Online payments and fintech company PhonePe has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to sell insurance policies from firms on its platform. The company has been issued an insurance broking licence from IRDAI.
Through this licence the company can provide recommendations on insurance products from all insurance companies to its 300 million users. Indian consumers will now get a diversified portfolio of insurance products to choose from. Earlier the company could partner with only three insurance companies per category- health, life and general. This was when it had received an insurance corporate agent licence last year.
In January 2020, the company had entered this segment as a corporate agent. According to the company statement, it had received a good response and it is because of that they applied for an insurance broking licence to further expand its insurance product offerings.
“This licence is a big milestone in our insurance journey. PhonePe is India’s fastest growing insurtech and this move to broking will give us further momentum and accelerate our growth in this space,” Gunjan Ghai, vice president and head of insurance at PhonePe said.
He added that the company is aiming to build a strong and holistic service platform for its active customers base through products from premium insurers. The goal here is to become a one-stop destination for all the insurance needs of our customers.
The licence will help PhonePe to achieve its plan to be a full-fledged financial services provider. Earlier the company has also received in-principle approval from the Reserve Bank of India (RBI) to operate as an account aggregator.
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