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’.
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