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Financial services provider ZENMoney has launched insurance broking services in the life and non-life segments.
“We have received a broking licence from the Insurance Regulatory and Development Authority and almost completed tie-ups with life, non-life and health insurance companies,’’ Pratap Kantheti, Managing Director of Hyderabad-based ZENMoney told newspersons here on Thursday.
On the rationale behind entering into insurance, Satish Kantheti, Joint Managing Director of the 27-year-old company, said it was a ‘logical step’ to offer its clientele the entire suite of financial solutions.
The company plans to focus on term insurance and health insurance policies where there was potential for expansion. “We have 150 branches and 70,000 customers in Andhra Pradesh, Tamil Nadu, Mumbai and Bangalore,’’ he added.
The present share of broking in life and non-life insurance was at 5 per cent and 15 per cent respectively and there was considerable scope for expansion, Satish said.
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