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…
PhonePe will now be able to offer more insurance products after regulator issues broking license
Earlier, PhonePe was only licensed as an insurance corporate agent with limitations on offering products from insurers.
- Indian crypto exchanges plan to collect identity details for crypto transfers to private wallets: Report June 3, 2023
- Jugalbandi, A Chatbot for Rural India by Microsoft and EkStep: What to Know and Think About? June 3, 2023
- Hopeful to See Action Against E-Pharmacies Selling Medicines Online Without Licenses: Pharmacy Body Writes to States and UTs June 3, 2023
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...