Saturday, January 22 2022

The digital payments platform PhonePe announced on Monday that it has obtained an insurance brokerage license from the Insurance Regulatory and Development Authority of India (IRDAI).

Last year, PhonePe entered the insurtech business with a limited insurance “business agent” license that limited the company to a partnership with only three insurance companies per category.

Now, with this new “direct brokerage” license, PhonePe can distribute insurance products from all insurance companies in India.

The new brokerage license also allows PhonePe to start offering personalized product recommendations to its 300 million users and to offer a much more diverse portfolio of insurance products to Indian consumers.

Gunjan Ghai, vice president and head of insurance, said the license is an important step in the company’s insurance journey. “This move to brokerage will give us new momentum and accelerate our growth in this area. “

PhonePe made a foray into the insurance segment in January 2020 as a ‘corporate agent’ and has since launched offers in general insurance, term insurance and insurance. sickness.

The platform is the leading digital payment platform in India with over 300 million registered users. Using PhonePe, users can send and receive money, top up cell phones, DTH, data cards, pay in stores, make utility payments, buy gold, and make investments.

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