three insurance companies per category as partners. According to the company, PhonePe can now market insurance products from all insurance firms in India using its new direct broking license. The company claims it as a huge milestone in its journey.
According to the company’s statement, “The new broking licence also allows PhonePe to start offering personalized product recommendations to its 300+ million users, and offering a much more diverse portfolio of insurance products for Indian consumers”.
Gunjan Ghai, Vice-President and Head of Insurance of PhonePe, expressed optimism over the company’s progress. He said, “This licence is a big milestone in our insurance journey. PhonePe is India’s fastest growing insurtech and this move to broking will give us further momentum and accelerate our growth in this space.” According to Ghai, the firm is developing a powerful, full-service platform for its client base by collaborating with high-quality insurers to develop new solutions.
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory organization that is responsible for regulating and licensing the insurance and reinsurance sectors in India. It functions under the Ministry of Finance’s authority. The agency is based in Hyderabad, Telangana.
PhonePe, based in Bangalore, India, is a digital payments and financial services firm. Sameer Nigam, Rahul Chari, and Burzin Engineer created PhonePe in December 2015. In August 2016, the PhonePe app, which is based on the Unified Payments Interface (UPI), commenced its operations and went online.
