Fusion Finance Gets Green Light: IRDAI Certifies Firm As Corporate Insurance Agent

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Fusion Finance Ltd has received a Certificate of Registration from IRDAI to operate as a Corporate Agent (Composite) under the Insurance Act, 1938. Valid for three years, the license enables the company to distribute insurance products, diversify its offerings, and tap into new revenue streams.

Strategic expansion into insurance distribution

Fusion Finance Ltd has officially secured a Corporate Agent (Composite) license from the Insurance Regulatory and Development Authority of India (IRDAI). This certification, granted under the Insurance Act, 1938, empowers the company to solicit and distribute insurance products across life, general, and health segments.

The license is valid for a period of three years and marks a significant milestone in Fusion Finance’s diversification strategy. By entering the insurance distribution space, the company aims to leverage its existing customer base and expand its financial services portfolio.

Boosting revenue and customer engagement

The move is expected to open new revenue channels for Fusion Finance, which has been actively scaling its fintech and lending operations. With insurance penetration still low in India, especially in Tier 2 and Tier 3 cities, Fusion Finance plans to integrate insurance offerings into its digital platforms to reach underserved markets.

The company has informed stock exchanges of the development in compliance with SEBI’s disclosure norms. Analysts believe this step could enhance customer retention and cross-selling opportunities, especially among borrowers and small business clients.

Key highlights of the certification

- Fusion Finance Ltd receives IRDAI Corporate Agent (Composite) license
- Certification valid for three years under Insurance Act, 1938
- Enables distribution of life, general, and health insurance products
- Part of company’s strategy to diversify financial services portfolio
- Insurance offerings to be integrated into digital platforms
- Targeting underserved markets in Tier 2 and Tier 3 cities
- Expected to boost customer engagement and cross-selling potential
- Disclosure made to stock exchanges as per SEBI norms

Looking ahead

Fusion Finance’s entry into insurance distribution reflects the growing convergence of fintech and insurtech in India. As the company builds partnerships with insurers and enhances its product suite, it is well-positioned to tap into the evolving financial needs of a digitally savvy customer base.

Sources: ScanX News, IRDAI Corporate Agent List, The Adviso Blog