Flipkart will soon start selling insurance products on its platform, reports VCCircle. The publication said that it found out about the development in Flipkart’s ministry of corporate affairs’ filings. As per the documents, the ecommerce player will start with general insurance products, and will eventually add more categories like life and health insurance, motor insurance, amongst others.
The company is awaiting for approval from from Insurance Regulator and Development Authority of India (IRDAI) to launch the service. The publication reports that Flipkart will offer end-to-end transactions including discovery, payment, delivery and after-sales services, but not underwriting.
The development is in line with the report that Flipkart is looking at adding various services like cab booking, food ordering, vacation etc on its app by end of this year. Flipkart is reportedly in talks to acquire a stake in ticketing platform BookMyShow.
With this service, Flipkart will compete with likes of EasyPolicy, Bankbazaar and PolicyBazaar. Note that, wallets too have started offering insurance services, for instance, MobiKwik said that it plans to venture into newer domains of personal and consumer finance with a focus on lending and insurance. While these companies are aggregators, Narayan Murthy’s Catamaran Ventures-backed digital insurance company Acko General Insurance is first insurance company with an online-only policy, which also received final license from IRDAI in September this year. Note that, most insurance companies offer services online on their own portals as well.