insurance Brokers was founded by RattanIndia Enterprises in November 2011 with the objective to engage as direct insurance brokers in general and life insurance.