PhonePe has been issued an Insurance Broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), the digital payments and financial services platform announced on August 30. In a statement, the company said that the new license will allow it to offer personalised product recommendations to more than 300 million users and offer diverse insurance products for Indian users. In 2020, PhonePe started offering insurance products with an insurance corporate agent licence. It essentially allowed the company to partner with only 3 companies per category – health, life, and general. With this direct license, the company can offer more insurance products from all insurance companies. Gunjan Ghai, Vice President and Head of Insurance at PhonePe said that this will give the company further momentum to accelerate its growth. “We are building a robust, full-service platform for our deeply engaged customer base through products in partnership with high quality insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the insurance needs of our customers,” he added. PhonePe recently received RBI's nod to become account aggregator The licence comes less than a week after PhonePe received in-principle approval from the Reserve Bank of India (RBI) to operate as an account aggregator. The approval is valid for 12 months during which PhonePe is expected to “put in place the technology platform, enter into all other legal documentations required to be ready for operations and report position of compliance with the terms of grant of…
