PhonePe, a digital payments platform, said on Monday that the Insurance Regulatory and Development Authority of India (IRDAI) had granted it an insurance brokerage licence. PhonePe joined the insurtech industry last year with a limited insurance ‘corporate agent’ licence that allowed the business to work with only three insurance providers per category.
PhonePe can now market insurance products from all insurance firms in India thanks to its new ‘direct broking’ authorization. With the new brokerage licence, PhonePe will be able to offer customized product recommendations to its 300 million+ users and a far broader range of insurance products to Indian customers.
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According to Gunjan Ghai, Vice President and Head of Insurance, this licence is a significant step forward in the company’s insurance journey. In 2020 PhonePe was plunged into the insurance industry as a ‘business agent’ to handle goods from general insurance, term and medical insurance.
With over 300 million registered users, the platform is India’s most popular digital payment platform. Users may use PhonePe to send and receive money, recharge mobile phones, DTH, and data cards, pay for goods and services, acquire gold, and invest.
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