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PhonePe can now sell more insurance policies across companies and categories

PhonePe can now sell more insurance policies across companies and categories
  • Bengaluru-based digital payments app PhonePe has received IRDAI licence to distribute insurance products with personalised product recommendations to users.
  • The company has more than 300 million users on its platforms.
  • So far, the company was serving as a corporate agent in the insurance segment, which allowed it to partner with only three insurance companies per category.
Bengaluru-based digital payments company PhonePe will now be able to sell diverse insurance products and offer personalised product recommendations to users as well.

The company has received an insurance broking licence from Insurance Regulator and Development Authority of India (IRDAI).

So far, the company was serving as a corporate agent, after foraying into the insurance segment in January 2020, which restricted the company in partnering with only three Insurance companies per category. It forayed into financial services in 2017 with the launch of digital gold.

The new broking licence will allow PhonePe to start offering personalised and diverse product recommendations to its more than 300 million users.

“We are building a robust, full service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the insurance needs of our customers,” said Gunjan Ghai, vice president and head of insurance at PhonePe.

PhonePe offers services to send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments.

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