IBEF: August 31, 2021
PhonePe, a digital payments platform, announced on Monday that it has gained preliminary approval from IRDAI to act as a broker for life and general insurance products. PhonePe claims that as a result of this, it can now provide insurance advice to its 30 million subscribers (300 million).
The Insurance Regulatory and Development Authority of India (IRDAI) has granted PhonePe an insurance broking license, according to a press release.
With a restricted insurance corporate agent license, PhonePe entered the insurtech market last year. It limited the company to only three insurance companies per category as partners.
PhonePe can now market insurance products from all insurance firms in India thanks to its new direct broking license, according to the company.
“With the new brokerage license, PhonePe will be able to offer individualised product recommendations to its 300 million+ users, as well as a significantly more diverse array of insurance products for Indian consumers,” the business said.
Vice-President and Head of Insurance at PhonePe, Mr. Gunjan Ghai, stated, “This license marks a significant turning point in our insurance career. PhonePe is India's fastest-growing insurtech, and our expansion into broking will help us gain even more traction and drive our growth.”
According to Mr. Ghai, the company is developing a robust, full-service platform for its customer base by partnering with high-quality insurers to develop unique solutions.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.