PhonePe gets insurance broking licence

Mayur.Shetty@timesgroup.com

Mumbai: PhonePe, has received an

insurance broking licence

from the regulator

Irdai

. The licence will allow

PhonePe

to offer standard and personalised products to its 30 crore users, across a number of

insurance

companies.

The

Walmart-owned

fintech had forayed into the insurance segment in January 2020 as a ‘corporate agent’, and has been selling policies life and non-life policies. “The overwhelming response to the early insurance product launches from millions of customers encouraged the company to apply for an insurance broking licence so it can rapidly expand its insurance offering for consumers,” said

Gunjan Ghai

, VP & head of insurance, PhonePe.

“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 Ghai


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