Fintech startup PayNearby has forayed into the insurance sector to make affordable insurance available to the masses by leveraging its offline network. As a part of the launch strategy, PayNearby has acquired We Care Insurance Broking Services. Along with this, the Insurance Regulatory and Development Authority of India (IRDAI) has also granted insurance broking licence to PayNearby. The objective is to focus on partnering with leading insurance providers and develop innovative products and distribution strategies that make insurance meaningful and available for the masses, at a shop nearby.

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