The ‘direct broking’ license allows PhonePe to deal in personalised products and offer wide range of insurance products to Indian consumers
PhonePe got insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). With the digital payments platform can distribute insurance products from all insurance companies in India.
The ‘direct broking’ license allows PhonePe to deal in personalised products and offer wide range of insurance products to Indian consumers.
With a ‘corporate agent’ license PhonePe entered insurtech sector last year. Then it had limitation of partnering only with three insurance companies per category.
PhonePe had been offering insurance products on a limited basis, as the company explored insurance segment in January 2020 as a ‘corporate agent’
The company has more than 300 million users. With the new license it can offer diverse portfolio of all the insurance companies.
Gunjan Ghai, Vice-President and Head of Insurance, said this license is a big milestone in the company’s insurance journey. “This move to broking will give us further momentum and accelerate our growth in this space.”
PhonePe had been offering insurance products on a limited basis, as the company explored insurance segment in January 2020 as a ‘corporate agent’.
************************************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com
************************************************************************