Sakshi Education
India’s fastest growing Insurtech company, PhonePe, announced it has got an Insurance Broking license issued from the Insurance Regulatory and Development Authority of India (IRDAI) and it will now serve as Direct Insurance Broker.
PhonePe entered the Insurtech sector in the year 2020 with a limited insurance ‘corporate agent’ license.
This license had restricted the company to partner with only three Insurance companies per category.
Now, it has received a ‘Direct Broking’ license. As a result, it will now distribute insurance products from all insurance companies of India.
New broking license will also allow PhonePe to start offering personalized product recommendations for its 300+ million users.
It will also be offering a much more diverse portfolio of insurance products for consumers in India.
This license had restricted the company to partner with only three Insurance companies per category.
Now, it has received a ‘Direct Broking’ license. As a result, it will now distribute insurance products from all insurance companies of India.
New broking license will also allow PhonePe to start offering personalized product recommendations for its 300+ million users.
It will also be offering a much more diverse portfolio of insurance products for consumers in India.
Published date : 30 Aug 2021 06:24PM
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