Amazon.com Inc. plans to sell insurance in India as the world’s largest online retailer looks to join local rivals in strengthening financial services offerings.
India’s insurance industry is expected to be worth $280 billion by 2020, according to estimates by an Assocham-APAS report.
Walmart-backed Flipkart has sought approval from the regulator to sell life and general insurance covers. SoftBank and Alibaba-backed Paytm already has a corporate agency licence.
The retailer already offers payments services through its Amazon Pay app. Most recently, according to a PTI report, its payments arm acquired Bengaluru-based app aggregator Tapzo. Earlier this year, Amazon invested $22 million in digital lending firm Capital Float and led a $12-million investment in digital insurance startup Acko.
Let’s stay tuned what Amazon.in brings to customer in Insurance sector.