March 3, 2024


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Payment firm PhonePe receives broking licence from insurance regulator

Walmart-backed payment firm PhonePe on Monday claimed it has obtained a broking licence from the insurance plan regulator, which will permit it to distribute insurance plan products from all insurance plan businesses in the nation.

In a assertion, the corporation claimed, the new broking licence will allow it to commence supplying personalised products tips to its more than three hundred million consumers, and offer a much more diverse portfolio of insurance plan products for Indian customers.

“PhonePe is India’s fastest expanding insurtech and this go to broking will give us even further momentum and accelerate our progress in this place,” claimed Gunjan Ghai, vice president & head of insurance plan at PhonePe.

“We are developing a sturdy, full-provider platform for our deeply engaged buyer foundation through progressive products in partnership with large good quality insurers. This go will guide us closer to our objective of getting a one particular-quit desired destination for all the insurance plan desires of our clients,” he even further claimed.

Prior to finding a broking licence, PhonePe, from January 2020, operated as a company agent and launched numerous offerings across normal insurance plan, expression insurance plan and wellbeing insurance plan. However, as a company agent, it was only restricted to partner with 3 insurance plan businesses for each group.

Recently, the electronic payment companies are leveraging their large buyer foundation to cross provide money companies products. PhonePe’s rival Paytm has also obtained a broking licence, which permits it to provide products of daily life and normal insurance plan businesses on its platform.

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