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Amazon may start selling insurance after IRDA approval: report

Amazon India will soon offer life, health, and general insurance products as a corporate agent, according to a Registrar of Companies (RoC) filing, reports BloombergQuint. According to both, BloombergQunit and Economic Times, the company is yet to seek an approval from the Insurance Regulatory and Development Authority (IRDA). A company spokesperson told MediaNama that “Amazon Pay is looking to serve the needs of customers around Insurance. Stay tuned in.” Amazon is not the only company to expand its offerings in the financial services sector as its arch rival, Flipkart has already applied for a license to start selling insurance products. According to industry sources that MediaNama spoke to, many payments companies are keen on tapping into the insurance sector, given that insurance penetration in India is extremely low. Competition in the online insurance space In the online insurance ecosystem, Amazon will be competing with…

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