India’s burgeoning internet economy is slowly
warming up to the potential of its massively underpenetrated insurance market.
The country’s largest consumer internet
platforms — from Flipkart to Paytm — are scaling up insurance
businesses with the promise of low cost, low commitment and fully digital
services as demand for risk coverage rises amid the Covid-19 pandemic.
Ecommerce giants Flipkart and Amazon, ride hailing startup Ola, fintech
players Paytm, PhonePe and Freecharge are
selling diversified sets of policies — ranging from health, life, motor, and
business risk — for customers and merchants through tie-ups with traditional
insurance firms.
Others such as Facebook-owned WhatsApp and
Google are also learnt to be conducting pilot projects to gain expertise. Companies
are currently shoring up partnerships, investing in technology and building
resources to make a more informed foray into the insure-tech space, according
to industry executives.
“Ecommerce today enjoys a pan-India reach,
reliability and efficiency — factors that are major drivers for any insurance
product,” said Smrithi Ravichandran, business head — Payments, Consumer &
Commercial Lending and Insurtech, Flipkart. The homegrown ecommerce giant
partners with leading insurers on the backend, such as Bajaj Allianz, New India Assurance, Aegon Life and Go Digit to sell life, health,
liability, and business covers.
“There is a wider acceptance of consumers opting
for these products on ecommerce as it offers them convenience and comfort,
considering they rely on these digital platforms for their daily requirements
as well,” Ravichandran said.
Sandip Ginodia , CEO
ALTIUS INVESTECH PVT LTD
We deal in over 60 unlisted companies with 15 years of experience
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .
Email : ginodiasandip1@gmail.com
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