After getting the broker license from the Insurance Regulatory and Development Authority of India (IRDAI), now PhonePe will be able to sell the products of all insurance companies. Along with this, it will also be able to offer personalized products to the users.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued an Insurance Broking License to the digital payment and financial services fintech PhonePe (PhonePe). After getting this license, PhonePe can now distribute the products of any insurance company. In other words, now PhonePe users will not have to wander much for insurance products. They will be able to buy any product of any insurance company on phone-pe only. Let us tell you that PhonePe entered the insurance-tech sector last year with the insurance corporate agent license.
Can also offer personalized products PhonePe
Insurance could have partnered with only three companies in each category of PhonePe Health, Life and General Insurance through Corporate Agent License. Now by getting the Direct Broking License, PhonePe can sell the products of all the insurance companies present in the country. At the same time, PhonePe can now also offer personalized products to its users. It can also offer a more diversified portfolio of insurance products to Indian consumers.
PhonePe growth will accelerate in the insurance sector
Gunjan Ghai, Vice President and Head of Insurance, PhonePe said that the license insurance is a big success for the company. Direct broking license will give the company a strong hold in the insurance sector. Along with this, the growth of the company in this sector will also accelerate. Let us tell you that Phone Pay is India’s leading digital payment platform. It has more than 300 million users.
Users can transfer money through PhonePe. Apart from this, mobile, DTH, data card can also be recharged. You can pay at the store through QR code. Not only this, investment options in gold are also available through PhonePe. In July 2021, a total of 1.4 billion transactions have been done with the help of PhonePe. According to the National Payments Corporation of India (NPCI), a total of Rs 2,88,572 crore transactions were done through PhonePe in July 2021.
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