PhonePe has received insurance broking licence from Insurance Regulatory and Development Authority (IRDAI). This is a significant development for the digital payment operator as the firm by transactions would be able to turn into a full-stack financial services provider.
The fintech startup, PhonePe is part of the Walmart-owned Flipkart Group. It can now distribute policies from all companies across categories thus diversifying its offerings and offer recommendations as well. As a corporate agent, PhonePe had started selling insurance policies last year. Gunjan Ghai, Vice President and Head of Insurance at PhonePe said that the fresh move to broking will give the company further momentum and accelerate its growth He also mentioned that the company is building a robust, full-service platform for the deeply engaged customer base through innovative products in partnership with high quality insurers.
Over the last two years, PhonePe has emerged as one of India’s leading digital payment facilitators. It is now attempting to come up as a full-stack financial services player. The firm has received an in-principle licence to operate as an account aggregator from Reserve Bank of India last year
