Amazon strengthen its portfolio, enters insurance distribution business
By Retail4Growth Team | July 23, 2020
Amazon Pay, the payments arm of e-commerce giant Amazon India, has collaborated with Acko General Insurance Ltd to offer insurance for two- as well as four-wheelers
Amazon Pay, the payments arm of e-commerce giant Amazon India, has collaborated with Acko General Insurance Ltd to offer insurance for two- as well as four-wheelers
Amazon's entry as a corporate agent is in line with its plan to become a full-fledged financial services platform. Amazon Pay currently offers UPI, wallet and co-branded credit card services to users.
Speaking on the tie-up, Vikas Bansal, Director and Head of financial services at Amazon Pay India said, "Our vision is to make Amazon Pay the most trusted, convenient, and rewarding way to pay for our customers. Delighted by this experience, there has been a growing demand for more services. In line with this need, we are excited to launch an auto insurance product that is affordable, convenient, and provides a seamless claims experience.”
Amazon, based in Seattle, promises to offer cheaper-than-market prices on both the standardised third-party and own-damage motor insurance policies, claiming that customers can get their vehicles insured within two minutes. Other value-added services include three-day assured claim servicing and a one-year repair warranty in select cities.
“Through this product we aim to deliver a superior consumer experience right from purchase to claims by making it more affordable, accessible and seamless," said Varun Dua, Chief Executive Officer, Acko General Insurance.
Amazon led a $12 million funding round in Acko in 2018. Other investors include Accel Partners, SAIF Partners, Catamaran Ventures and Binny Bansal.
