Digital payments company PhonePe has received a broking license from the Insurance Regulatory and Development Authority (IRDAI), allowing it to distribute insurance products from several related companies in the country.
The newly acquired license will permit PhonePe to offer personalised product recommendations to its over 300 million userbase. This will allow the domestic consumers to access a more diversified portfolio of insurance products.
“PhonePe is India’s fastest growing insurtech and this move to broking will give us further momentum and accelerate our growth in this space,” PhonePe vice-president and head of insurance Gunjan Ghai was quoted by the Business Standard.
He added, “We are building a robust, full-service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers.”
Several digital payment firms are capitalising on their large base of customers to cross sell several financial services products. Prior to PhonePe, even PayTM had received a broking license through which it sells life and general insurance products on its platform.
Having received the aforementioned license now, the firm will, in the words of its senior executive, move towards becoming a one-stop destination for all the insurance requirements of its customers.