PhonePe can now sell more insurance policies across companies and categories

The new broking license will allow PhonePe to start offering personalized and diverse product recommendations to its over 300 million users.

PhonePe can now sell more insurance policies across companies and categories
PhonePe

Bengaluru-based digital payments company PhonePe will now be able to sell a variety of insurance products as well as provide personalized product recommendations to users.The company has got an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI).

After entering the insurance segment in January 2020, the company was operating as a corporate agent till now, which limited the company to partnering with only three insurance companies per category. It forayed into financial services in 2017 with the launch of Digital Gold.

The new broking license will allow PhonePe to start offering personalized and diverse product recommendations to its over 300 million users.“We are building a strong, full service platform for our deepening customer base through innovative products in partnership with high quality insurers.

This move will take us closer to our goal of becoming a one-stop destination for all insurance needs of our customers,” said Gunjan Ghai, Vice President and Head of Insurance, PhonePe.PhonePe provides services for sending and receiving money, mobile recharge, DTH, data card, in-store payments, utility payments, buying and investing in gold.