Phonepe Obtains Insurance Brokering License from IRDAI

Digital payments major PhonePe has obtained an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI).

In 2020, PhonePe ventured into insurtech sector with a limited insurance 'corporate agent' license that restricted the firm to partnering with only three insurance companies per category.

Presently, with this new 'direct broking' license, PhonePe could distribute insurance products from all insurance firms in India.

The new broking license also permits PhonePe to initiate offering personalised product recommendations to its 300-plus million users, and offering a much more diverse portfolio of insurance products for Indian consumers.

Gunjan Ghai, Vice President and Head of Insurance, states this license to be a big milestone in the company's insurance journey. "This move to broking will give us further momentum and accelerate our growth in this space."

PhonePe forayed into the insurance segment in January 2020 as a 'corporate agent' and has since launched offerings across general insurance, term insurance and health insurance.

The platform is India's leading digital payments platform having more than 300 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments.

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