Last year, the Bengaluru-based fintech startup had entered the insurtech sector with an insurance corporate agent licence, which allowed the company to partner with only three insurance companies per category i.e. health, life and general.
PhonePe, India’s second largest digital payments company, has been issued an Insurance Broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), allowing the company to roll out insurance products to millions of consumers across India.
Last year, the Bengaluru-based fintech startup had entered the insurtech sector with an insurance corporate agent licence, which allowed the company to partner with only three insurance companies per category i.e. health, life and general.
With this direct broking license, the company can distribute insurance products from all insurance companies in India.
In March, PhonePe processed 1.19 billion Unified Payments Interface (UPI) transactions worth Rs 2.31 lakh crore, cornering 44% of the UPI market, even as its closest competitor Google Pay with 957 million transactions had a share of 35%.
Since 2019, the company has been offering small-sized tailormade investment plans for its customers in the mutual fund space. PhonePe targeted its wallet-based user base marketing the mutual fund investments as “fixed deposit-like returns” on the wallet money.
The fintech startup has also made nascent forays into India’s insurance intermediary space as well as a consumer-facing distributor for insurance firms. PhonePe also has a savings product called Liquid Fund on its app.
Source : https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/phonepe-deepens-foray-into-indias-retail-insurance-sector/85760791