The PhonePe Insurance Broking License of the Indian Insurance Authority has been awarded to Fintech unicorn (IRDAI). With a limited company agent licence in 2020, PhonePe entered the insurance market, which limited it to a member only of 3 insurance firms per category.

PhonePe is now able to distribute insurance goods from all Indian insurance firms with its new "direct broking" licence. It will also allow the firm to provide Indian clients with customised product suggestions and a wide range of insurance products.

PhonePe is a digital payments network was founded in 2015 by Sameer Nigam, a Burzin Engineer, and Rahul Chari. PhonePe, which was acquired by Flipkart in 2016, with a market share of 47.61 percent. In 2017, the payments platform expanded its app to include financial services like gold purchases, investments, and mutual funds.

PhonePe also diversified into the insurance industry as a "corporate agent" in early 2020, expanding its offers to include general insurance, term insurance, and health insurance. According to the firm, its insurance offering garnered millions of responses, prompting it to apply for an insurance broking licence.

Speaking on the development, Gunjan Ghai, vice president & head of insurance, PhonePe, said, “This license is a big milestone in our insurance journey. PhonePe is India’s fastest growing insurtech, and this move to broking will give us further momentum and accelerate our growth in this space. We are building a robust, full-service platform for our deeply engaged customer base through innovative products in partnership with high-quality insurers.”

The company also introduced its account aggregator platform earlier this month, which allows for the free and fast interchange of financial data between financial information users (FIUs) and financial information providers (FIPs) with consumer authorization.

PhonePe is also looking to get into the stockbroking business. It gained board approval in August 2021 to establish a mutual fund or asset management company (AMC).

IRDAI grants PhonePe insurance broking licence

The PhonePe Insurance Broking License of the Indian Insurance Authority has been awarded to Fintech unicorn (IRDAI). With a limited company agent licence in 2020, PhonePe entered the insurance market, which limited it to a member only of 3 insurance firms per category.

PhonePe is now able to distribute insurance goods from all Indian insurance firms with its new "direct broking" licence. It will also allow the firm to provide Indian clients with customised product suggestions and a wide range of insurance products.

PhonePe is a digital payments network was founded in 2015 by Sameer Nigam, a Burzin Engineer, and Rahul Chari. PhonePe, which was acquired by Flipkart in 2016, with a market share of 47.61 percent. In 2017, the payments platform expanded its app to include financial services like gold purchases, investments, and mutual funds.

PhonePe also diversified into the insurance industry as a "corporate agent" in early 2020, expanding its offers to include general insurance, term insurance, and health insurance. According to the firm, its insurance offering garnered millions of responses, prompting it to apply for an insurance broking licence.

Speaking on the development, Gunjan Ghai, vice president & head of insurance, PhonePe, said, “This license is a big milestone in our insurance journey. PhonePe is India’s fastest growing insurtech, and this move to broking will give us further momentum and accelerate our growth in this space. We are building a robust, full-service platform for our deeply engaged customer base through innovative products in partnership with high-quality insurers.”

The company also introduced its account aggregator platform earlier this month, which allows for the free and fast interchange of financial data between financial information users (FIUs) and financial information providers (FIPs) with consumer authorization.

PhonePe is also looking to get into the stockbroking business. It gained board approval in August 2021 to establish a mutual fund or asset management company (AMC).

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