Mahindra Insurance Brokers, the insurance subsidiary of the Mahindra Finance, is prepping up to foray into online insurance space, The Economic Times has reported.

The company will be offering insurance products through its online insurance portal PayBima, which is expected to be launched soon.

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Along with digital aggregation and settlement services, this model would see the company using its ‘feet-on-the-street agents’ at over 400 locations across India.

Mahindra Insurance Brokers MDJaideepDevare told the publication: “Insurance is not about selling policies as much as it is about honouring the claims.

“The settlement of claims will be a critical part of our operations on the portal. Through our partnership with leading public and private insurers, we would also give our customers the options to compare and buy different policies, while the portal will also provide advanced assistance in registering and settling claims.”

Mahindra Insurance Brokers reportedly serviced 350,000 claims and processed premiums worth Rs 24bn during FY20.

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The company, which was established in 2004, provides motor and tractor-based insurance products through Mahindra’s vehicle dealerships across the country.

Lately, it has been focusing on expanding its health, life, two-wheeler, and four-wheeler portfolios.

Mahindra’s entry into the online insurance sector is expected to put in direct competition withPolicybazaar, Coverfox, and Paytm.

It is also expected to face off with traditional players in the insurance and reinsurance markets, including Marsh and AnandRathi.

Last year, Aegon Life Insurance entered into a partnership to offer its comprehensive life insurance solutions in India through digital payment platform Paytm.

In June this year, Amazon Pay, the payment arm of e-commerce giant Amazon, reportedly partnered with Acko General Insurance to launch car and bike insurance in the country.