PhonePe gets insurance broking licence

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.