PhonePe receives insurance broking license

Mobile payments app PhonePe has received insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). PhonePe has become a direct agent to sell life and general insurance covers.

“This license is a big milestone in our insurance journey. We are building a robust, full service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the insurance needs of our customers.” – Gunjan Ghai, vice-president & head of Insurance at PhonePe.

The new broking license will allow PhonePe to start offering personalized product recommendations to its more than 300 million users, and offering a much more diverse portfolio of insurance products for Indian consumers.

In 2021, it forayed into financial services with the launch of gold, providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several mutual funds and insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated Covid-19 insurance product, among others.

It also launched its Switch platform in 2018, and today its customers can place orders on more than 600 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus and others directly from the PhonePe mobile app.