Flipkart Plans To Sell Insurance, Awaits Regulator’s Nod
Flipkart to take on the likes of Policybazaar and BankBazaar.
Flipkart wants to act as a corporate agent to sell life and general insurance as the homegrown online retailer continues to diversify its offerings, taking on platforms like Policybazaar and Bankbazaar that provide financial services.
Flipkart Group wants to introduce insurance as a category on Flipkart.com and will sell plans on behalf of insurers, documents filed with the Registrar of Companies show.
Solicitation and servicing of insurance policies through online channels has a huge potential and the company intends tapping the same to further both its top line and bottom line growth.Flipkart’s Filing With Registrar Of Companies
The company has sought approval from the Insurance Regulatory and Development Authority, according to its September 21 filing. The rules for a corporate agency licence allows a company to tie up with up to three insurers across three categories. It could not be immediately ascertained whether Flipkart has received the regulator’s approval. The e-commerce company didn’t respond to an email seeking comment.
The Bengaluru-based company said it will offer end-to-end transactions—discovery, payment, delivery and post-sales services—on the platform but won’t itself act as an insurer or an underwriter. The company wouldn’t restrict itself to health, life and motor insurance and intends to get into various types of insurance solicitation and servicing.