Mumbai, Aug 30:
Digital payments and financial services fintech PhonePe, on Monday, received an insurance broking license-direct broking'- from the Insurance Regulatory and Development Authority of India (IRDAI).
With over 300 million registered users,Phone Pe's 'direct broking' license will allow it to distribute insurance products from all insurance companies across India.
Earlier, the startup had a limited insurance 'corporate agent' license, which allowed PhonePe to partner with only three insurance companies.
The company said that it can now offer a diverse portfolio of insurance products for Indian consumers.,
Gunjan Ghai, vice president & head of insurance at PhonePe said, “This licence is a big milestone in our insurance journey as this move to broking will give us further momentum and accelerate our growth in this space. We are building a robust, full-service platform for our deeply engaged customer base through products in partnership with high quality insurers."
The company is building a robust, full-service platform for its customer base through innovative products in partnership with high-quality insurers, Ghai said.
PhonePe is India’s leading digital payments platform with the highest share of UPI transactions. The licence is part of PhonePe’s larger aim to be a full-fledged financial services provider.
Another prominent fintech , One97 Communications Ltd (OCL), which owns payments and financial services platform Paytm, had received its insurance broking license from the IRDAI, last year, enabling it to offer insurance products across categories