Categories: Business

PhonePe receives direct broking licence from IRDAI

Flipkart-owned digital payments platform PhonePe has received an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI). This means that with the new ‘direct broking’ licence, PhonePe can now distribute insurance products from all insurance companies in India, on its platform.

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Earlier in January 2020, PhonePe entered the insurtech sector, but with a limited insurance ‘corporate agent’ licence, which restricted it to partner with only three insurance companies per category. Prior to getting a broking licence, PhonePe, from January 2020, operated as a corporate agent and launched several offerings across general insurance, term insurance and health insurance. However, as a corporate agent, it was only restricted to partner with three insurance companies per category.

Important takeaways for all competitive exams:

CEO of Phonepe: Sameer Nigam
Headquarters location of Phonepe: Bengaluru, Karnataka.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.