Nidhi Companies have a long history in Maharashtra, having been started with the objective of promoting thrift and saving between the members and using these deposits for borrowing and lending money for the members. However, insurance relevant to their target population has not been introduced to their members, and Finhaat saw this as a mutually beneficial partnership. Nidhi companies can offer the much-needed low-ticket size and relevant insurance products to their members through Finhaat’s platform, and they can reach communities and introduce them to products that can help them manage their financial risks and emergencies.
Commenting on the partnership, Vinod Singh, Co-Founder & CEO of Finhaat, said, ‘Our tie-up with Nidhi companies helps us create a robust distribution channel in a hitherto underserved population. The platform offered to the Nidhi companies allows our presence in these areas and provides the right product and digital assistance to ensure that we are able to provide assistance at each level of the product journey. We bring them the fully digital claims platform for curated products with our support during any claims-related complications. We have observed that often end users in this target segment are not offered products that cater to their specific needs; at the same time, there is no trusted partner to handhold them through the process of selecting and accessing the benefits of these products.’
Finhaat currently has active ongoing partnerships in the Nashik, Aurangabad, and Konkan regions of Maharashtra. Given the strong presence and awareness of these institutions in the state, Finhaat is keen to build upon these partnerships and spread their reach and product offerings across the state.
He further adds, ‘Nidhi companies have helped create and sustain the culture of thrift and saving in their member communities. This has helped create basic financial literacy in the target population, and they understand the need for basic financial products; however, there is a dearth of specific financial products that suit their needs. Our partnership with Nidhi companies seeks to bridge this gap and offer curated products that are simple, affordable, and also provide post-sales support to them through the complete product life cycle.’
Finhaat provides comprehensive support to Nidhi companies by creating specific health and life products delivered through a fully digital platform. The platform offers multiple alternatives from financial institutions (product partners) and ensures continuous support through staff and agent training to enhance sales efforts. Finhaat facilitates onboarding and post-sales processes, particularly in terms of claims, leveraging its own tech platform and trained resources. The swift integration with their IT platform aids in driving sales and internal reporting. Additionally, Finhaat extends local-level marketing support to generate awareness among customers. The fully digital claims journey for curated products, supported by Finhaat, ensures a seamless and efficient service experience for clients during claims.
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