Local e-commerce giant Flipkart has said it will be entering the insurance market after securing a corporate agent licence.
Flipkart said in a statement that it would be partnering with Bajaj Allianz General Insurance to offer customised insurance solutions to power its mobile phone protection programme for all leading mobile phone brands that are sold on its platform.
Under its insurance programme, Flipkart will offer a cash payout option or a free pick up, service and drop convenience to customers. Users will be able to buy insurance from the platform from today.
Flipkart will pose competition to Indian e-commerce payment system and digital wallet company, Paytm, which began selling life insurance policies in February 2018. Its two new entities, named Paytm Life Insurance Corporation and Paytm General Insurance Corporation, were incorporated on 21 February, according to filings with the Ministry of Corporate Affairs.
E-commerce giant Amazon's Indian unit is also looking at entering the insurance market. Amazon plans to sell life, health, and general insurance in India.