The licence will expand the array of services it can offer. It has launched travel and hotel bookings, mobile recharges, and refurbished goods in recent months.
Amazon also sells insurance on its platform through Acko, an insurance firm in which it has an investment.
Paytm has secured a similar license from the regulatory authority, Insurance Regulatory and Development Authority (IRDA), to sell insurance products.
Flipkart’s insurance for its smartphone business will help it wean away users from brick-and-mortar shops that offer such services. The company said it will offer both cash-payout option or free pickup service and drop convenience to customers once they buy the insurance. The annual premium starts from Rs 99, and goes up as the price of the smartphone rises.
“In line with our customer-first policy and as the market leader in this segment, insurance felt like the logical next step in providing consumers with excellent after-sales care for their phones. The plan, from purchase to claim, will be completely integrated into our online platform,” said Ravi Garikipati, SVP and head of fintech, Flipkart.
The development was first reported by ET Retail.com
