BimaPay Finsure Launches EMI-Based Insurance Financing
BimaPay Finsure introduces corporate insurance financing, allowing businesses to pay premiums in EMIs rather than upfront. Aiming for Rs 20 crore in premiums by 2025-26, it covers various sectors with flexible payment solutions. This initiative targets MSMEs facing challenges with traditional full-payment requirements.
- Country:
- India
On Thursday, fintech company BimaPay Finsure announced its entrance into the corporate insurance financing sector, with a goal of achieving Rs 20 crore in premiums by the fiscal year 2025-26.
The firm is launching a pilot phase with its insurance partners, offering businesses the option to pay insurance premiums through equated monthly instalments (EMIs). This innovative solution addresses the issue of high initial costs that many companies face.
BimaPay's platform, which serves sectors such as IT, logistics, and healthcare, facilitates flexible payment options which traditional lenders and insurers often lack. CEO Hanut Mehta highlighted the move as a way to offer structured financing solutions, particularly for MSMEs struggling with upfront insurance payments.
(With inputs from agencies.)
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