Paytm, India’s largest payments company, announced the appointment of former Coverfox CEO Premanshu Singh as Senior Vice President and the Head of Insurance business. Singh will report to Amit Nayyar, who is heading the Paytm’s Financial Services unit.
In Coverfox, Premanshu Singh spent three years as CEO of Coverfox. Prior to that, Singh was the Head of Marketing at Practo for about 2 years. Singh has an experience of more than 15 years in the industry, having worked in leading companies ITC Ltd, Johnson & Johnson, SMSGupShup and Shaadi.com. Singh is the co-Founder of a2zbaby.com.
Premanshu Singh holds a Bachelor’s degree from Govind Ballabh Pant Krishi Evam Praudyogik Vishwavidyalaya and an MBA from IIM-Ahmedabad.
Earlier, Paytm was in talks to acquire Coverfox.com, which is the biggest InsurTech platform in India. As per a media report, SoftBank Vision Fund, a large investor in Paytm’s parent One97 Communications, which is also a significant shareholder in the country’s largest online insurance marketplace PolicyBazaar, is likely to have posed a challenge to the deal.
Paytm has recently announced its decision to foray into the business of selling insurance products with subsidiary Paytm Insurance Broking, which secured a brokerage license from the Insurance Regulatory and Authority of India (IRDAI). Paytm faces a tough competition from Coverfox, PolicyBazaar and Turtlemint.
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