The fintech firm in 2020 had started selling insurance policies on its platform as a corporate agent which allowed the Bengaluru-based firm to list insurance policies from three companies each from life, health and general insurance categories respectively.
With the insurance broking license, PhonePe can distribute policies from all companies across categories thereby helping the firm diversify its offerings while also being able to offer recommendations, the firm said in a statement on Monday.
“…this move to broking will give us further momentum and accelerate our growth in this space. We are building a robust, full-service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers,” said Gunjan Ghai, vice president and head of insurance at PhonePe.
After emerging as one of India’s leading digital payments facilitators over the last two years, PhonePe is now attempting to come up as a full stack financial services player. The firm last week announced that it has received an in-principle license from RBI to operate as an Account Aggregator.
ET had earlier this year reported that PhonePe has also applied for a stockbroking license as well with Securities and Exchange Board of India (SEBI).
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