Flipkart to Start Selling Insurance

E-commerce giant Flipkart is entering the insurance space after securing a corporate agent license and partnering with Bajaj Allianz General Insurance.

Starting Oct. 10, Flipkart will offer mobile phone insurance for all leading brands that are sold on its platform. The insurance will be offered at the checkout process and will be valid for a year, covering accidental, screen, and liquid damage along with theft. For claims, customers can reach out to Flipkart via the app, email, or phone and will have a choice between returning the phone for fixing or opting for a cash payout, which will then be deposited in their Flipkart-registered bank account or any other account owned by the customer.

“In line with our customer-first policy and as the market leader in this segment, insurance felt like the logical next step in providing consumers with excellent after-sales care for their phones. The plan, from purchase to claim, will be completely integrated into our online platform.” –  SVP and head of Fintech at Flipkart, Ravi Garikipati.

Recall: In May, Walmart confirmed that it will pay ~$16B for an initial stake of approximately 77% in Flipkart.